In Nigeria, financial institutions that have started raising capital have stated that they will allocate US $1.20 billion (222 billion Nigerian Naira) from the proceeds to invest in technology and bolster their cybersecurity infrastructure. This information was made public offer prospectus of five lenders that have commenced their capital raise, to meet the new capital requirement of the Central Bank of Nigeria.

GTBank intends to spend 26.6 percent of the net offer proceeds on technology infrastructure upgrades, with most of it going towards core banking application implementation, associated hardware infrastructure, network architecture, and ancillary costs related to the optimization of data centers and disaster recovery centers. Meanwhile, information security & fraud prevention and detection software gets about 4.1 percent of the net proceeds. Access Holdings indicated that 20 percent of the net proceeds from its rights offer would be invested in IT infrastructure upgrades and development. Fidelity Bank planned to invest about 20 percent of the net proceeds in IT infrastructure.

The Central Bank of Nigeria announced new capital requirements for the banks operating in the country. Read more about this story on our LinkedIn page