Payment system records N49 trillion transactions, as fraud is reduced by BVN, TSA
There were indications that despite the challenging economic situation and high-level sophistication of fraudsters, enormous rise in value and the quantity of trades across all payment channels in the banking system was recorded.
The development, that has been attributed to the execution of monetary-fiscal policy measures, was said to have helped in strengthening the banking system, particularly, the payment system, together with offered protection to customers' identity and fraud vulnerability.
Fatokun clarified that while the specific loss resulting from fraud was place at N2.3 billion in 2015, it absolutely was far from N6.2 recorded in 2014, while the attempted fraud also fell to N4.4 billion from N7.8 billion, with a growth in quantity of effort from 1, 461 in 2014, to 10, 743 in 2015.
According to him, the important decrease in fraud losses in 2015 puts the nation's electronic fraud rate.
www.ognco.ir He pointed out that the success in blocking the leakages was not impossible by vigorous enforcement of the various CBN circulars released under review prior to the entire year and released to business operators in 2015.
However, the Nigeria Interbank Settlement System (NIBSS) has said that out of 139, 182 Point of Sales Terminals (PoS) read in the nation, only 116, 868 were deployed, while the worthiness of trades as at December 2015, was estimated at N53.4 billion in 3.95 billion deals.
NIBSS further revealed that Internet banking was responsible for 34 per cent of electronic banking frauds with three per cent noticed about the PoS, while eCommerce was responsible for one per cent of the fraud.
Meanwhile, in the drive towards financial inclusion, a World Bank study revealed last year a total of 39.2 million adult Nigerians (46.3 per cent of the adult population) were financially excluded in 2010. It further revealed that 54.4 per cent of the excluded population was girls, 73.8 per cent were younger than 45 years, 34.0 per cent had no formal schooling, and 80.4 per cent resided in rural areas.
The Director of Banking and Payments System Department, 'Dipo Fatokun, affirmed that there were 162.6 million transactions across all payment stations worth N48.9 trillion processed in 2015.
The figure yet, was in contrast to 113.4 million transactions across all payment channels in 2014, worth N43.9 trillion and represented 43.4 per cent and 11.6 per cent increase in quantity and value respectively.
He noted the executions of the Bank Verification Number (BVN), Treasury Single Account (TSA), the E-Dividend Project together with the Securities and Exchange Commission (SEC) and other fraud mitigation strategies, had augmented security in the operations of agent banking and other electronic payment channels.
Already, the Us Government has uncovered about 23,000 phantom workers in its payroll, through the combined application of BVN and TSA, which at the minimum wage of N20,000, is estimated at over N5.5 billion annually.
Meanwhile, as at February 7, 2016, a total of 23.4 million customers have been registered in the BVN scheme, which enforcement commenced by November 1, 2015, for those residing in the nation.
To date, about 28.3 million accounts, out of the estimated 55.3 million active accounts have been linked to their individual unique identities sector extensive, totalling about 51.7 million accounts already got into the scheme.
Interestingly, it noted that fiscal inclusion is the most advanced in the urban areas in Nigeria, particularly in the southern parts of the united states.
Northern Nigeria is especially disadvantaged, with 68 per cent of adults excluded in both the North East and North West regions.
The study noted that formal inclusion rates range from 49 per cent in the South West area to only 19 per cent in the North-West region. The «informally comprised», chiefly live in the North Central area, where 23 per cent of adults have use of only casual services.
To bridge the fiscal inclusion disparity, the Central Bank of Nigeria (CBN) has developed a multi-prong approach that can decrease the percentage of adult Nigerians that are excluded from financial services from 46.3 per cent in 2010 to 20 per cent by 2020.
The amount of Nigerians within the formal sector was anticipated to improve from 36.3 per cent in 2010 to 80 per cent by 2020.
The approach contains; the transformation of existing Know Your Customer (KYC) regulations into a simplified risk-based tiered framework that enables people who don't now satisfy proper identification conditions to enter the banking system; development and execution of a regulatory framework for representative banking to enable financial institutions to bring banking services to the unbanked in most portions of the nation; development and enactment of a National Financial Literacy Framework to improve knowledge and understanding of financial Nigerian products, with the best goal of increasing sustainable utilization.
The development, that has been attributed to the execution of monetary-fiscal policy measures, was said to have helped in strengthening the banking system, particularly, the payment system, together with offered protection to customers' identity and fraud vulnerability.
Fatokun clarified that while the specific loss resulting from fraud was place at N2.3 billion in 2015, it absolutely was far from N6.2 recorded in 2014, while the attempted fraud also fell to N4.4 billion from N7.8 billion, with a growth in quantity of effort from 1, 461 in 2014, to 10, 743 in 2015.
According to him, the important decrease in fraud losses in 2015 puts the nation's electronic fraud rate.
www.ognco.ir He pointed out that the success in blocking the leakages was not impossible by vigorous enforcement of the various CBN circulars released under review prior to the entire year and released to business operators in 2015.
However, the Nigeria Interbank Settlement System (NIBSS) has said that out of 139, 182 Point of Sales Terminals (PoS) read in the nation, only 116, 868 were deployed, while the worthiness of trades as at December 2015, was estimated at N53.4 billion in 3.95 billion deals.
NIBSS further revealed that Internet banking was responsible for 34 per cent of electronic banking frauds with three per cent noticed about the PoS, while eCommerce was responsible for one per cent of the fraud.
Meanwhile, in the drive towards financial inclusion, a World Bank study revealed last year a total of 39.2 million adult Nigerians (46.3 per cent of the adult population) were financially excluded in 2010. It further revealed that 54.4 per cent of the excluded population was girls, 73.8 per cent were younger than 45 years, 34.0 per cent had no formal schooling, and 80.4 per cent resided in rural areas.
The Director of Banking and Payments System Department, 'Dipo Fatokun, affirmed that there were 162.6 million transactions across all payment stations worth N48.9 trillion processed in 2015.
The figure yet, was in contrast to 113.4 million transactions across all payment channels in 2014, worth N43.9 trillion and represented 43.4 per cent and 11.6 per cent increase in quantity and value respectively.
He noted the executions of the Bank Verification Number (BVN), Treasury Single Account (TSA), the E-Dividend Project together with the Securities and Exchange Commission (SEC) and other fraud mitigation strategies, had augmented security in the operations of agent banking and other electronic payment channels.
Already, the Us Government has uncovered about 23,000 phantom workers in its payroll, through the combined application of BVN and TSA, which at the minimum wage of N20,000, is estimated at over N5.5 billion annually.
Meanwhile, as at February 7, 2016, a total of 23.4 million customers have been registered in the BVN scheme, which enforcement commenced by November 1, 2015, for those residing in the nation.
To date, about 28.3 million accounts, out of the estimated 55.3 million active accounts have been linked to their individual unique identities sector extensive, totalling about 51.7 million accounts already got into the scheme.
Interestingly, it noted that fiscal inclusion is the most advanced in the urban areas in Nigeria, particularly in the southern parts of the united states.
Northern Nigeria is especially disadvantaged, with 68 per cent of adults excluded in both the North East and North West regions.
The study noted that formal inclusion rates range from 49 per cent in the South West area to only 19 per cent in the North-West region. The «informally comprised», chiefly live in the North Central area, where 23 per cent of adults have use of only casual services.
To bridge the fiscal inclusion disparity, the Central Bank of Nigeria (CBN) has developed a multi-prong approach that can decrease the percentage of adult Nigerians that are excluded from financial services from 46.3 per cent in 2010 to 20 per cent by 2020.
The amount of Nigerians within the formal sector was anticipated to improve from 36.3 per cent in 2010 to 80 per cent by 2020.
The approach contains; the transformation of existing Know Your Customer (KYC) regulations into a simplified risk-based tiered framework that enables people who don't now satisfy proper identification conditions to enter the banking system; development and execution of a regulatory framework for representative banking to enable financial institutions to bring banking services to the unbanked in most portions of the nation; development and enactment of a National Financial Literacy Framework to improve knowledge and understanding of financial Nigerian products, with the best goal of increasing sustainable utilization.
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