NIBSS, Mr Adebisi Shonubi
The Interbank Settlement System (NIBSS) has stressed the need for the harmonisation and integration of data/biometrics gathered by different agencies so as to create an effective and accessible databank for the industry.
Managing Director, NIBSS, Mr Adebisi Shonubi, said this Tuesday during the October edition of the Nigerian Electronic Fraud Forum (NEFF) in Lagos.
Other stakeholders at the event also pointed out that the issue of identity theft would continue to remain a challenge to the growth of the cash-less policy if tackled.
According to Shonubi, the NIBSS is seeking a collaborative effort among stakeholders in the industry to aid the establishment of a centralised identity management system to tackle fraudulent activities associated with electronic payment.
He explained: "The new product we are promoting provides benefits of creating an interface with the Nigeria Financial Intelligence Unit (NFIU); maintain an audit trail for all transactions performed and create and interface with local payment switches."
On his part, Managing Director, First City Monument Bank (FCMB) Plc, Mr Ladi Balogun, argued that the absence of policies guarding identity management is a major challenge to electronic payment in the country.
Balogun said: "With the continual issuance of cards by financial institutions, there is a need to fast-track efforts to address identity theft through effective stakeholder collaboration, increased public awareness and the creation of an identity management system.”
Also, Managing Director of SystemSpecs Limited, John Obaro, called for the speedy passage of the electronic payment Act in order to address identity theft encountered in payment issues.
In a related development, in furtherance of its commitment to promote the development of the electronic payment system in the country, the Central Bank of Nigeria (CBN), yesterday issued a “Revised Guidelines on the Issuance and Operation of Stored Value and Prepaid Cards in Nigeria.”
The circular signed by the Director, Banking and Payment System Department, CBN, Mr. ’Dipo Fatokun and posted on the central bank’s website, stated that the usage limits and frequencies for cards would be defined by banks.
It added: “All stored value/prepaid card transactions shall be subject to current Nigerian Financial Intelligence Unit (NFIU) reporting requirements.
“Only deposit-taking banks or financial institutions licensed by the CBN with clearing capacity shall issue stored value/prepaid cards. Other deposit taking institutions without clearing capacity can issue in conjunction with those with clearing capacity.”