Home Business BVN: Solution to E- Fraud in Nigeria … CBN

BVN: Solution to E- Fraud in Nigeria … CBN

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The Central Bank of Nigeria (CBN) at the weekend described the Bank Verification Number (BVN) as a game changer and solution to e- fraud in the country.

The Director, Banking & Payments System Department, CBN, Dipo Fatokun gave the assertion during Finance Correspondents Association of Nigeria (FICAN) BI Monthly forum held in Lagos.

Fatokun, who spoke on the topic, ‘Electronic Payment; Industry’s Performance and Regulatory Issues noted that value of electronic fraud in Nigeria has reduced adding that what had assisted in such reduction include education of the public by the media, issuance of guideline on electronic fraud by the apex bank, BVN among others.

Human angle, which according him means people complying or responding to questions asked by fraudsters on getting text messages from them has made impossible or difficult to eliminate e- fraud permanently, though it could be reduced.

He regretted that 2016, Nigeria lost a whooping sum of over N2 billion to e- fraud, adding that as a result, the CBN is collaborating all stakeholders to fight the menace.

He noted that according to the 2016 World Payment report, global electronic transaction volumes grew at 8.9 per cent to record N387.3 billion in 2014, this is attributable to accelerated growth in the developing market.

In Nigeria, he said volume and value of transactions based on cheque and NEFF have been reduced consistently since 2013 while that of NIP, ATM and Mobile Money channels have been on increase adding that it was an indication of users’ preference for instant value channels over non instant.

ATM, he said accounted for the highest volume of transactions while the NIP accounted for the highest value of transactions annually noting it was because the ATM is usual the e- payment channel by new and lower value account holders always interface with while corporate and upward upwardly mobile middle class customers make transaction with NIP.

Mobile money, web payment and POS, he said equally saw growth within the period.

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