ICT Experts Push for Banking Network Upgrades

ICT experts have called for significant upgrades to cyber network infrastructure, adoption of Zero Trust Architecture (ZTA), enforcement of regulations, and diversification of internet service providers (ISPs) to address network challenges in Nigeria’s banking sector.

These measures, they say, are essential for ensuring smooth customer service delivery.

In an interview on Monday, the experts emphasized that poor network performance in the banking industry requires a multifaceted approach supported by reliable, high-performing internet infrastructure.

Upgrade Infrastructure and Embrace Cutting-Edge Technologies

Dr. Kenneth Okereafor, a cybersecurity expert, highlighted the need for banks to invest in enterprise-grade fiber optics and associated infrastructure.

He proposed leveraging Software-Defined Wide Area Network (SD-WAN) technology to optimise traffic flow and ensure seamless backups through multiple ISPs.

“This will ensure automatic back-up with multiple ISP and leveraging Software-Defined Wide Area Network (SD-WAN) technology to optimise traffic flow.

“It will also enable cloud-based failover solutions that enhance scalability and ensure seamless backup for the banks’ digital networks and improve service continuity during occasions of network hiccups,” he noted.

Okereafor also underscored the importance of adopting ZTA and implementing protection against Distributed Denial of Service (DDoS) attacks.

These measures, coupled with AI-driven traffic management, can help reduce congestion by dynamically optimising data flow and predicting traffic patterns.

Read Also: NCC Orders Telcos to Disconnect Nine Banks USSD

Continuous Training and Digital Incident Response Strategies

Okereafor stressed the importance of equipping banking staff with technical training and digital literacy to handle network disruptions effectively.

“Regular cybersecurity awareness and technical training will help staffers detect, escalate and manage network challenges more proactively and efficiently, thus improving overall service delivery,” he explained.

He also called for the establishment of a digital incident response strategy for Nigerian banks to address increasing cyberattacks.

A proactive response system, he said, would help mitigate downtime and safeguard customer data, boosting confidence and reducing the financial impact of disruptions.

Boost Internet Reliability and Explore 5G Technology

Okereafor urged financial regulators to enforce minimum uptime guarantees for ISPs serving the banking sector and suggested that banks explore 5G technology to complement existing fiber connections.

He also said that Banks should embrace 5G technology, where available, to achieve faster and more reliable connections for their operations.

Multiple ISPs and Private Networks

Korede Adeyanju, a tech entrepreneur, identified limited ISP options, weak infrastructure, power supply issues, and cyberattacks as significant obstacles.

He recommended the use of multiple ISPs and automated network failover systems to ensure uninterrupted service.

“The sector needs to invest in dedicated private networks, as using private fiber-optic connections instead of relying solely on public internet services will improve speed, reliability and security of banking transactions,” Adeyanju advised.

He emphasised the Importance of continued investment in 5G technology and fiber-optic networks while advocating for regulatory policies that drive broadband expansion and technological advancements in the sector.

By implementing these strategies, he noted, financial institutions could improve service delivery and boost customer confidence.

Enhancing USSD Services

Chinemerem Ndubisi, a data analyst, suggested that banks could improve their Unstructured Supplementary Service Data (USSD) offerings to counteract poor internet connectivity.

“Banks should increase awareness on the use of USSD because a lot of people are not aware they can use the service for different transactions,” Ndubisi stated.

He also encouraged banks to expand the scope of USSD services and make them more user-friendly.

The ICT experts unanimously agreed that adopting these measures would enhance service delivery, drive financial inclusion, and strengthen customer trust in the Nigerian banking sector.