AS promised at the last year’s PCIDSS certification award, Wema BankPlc, one of Nigeria’s financial service providers, has achieved yet another milestone with its successful completion of Payment Card Industry Data Security Standard, PCIDSS, Recertification.
With this recertification and issuance of Certificate of Compliance, COC, Wema Bank has become the only institution in Nigeria (financial or non-financial) to be certified on Version 3.1 – the highest level of Payment Card Industry Data Security Standard certification and currently seeking an ISO 20000/27001 (Information Security) Certification for its business operations.
This was made known at a formal presentation of the PCIDSS compliance certificate to the Bank at its Head office in Lagos, on Monday 19th October, 2015.”This success was achieved with the support of our partner, Digital Encode – an Information Security, Governance, Risk and Compliance Firm”
PCIDSS is a global security standard that helps in preventing card and data fraud by evaluating payment account data security and assessing an organization’s network architecture, software design, security policies, procedures and protective practices. Recently, the Central Bank of Nigeria made it mandatory for all Banks within the industry to comply with PCIDSS to improve card holder’s security and privacy in line with international standards.
Speaking on this added accomplishment of the Bank, Segun Oloketuyi, MD/CEO of Wema Bank stated that the Bank is fully committed to ensuring and maintaining delivery of quality IT service to both external and internal customers.
He added that the adoption of PCIDSS Version 3.1 was necessitated by the constantly evolving and changing sphere of information security which has added new controls in line with the current landscape of payment systems threats and risks. He also said that with this development, the Bank was already pushing towards achieving the next ISO certification in Information Security.
The PCI requirements were developed by the PCI Security Standards Council, which includes the 5 major payment card issuers, MasterCard, Visa, American Express, Discover and JCB International, to help facilitate broad adoption of data security best practices worldwide.
Established in 1945, Wema Bank is Nigeria’s longest surviving indigenous banking brand. The Bank offers corporate banking, retail banking, e-banking, Trade services, treasury, SME banking and financial advisory services to its numerous customers.