US, CBN sign $510,000 grant agreement on disaster recovery

US, CBN sign $510,000 grant agreement on disaster recovery

The Central Bank of Nigeria and the US Trade and Development Agency (USTDA) have signed a 510,000 dollars (6.63 million Naira) grant agreement on Shared Disaster Recovery Services to improve data security in Nigeria’s financial sector.

Speaking on the occasion in Abuja, the US Ambassador to Nigeria, Mr Terrence McCcully, said the recovery centre would ensure uninterrupted operation of Nigeria’s most important financial institutions in the event of a disaster.

Under the agreement, the agency will provide 510,000 dollars for assistance in technical, operational, business and regulatory areas required for the establishment of a shared disaster recovery centre.

Economic benefits

McCully stated that the project would also provide mutual economic benefits to Nigeria and the U.S., adding that it would facilitate trade and strengthen economic ties between the two countries.

 CBN Deputy Governor Mr Tunde Lemo, lauded the initiative, saying that the technical assistance was timely and cost effective pointing out that it would reduce the cost of banking services and infrastructure as well as ensure business continuity in the event of disaster.

“If each bank is to set up a robust  infrastructure, it will be difficult to deliver world class services in the Nigerian banking industry, so the bankers committee resolved that one of the  ways to reduce the cost of banking services is to reduce the cost of infrastructure; It is coming at a time when disaster recovery is important to us as we all know that mother-nature is stronger than all of us,’’ Lemo said.

NAN/Ehimen/ Ekata