CBN to Increase Surveillance on Fraudulent Electronic Transactions

The Central Bank of Nigeria (CBN) is to increase its oversight on the nation’s payment systems aimed at reducing rising cases of fraudulent activities associated with electronic financial transactions.

The need to increase surveillance was necessitated by the increasing awareness of bank customers to the ease and efficiency in carrying out electronic banking transactions.

The Director, Banking and Payment Department of CBN, Mr. Dipo Fatokun, stated this in Abuja yesterday at a workshop on regulations and protection of online, mobile and payment systems.

The event, organised by the CBN in collaboration with Maxut Consulting and Vasco Data Security was attended by officials in the banking sector as well as representatives of international financial institutions.

Fatokun explained that the CBN would continue to promote the smooth operations of the country’s payments system, adding that this was instrumental in the achieving financial stability and ensuring economic growth.

He noted that while payment systems have important implications for monetary policy implementation and for the efficiency of the economy, there is need for the development of a secure, competitive and innovative environment for electronic payments.According to him, “the CBN has developed a financial inclusion strategy and cash-less policy with specific targets and timelines.

“The sustenance of these initiatives will ensure that financial services are provided at affordable costs to sections of disadvantaged and low-income segments of the society.

“With growing usage, interest, risk and new technology; there is a continuous need to update payments system regulation as a result of its dynamic and ever changing nature.

“Financial authorities around the world have a need to regulate payment services to protect consumers while ensuring the development of a secure, competitive and innovative environment for electronic payments.”

The President, Maxut, Mr. Michael Odusami, said the purpose of the workshop is to evaluate emerging trends in electronic financial transactions.He said with the huge interest by bank customers in alternative payment platform, there is need for financial sector regulators and operators to come up with innovative ways of securing electronic transactions.


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