NIBSS, NIMC To Tackle e-Payment Fraud


The Nigerian Inter-Bank Settlement System (NIBSS) has stated its preparedness to tackle electronic payment  fraud as it is necessary to improve electronic payment transactions and engender growth in the economy.

Managing Director, NIBSS, Ade Osinubi said efforts are being made among stakeholders in the financial chains  to rid the country of fraud in the electronic payment system and allied areas.

He said partnerships are evolving to reduce the hiccups in the electronic modes of payments, and further  reduce the cost of managing cash in the economy. Osinubi explained that electronic frauds hinder the growth  of the financial sector and the economy, stressing that the only way to check the malaise is to fight it  headlong.

He said there was need to take security serious in the information and technology (IT)-driven society, adding  that customers and financial institutions must be alert to reduce the fraud.

On his part, CEO, National Identity Management Commission (NIMC), Chris Onyemenan, said the agency would help  reduce fraudulent practices in the financial industry.

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He said NIMC would develop a central national database, multi-factor authentication system and enrolment and  card issuing services to identify all Nigerians and plug the loopholes through which fraud could perpetrated.

Others, he said, are development of identification and verification processes in Nigeria to foster the growth  of the country.

He said the implementation of the unique identification number (UIM) project of the NIMC in particular was  crucial to the success of the electronic payment system initiated by the Central Bank of Nigeria (CBN).

—Henry Ojelu

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