CBN moves to check insider abuse, fraud in payment industry

The Central Bank of Nigeria (CBN) has moved to check insider abuse and fraud related activities in the payment industry.

The CBN through the Nigerian electronic Fraud Forum (NeFF) instituted two committees to develop framework that will strengthen e-payment system.

Dipo Fatokun, chairman, NeFF, noted that the committee completed its assignment and the two circulars are in the works. “I want to assure you that before the end of next week, circulars will be released, which will help strengthen the payment system”, he said.

Fatokun who spoke at NeFF’s end of year dinner held Tuesday in Lagos disclosed that 80 percent of the target set by the Forum aimed at fighting e-fraud, saying it has been met.

“We started the year with proposal to have a charter for NeFF but along the line it was modified to having a Memorandum of Understanding after we sought legal opinion and it was concluded, signed and delivered,” Fatokun noted.

According to him, the Forum agreed to conduct an anti-fraud week, where it agreed that a week in the year will be devoted to sensitisation, education and enlightenment on anti-fraud.