Experts in financial and technological management have urged industry stakeholders to build a well secured channel for online financial transaction in order to encourage and fully optimise the Central Bank of Nigeria’s (CBN) cashless policy.
Speaking during the Channels TV Business Morning programme, on Friday, Charles Nwodo, chairman, XL Africa group said the cashless policy was borne out of the central bank’s intention to end the challenges around financial transactions and promote financial inclusion, but, however, observed that cash circulation is still in abundance which negates the principle of the cashless policy. Nwodo added that the easy manipulation of data was also discouraging the growth of the policy
“On the digital space and mobile payment platforms, it is easy to manipulate large amounts of value. As a result, the impact of fraud on these platforms is huge and this is why many people still prefer to retain cash.”
Destiny Amana, president Nigeria Internet Group said that although banks and Fintechs have made efforts to eliminate the possibility of fraud through a constant update of software and the use of a two- step verification process to establish a secured transaction, more needs to be done especially on the part of customers and business owners .
“For business websites, especially the retailers, it is necessary to have a safe and secured website. When you are creating a site that will request financial or personal information, it is advisable to have a padlock on the website which is the SSL security certificate, moreover, clients are more inclined to trust secured websites requesting financial information”
He advised that leveraging traditional control mechanisms is not fair enough therefore businesses need to adopt a more digital platform and also invest in heavily securing websites.
Abumere Igboa, chairman, Committee of Chief Information Security Officers (CISO), advised individuals that overtime the trend has changed and sensitive information is now a tool for cybercrimes therefore all forms of sensitive information should be secured.
“Data and information is key in online financial transaction and this is what many cyber criminals use to carryout fraudulent activities, therefore, individual need to secure their details in order to avoid being defrauded” Igboa said.
