The growing incidence of fraud in electronic payment transactions can be tackled through the collaboration of stakeholders in the financial services industry.
The Committee of e-Business Industry Heads (CeBIH) said this at the 2022 conference of the committee in Lagos. The CeBIH noted its readiness to collaborate with private and public sector agencies to address payment fraud.
Celestina Appeal, chairman of CeBIH said promoting a united front and an active collaboration between providers of financial, law enforcement agencies, the judiciary, the regulators, has become imperative in restoring the confidence of consumers in the Nigerian Payment system.
CeBIH plans to lead engagements and interactions with identified partners to harness capabilities across the ecosystem to rid the Nigerian payment system of the menace of fraud.
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Other speakers at the conference agreed that the growing concern about the increasing trend of Electronic/Digital Financial Services fraud and the attendant leakage of monetary value in Nigeria Payment Value Chain require the need for collaboration for an effective fight against electronic fraud in line with the theme of the Conference – “Leveraging Ecosystem Synergy to Combat Fraud”.
The conference was attended by representatives of banks, the Central Bank of Nigeria, Payment Switching and Processing Companies, Nigeria Financial Intelligence Unit (NFIU), Microfinance Banks, merchant banks, Payment Service Banks, Payment Terminal Service Providers (PTSPs), Fintechs, industry associations., consulting firms etc.
The Committee of e-Business Industry Heads (CeBIH) comprises heads of electronic and digital banking in Nigeria with its primary objective being the promotion of digital financial services in line with global best practices and the implementation of the right policies, standards, technologies, and public awareness programs. The members of the committee are responsible for the implementation of strategies that drive electronic and mobile payments across the various Banks in Nigeria.