The Central Bank of Nigeria (CBN) will ensure that e-payment fraud is reduced, CBN Director, Banking and Payments System Department, ‘Dipo Fatokun, has said.
Speaking during the Finance Correspondents Association of Nigeria (FICAN) Bi-Monthly Forum in Lagos he said the Payments System Vision 2020 launched in 2013, was meant to re-organise the National Payments Governance Structure and encourage more people to embrace e-payment.
Fatokun, would represented by the CBN Deputy Director, Banking and Payments System Department, Musa Jimoh, said the project identified agriculture, smart cities, health, transportation, hotels, entertainment, government flow, education and Consumer Bill Payment and direct debits as focus areas.
He explained that the absence of a unique identifier in the banking industry would have negative consequences on the growth of e-payments . He said there was need to resolve the challenge that prompted CBN, in collaboration with the Bankers’ Committee to launch the Bank Verification Number (BVN) project. The project, he said, would help build confidence on the e-payment channels and enhance integrity of transactions.
“The BVN initiative is aimed at protecting bank customers and further strengthening the Nigerian banking system by uniquely identifying all bank customers and acts as a stop-gap, prior to the full implementation of the National Identity Card system,” he said.
Also, the CBN has mandated all Banks, Switches and Processors to comply with Payment Card Industry Data Security Standards (PCIDSS). It has conduct an oversight on compliance which showed that most banks had been certified.
The certification lasts for one year, adding that banks are currently at various levels of re-certification. He explained that PCIDSS is a global compliance standard for any entity that stores, transmits or processes card payment data.
CBN, Fatokun said, also directed banks to set up systems that will enable the automatic refund of Automated Teller Machine (ATM) dispense errors to customers. The regulator has also issued guidelines for card issuance and usage meant to provide minimum standards and requirements for the issuance and usage of payment cards in the country.
“Its implementation enables issuing banks, other financial institution, processors and cards schemes upgrade and maintain their card operations to ensure optimum security, efficiency, cost effectiveness and customer friendliness,” he said.
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