• Thursday, June 20, 2024
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Nigeria’s payment system can self-protect against fraud — Efemena Ogie

Nigeria’s payment system can self-protect against fraud — Efemena Ogie

The Nigerian payment system can self-protect against fraud, Efemena Ogie, head of partnerships, Moniepoint has disclosed.

“Nigeria has the capacity to self-protect against fraudulent transactions,” he said. Ogie, however, noted that the system is slow to do its work because it is still largely dependent on manual processes.

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He said this in a panel session at BusinessDay’s Future of Payment and Fraud Conference, themed: Collaboration Approaches to Fraud Prevention.

He further recommended that the Central Bank of Nigeria have an API that allows customers to be informed when cash is being deducted from an account fraudulently.

He further noted that it is important for the industry stakeholders to work towards building solutions that help solve the issue of fraud among the general populace.

Oguzi Moses, Assistant Commander, EFCC, (Lagos Command) noted that it is important for collaborations to thrive to solve issues in the financial sector.

“Collaborations are very important when it comes to payment. Because the payment ecosystem has many players, the government, law enforcement, financial institutions and others have to come together to resolve the issues,” he said.

He further noted that it is important to ensure that the youth population is gainfully employed to reduce fraud-related crimes in the country.

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“It is crucial to put the youth in gainful engagements to avoid the current trajectory. As it is, if we are not careful, 50 percent of the youth population will be ex-convicts,” he added.