CBN to Increase Electronic Payment System Monitoring

  • CBN to Increase Electronic Payment System Monitoring

The Central Bank of Nigeria on Wednesday said it would increase its oversight of the country’s payment systems in order to reduce the level of fraudulent activities associated with electronic financial transactions.

The apex bank said the need to increase surveillance was necessitated by the increasing awareness of bank customers on the ease and efficiency of carrying out electronic banking transactions.

The Director, Banking and Payment Department, CBN, Mr. Dipo Fatokun, stated these in Abuja at the opening session of a workshop on how to regulate and protect online, mobile and payment systems.

The event, organised by the CBN in collaboration with Maxut Consulting and Vasco Data Security, was attended by banking sector officials as well as representatives of international financial institutions.

Fatokun said the CBN would continue to promote the smooth operation of the country’s payment systems, adding that this was instrumental to achieving financial stability and ensuring economic growth.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya

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