By Peter Uzoho
The Central Bank of Nigeria (CBN)Â at the weekend disclosed that despite the increase in the value and volume of electronic payment transactions this year, there have been decline in fraud cases.
Specifically, theÂ Deputy Governor, Operations, CBN, Mr. Adebayo Adelabu,Â who revealed this, stated that the value of fraud cases reduced from N652.8 million as of the third quarter of 2015, to N406 million as of the third quarter of 2017.
Adelabu, made theÂ disclosure in Lagos in his goodwill message at the 2017 end of the
year dinner of the Nigeria Electronic Fraud Forum (NeFF).Â
He noted that the collaborative efforts of members of the forum at reducing electronic payments fraud were being appreciated, just as he pledged the continuous support of the CBN.
He, however, urged NeFF members to seek ways of ensuring that they drastically reduce incidence of fraud in the industry.
While congratulating the management of NeFF for its achievements, heÂ noted that since the Forumâ€™s creation in 2011, the Payments SystemÂ environment had evolved tremendously.
According to him, NeFF was
created when the industry was emerging from an era of magnetic stripe
challenges effectively truncated with migration to PIN and Chiptechnology for card issuance. This, he stated, ensured that that the
industry reduced ATM fraud to zero with the aid of this technology.
He said: â€œSince this feat, the industry has consistently beeninundated with other types of fraud, from Card Not Present fraud, to
insiderÂ abuses andÂ phishing scams.
â€œIn all these, the Forum has
responded not only proactively but also effectively in fashioning
strategies to combat these threats to ourÂ paymentÂ system.
Continuing, Adelabu put the present value of the countryâ€™s external reserves at aÂ total of $39Â billion.
He highlightedÂ the price stability objectives of theÂ central bank and success recorded, particularly on the exchange rate, interest rate
and inflation rate,Â saying that the centralÂ bankÂ through its policies ensured that the naira appreciated from a record low level of N525 to the dollar, to aboutÂ N360Â to the dollar presently.
â€œWe are also aware of the level of our foreign reserve about two years
ago, because one of our key mandates is to manage and preserve the
foreign reserve of the country.
â€œAt a time,Â we got to $23Â billion in our
reserve; that was in the middle of last year even up to October lastyear. Today, our reserve is at $39billion,â€ Adelabu said.Â
HeÂ anticipatedÂ increased transactions in the
coming months following the full adoption of the cashless policywhich he said was given by the Committee ofÂ GovernorsÂ recently.
Earlier in his welcome address,Â theNeFF Chairman and Director, Payment
System, CBN, Mr. Dipo Fatokun, said in its six years of existence, the
forum had embarked on several industry–defining initiatives.
â€œThere can be no better evidence of this than the exponential growthwitnessed in the use of electronic channels in Nigeria. The year 2017
has also seen the Forum embarking on new initiatives, deepening
existing relationships and forging new ones,â€ Fatokun said.
He revealed that NeFFâ€™s efforts in 2018 would be aimed at further securing banking channels, raising awareness on fraud mitigants to the
entire ecosystem and deepening its collaboration and partnership with
law enforcement and telecommunication stakeholders within and outside