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CBN seeks stakeholders’ collaboration to fight e-fraud

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IMAGE: Godwin Emefiele, CBN governor »


The Central Bank of Nigeria (CBN) has said it is the collaborative efforts of stakeholders including banks, e-payment service providers, among others, that can help fight and reduce to the barest minimum activities of electronic fraudsters in the country.

Meanwhile, Godwin Emefiele, CBN governor, as part of the key initiative of the bank will today launch the outbound money transfer services in partnership with the Western Union Money Transfer (WUMT).

According to the apex bank, the outbound service, which is first of its kind in Nigeria, will provide Nigerians the opportunity of transferring funds up to US$2,000 to their relatives and dependents abroad (person to person transfer). With this new arrangement, Nigerians will only pay the naira equivalent to the money transfer service operators for foreign currency disbursements to recipients abroad.

Dipo Fatokun, CBN director, banking and payments system department, said this at the Nigerian electronic Fraud Forum (NeFF) organised by the CBN, Sterling Bank Plc and UBA Plc in Lagos.

He noted that Nigeria as a country has done a lot in terms of electronic payment where there is noticeable large increase in number of transactions going on through electronic channels.

“But the fraudsters are always following the money wherever it is. They are also following it electronically. Fraudsters are always deploying new strategies and that is why this forum will continue to meet, will continue to collaborate, will continue to cooperate, will continue to discuss.”

Article Credit: Businessdayonline

Updated 4 Years ago

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