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Wednesday, December 14, 2011

CBN reduces ATM fraud by 99% – Tunde Lemo

Deputy Governor, Operations at the Central Bank of Nigeria (CBN), Mr. Tunde Lemo has disclosed that the apex financial institution in the country has cut down the incidence of Automated Teller Machines (ATM) frauds by 99 per cent.

Lemo in a keynote address to the seminar organized by the Committee of e-Banking Industry Heads (CeBIH) in Lagos recently, on ‘Payment Systems Transformation – Key Priorities’ said this reduction was achieved by the setting up of ATM Fraud Prevention Group earlier in 2011 by CBN.

“It is also important to note that the ATM Fraud Prevention Group convened earlier this year, was successfully able to drive down ATM fraud incidences by 99 per cent,” he declared.

Lemo also said that the inauguration of this group enabled the introduction of the more secure CHIP & PIN cards versus the magstripe cards that were formerly in use in the industry.

The success of this group, he noted, demonstrated practically what could be achieved as an industry when working together to address issues, for the good of the system and the public at large.

The CBN, he further said, recognizes that innovations in payments system require institutional support; hence, the issuance of relevant rules and regulations in order to provide a level playing field for all stakeholders in the retail payments industry.

Consequently, Lemo said, the CBN has commenced the review of the some guidelines including those on transactions switching, regulatory framework for mobile payments, National Central Switch Operations Rules.

Other guidelines, he listed were earlier issued comprising those of Point of Sale (POS), guidelines on Stored Value Card and Prepaid Card Issuance and the regulatory and supervisory framework 
for the operations of credit bureau provide requisite regulatory support.

These guidelines, according to him, were aimed at fostering consensus and cooperation amongst a broad number of payments service providers and increase public confidence in the system, among others.

The deputy governor pointed out that notwithstanding the progress made so far, the Nigerian payments system and settlements are still facing some constraints which include infrastructural challenge such as epileptic power supply, slower adaptation to new initiatives, human capacity challenge as well as high level of illiteracy especially in the rural areas.

“It is however, expected that the full implementation of the Payments System Vision (PSV) 2020 project complemented by government efforts at reforming the power sector would address these challenges,” he said.

Equally, he said its pertinent to note that most payments systems evolve based on the peculiarities of their environment and as such global best practices are being adapted to fit individual environments.

In this regard, the ‘global best practices’ would be adapted to the Nigerian environment in order to ensure that CBN create systems that would work for Nigerians and not against the Nigerian state.

“I have no doubt in my mind that Nigeria is destined to be an economic power and a force to be reckoned with in the global economic arena if we consistently do the right things at the right time,” he assured.

He submitted that CBN is committed to ensuring a virile and stable financial system, so as to achieve this objective via taking proactive policy actions in the areas of financial system stability, national payments system, currency management and price stability.
Lemo, therefore, implored stakeholders in the nation’s payment system to closely work with the banks in the interest of sustainable national development.

Remmy Nweke

ITREALMS Online ... delivering news for ICT4D


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It is a laudable news for their effort as well. They improved their security standards to the point where local hackers cannot breach it.
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