First Bank of Nigeria Limited has disclosed that it recently achieved recertified to the Payment Card Industry Data Security Standard (PCI DSS) version 3.2.
This recertification, according to a statement from the bank, reaffirms its position in the payment card industry in Nigeria.
â€œRecently, 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.
â€œThis 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,â€ it added.
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.
â€œThe award of this certificate is a strong indicator that FirstBank 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. â€œConsequently, the bank presently has a card transaction volume of over 2700 per minute with one in every three card transactions being a FirstBank card,â€ it further stated.
According to the MD/CEO, First Bank of Nigeria Limited and Subsidiaries, Dr. Adesola Adeduntan, the bankâ€™s recertification was a testament to its high level operational standards as well as its strict adherence to international security standards and other regulations.
â€œIn an era of increasing sophisticated attacks on systems; adhering to the PCI DSS represents an organisationâ€™s best protection against cybercrime. FirstBank remains committed to excellent information security management and would continue to apply the PCI DSS in its business practices,â€ he added.