•Says Nigeria’s e-transactions grew by 836% in 9 years
The Central Bank of Nigeria (CBN) yesterday, said it has placed about 7,552 BVN accounts under its watch-list for cyber-crime and fraud related transactions.
The CBN Director, Payment Systems Management department, Musa Jimoh, revealed this to newsmen at the 34th seminar for finance correspondents and business editors themed; “Implementing a Robust Payment Architecture: Prospects, Oppourtunities and Challenges” which held in Calabar.
Jimoh who was represented by the Deputy Director, Payment Systems Management Department at CBN, Adefuye Adeyemi, noted that although the confidence of the public has been impacted by cyber threats, collaborative efforts between the bank and the industry is helping to curtail fraudulent activities.
According to him, the CBN is closely monitoring some accounts and has about 7,552 accounts on its Bank Verification Number (BVN) watch-list.
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Speaking on the theme of the event, Jimoh, said that despite the challenges in the payment system, the outlook for the payment system in Nigeria is very good and provides huge oppourtunities for economic revival and growth.
He also stated that the apex bank will continue to adopt a collaborative approach to achieve minimal cyber-security threats in the payment system.
“PSV 2025 provide key recommendations on area of focus for the payment industry in the period under scope. The industry keeps attracting new entrants who through innovation, provide new solutions to emerging problems.
“The bank is the gate-keeper to the payment system through it’s licensing function which helps to ensure only fit and proper persons are admitted into the payment systems.
“As such, our focus in CBN will be on strengthening the institutional and regulatory frameworks that will further encourage development of the payment system and promote the usage of secure electronic payments systems enunciated in the PSV 2025 strategic plan,” Jimoh stated.
The apex bank also revealed that the volume of electronic transactions in the country grew by 836.50 percent in nine years, noting that the cashless policy programme currently being implemented will take the nation’s economy to the next level.
The Director, Monetary Policy Department, Dr. Hassan Mahmud, stated that as a deliberate policy towards ensuring easier, cheaper and faster means of payments, the CBN has continued to collaborate with relevant stakeholders in the adoption of payment system instruments and channels, including the Bank Verification Number (BVN), the Real Time Gross Settlement System (RTGS), Regulatory Sandbox, Open Banking and the CBN Digital Currency (CBDC), the eNaira.