First Bank of Nigeria Limited has successfully recertified the Payment Card Industry Data Security Standard (PCI DSS) version 3.2, being one of the first top-tier banks in Nigeria to obtain the PCI DSS certification in 2014.
The recertification, according to a statement by the bank, reaffirms its leading position in the nation’s payment card industry.
The bank explained that the PCI DSS is a set of requirements designed to ensure companies that process, store or transmit credit/debit card information, maintain a secure environment thereby guaranteeing the protection of cardholder data throughout the transaction process.
“The award of this certificate is a strong indicator that First Bank consistently has its customers’ interest at the core of its business operations, is committed to securing customer information as well as maintaining a safe and secure environment for customer transactions. Consequently, the Bank presently has a card transaction volume of over 2700 per minute with one in every three-card transactions being a FirstBank card.
“Recently, FirstBank was named the first financial institution in Nigeria, and the West-Africa sub-region to issue 10 million cards to customers across the country. This makes FirstBank the second bank in Africa to achieve this feat. With this milestone, the Bank has maintained a 95 per cent active card ratio and currently processes about 33 per cent of card transactions in the entire banking industry.
The Managing Director/Chief Executive Officer, First Bank of Nigeria Limited and Subsidiaries, Dr. Adesola Adeduntan, said the bank’s recertification is a testament to the bank’s high level operational standards, and strict adherence to international security standards and other regulations.
“In an era of increasing sophisticated attacks on systems; adhering to the PCI DSS represents an organisation’s best protection against cybercrime. First Bank remains committed to excellent information security management and would continue to apply the PCI DSS in its business practices,” he added.
FirstBank recently won three Interswitch awards in electronic payment as the fastest Mobile Penetration Bank across Africa, the Highest Card Transacting Bank, and the Highest Issuer of Verve Cards. These, the bank said, are clear indications that the giant strides taken towards fostering its banking technologies are well aligned to the fast-paced technological advancement in today’s ever evolving financial ecosystem.