🇳🇬NigeriaWest Africa
Chartered Risk Management Institute of Nigeria supports CBN's new digital banking security measures
via Punch Nigeria2 min read
The Chartered Risk Management Institute of Nigeria CRMI has endorsed the Central Bank of Nigeria's CBN recent regulatory measures designed to enhance security in the country's digital payments sector. Kevin Ugwoke, the Institute's President and Chairman of Council, stated that the framework addresses growing threats like fraud, identity theft, and unauthorized access on instant payment platforms. The CRMI highlighted safeguards such as a ₦20,000 transaction limit for new mobile banking applications within the first 24 hours, mandatory device binding, and real-time enterprise fraud monitoring systems. These controls target vulnerable stages like account onboarding and activation, where fraudsters often compromise user credentials. The CBN's new framework responds to a surge in electronic transactions and increasingly sophisticated fraud schemes, including SIM swap attacks and phishing. The Institute also welcomed the Nigerian Overnight Financing Rate, a benchmark intended to improve clarity and consistency in short-term funding costs. While supporting the policy, CRMI emphasized that its success depends on financial institutions effectively implementing the new requirements, urging them to upgrade cybersecurity, strengthen fraud detection, invest in staff training, and improve customer awareness of safe digital banking practices. The Institute pledged continued support for regulatory reforms through training, advocacy, and collaboration.
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This summary was AI-generated from a story originally published by Punch Nigeria.
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