Nigeria Achieves 98% Reduction in Banking Card-Related Fraud

The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has said that Nigeria has a achieved a 98% reduction in banking card-related fraud in the country.
Delivering a keynote address at the eighth annual banking and finance conference of the Chartered Institute of Bankers of Nigeria on Tuesday in Abuja, Emefiele noted that the feat was achieved due to some of the initiatives of the CBN.

Emefiele, who was represented by the Deputy Governor, Economic Policy of the CBN, Dr. Sarah Alade, noted that while the central bank had come a long way in repositioning the country’s payment system; there was a need to ensure its security and reliability.

He listed some of the challenges facing the system as weak risk management frameworks, security issues, resistance of target customers to patronise new products and lack of unique identifier for customers across institutions.

The others, according to him, are high operating costs, interconnectivity of networks, low level of card usage on Point of Sale terminals and non-transparent pricing. He called for support from the banking sector to strengthen consumer confidence in the country’s payment system.

According to him, while many of the CBN’s efforts have gone into the transformation of the payment system in line with global trends, they should not lose sight of the associated risks and challenges, which he hoped will be adequately addressed at the conference.

By this, we will be able to strengthen consumer confidence in the safety, security and reliability of our payment systems, bearing in mind that when this trust is undermined; then, public confidence in the financial services industry is eroded and the entire economy loses, he added.

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