ATM fraud declines by over 96% in seven years – CBN

Mixed reactions trail CBN’s move to sanction bank CEOs
CBN building
United Bank for Africa

The Central Bank of Nigeria (CBN) has disclosed that since the migration of e-payment from magnetic strip cards to EMV (chip + pin) in 2009 by the Nigerian Deposit Money Banks (DMBs) card related fraud has dropped by over 96 percent.

The apex bank had in April 2009 ordered deposit money banks to adopt the chip (smart card), loosing the demonstrated weakness in the magnetic strip technology.

Dipo Fatokun, Director, Banknking and Payments System, CBN, who was represented by Musa Jimoh Itopa, Dputy Director, banking and payment system department, CBN, said this in Lagos at a two-day capacity building workshop to acquaint finance correspondents with developments and next steps to the realisation of PSV 2020 agenda.

The CBN in March 2007 launched the Payments System Vision 2020 (PSV2020). Through the implementation of the original PSV2020 and subsequent activities of CBN and the banking community, Nigeria has witnessed an impressive growth of e-payments and move from the dominance of cash as means of payment.


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Speaking at the workshop, Isaac Okorafor, acting director, corporate communications department, CBN, explained that the original PSV2020 carried the overall objective to make the Nigeria payment system internationally recognised, nationally utilised.

However, the CBN has identified eight industry verticals aimed at advancing the adoption of the e-payment in Nigeria. The sectors include agriculture, smart cities, government flows, hotels and entertainment, transportation, TSA enrolment, education, health, bill payment and direct debit.

Responding to questions on mobile money capitalisation, Jimo said “operators have till June 2017 to recapitalise to the tune of N1 billion and June 2018 to top up to N2 billion,” saying the CBN had registered two super agents while seven were in process. Sent from my BlackBerry wireless device from.