TAJBank Bags PCI-DSS Certification, Breaks New Grounds
- Industry experts hail testimonial
Nigeria’s leading non-interest banking products and services provider, TAJ Bank Limited has received the Payment Card Industry Data Security Standard (PCI DSS) certification in recognition of its globally endorsed information security standards in all areas of operations.
The PCI DSS is an information security standard created by major card schemes’ operators (Visa, MasterCard, American Express, Discover, and JCB) with a set of technical and operational requirements to ensure broad adoption of consistent data security measures by organizations that process, store, or transmit cardholder data.
TAJ Bank is among the first Central Bank of Nigeria (CBN)-licensed financial institutions since 2015 to bag the recognition for its secured services to millions of its growing customers since it commenced operations just over two years ago.
An elated bank’s management described the certification as a clear demonstration that TAJBank has continued to implement all required operational and technical controls for proper security protection in processes related to cardholder data production, management, and administration lifecycle.
According to the management, the certification specifically validates the non-interest lender’s protection of customers’ card data and reduces the risk of a data breach; while also establishing its efficient processes in the detection and prevention of both physical and network-based attacks.
It further explained that the development will enable the bank to gain improved stakeholders’ confidence in its payment cards processes and transaction systems; and demonstrates TAJBank’s ability to reduce and manage a possible data breach and implications.
For the bank’s Managing Director and Chief Executive Officer, Mr. Hamid Joda, the global recognition of its secured services system is quite heartwarming, adding; “This is another huge milestone by TAJBank to have secured the PCI DSS certificate.”
The celebrated world-class banker further said; “With the PCI DSS certification, this clearly confirms TAJBank’s card operational security efficiency in the Banking industry and also ensures an improved level of protection of payment cards users by ensuring Banks that store, process, and transmit payment card data do so in line with best practices of security requirements.”
Meanwhile, industry experts have acknowledged the importance of PCI DSS certification to any bank, noting that the globally recognized certification validates a bank’s compliance to CBN’s requirements for adequate controls around cardholders’ data and reduction of card fraud.
In December 2021, it was an avalanche of certifications for the bank, comprising the ISO 27001, ISO 22301, and ISO 20000 on Information Security, Business Continuity, and IT Service Management Systems respectively.
The development effectively demonstrated its commitment to prioritizing business operation resilience, customer safety, and service excellence at all times since flagging off its operations about two years ago.