As BVN, TSA reduce fraud N49 trillion trades are recorded by payment system
There were indications that despite the challenging economic situation and high-level sophistication of fraudsters, tremendous increase in value and the volume of trades across all payment channels in the banking system has been recorded.
The development, which continues to be related to the implementation of monetary-fiscal policy measures, was said to have helped in strengthening the banking system, particularly, the payment system, in addition to offered protection to customers' identity and fraud exposure.
The Director of Banking and Payments System Department, 'Dipo Nigeria News Online Fatokun, affirmed that there were 162.6 million trades across all payment stations worth N48.9 trillion processed in 2015.
The amount however, http://dm3creative.com was in contrast to 113.4 million transactions across all payment routes in 2014, worth N43.9 trillion and symbolized 43.4 per cent and 11.6 per cent increase in volume and value respectively.
He noted that the implementations of the Bank Confirmation Number (BVN), Treasury Single Account (TSA), the E-Dividend Job with the Securities and Exchange Commission (SEC) and other fraud mitigation strategies, had strengthened security in the operations of agent banking as well as 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 state.
To date, about 28.3 million accounts, out of the estimated 55.3 million active accounts have been linked to their various exceptional identities industry extensive, totalling about 51.7 million accounts already got into the scheme.
Fatokun clarified that while the actual loss resulting from fraud was set at N2.3 billion in 2015, it absolutely was much from N6.2 recorded in 2014, while the attempted fraud also dropped to N4.4 billion from N7.8 billion, with an increase in volume of attempt from 1, 461 in 2014, to 10, 743 in 2015.
According to him, the state's electronic fraud rate is put by the important lowering of fraud losses in 2015.
He noticed the success in blocking the leakages was not impossible by vigorous enforcement of the various CBN circulars released to industry operators in 2015 and released under review prior to the entire year.
However, the Nigeria Interbank Settlement System (NIBSS) has said that out of 139, 182 Point of Sales Terminals (PoS) registered in the country, only 116, 868 were deployed, while the worth of trades as at December 2015, was estimated at N53.4 billion in 3.95 billion deals.
NIBSS further divulged that Internet banking was responsible for 34 per cent of electronic banking frauds with three per cent discovered on 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 that 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 women, 73.8 per cent were younger than 45 years, 34.0 per cent had no formal instruction, and 80.4 per cent resided in rural areas.
Interestingly, it noted that financial inclusion is most advanced in Nigeria's urban areas, particularly in the southern parts of the united states.
Northern Nigeria is particularly disadvantaged, with 68 per cent of adults excluded in the North East and North-West areas.
The study noted that formal inclusion rates range from 49 per cent in the South West area to just 19 per cent in the North-West region. The «informally contained», chiefly reside in the North Central region, where 23 per cent of adults have use of only informal services.
The amount of Nigerians contained in the formal sector was expected to grow from 36.3 per cent in 2010 to 80 per cent by 2020.
To bridge the financial All Nigerian Cameroon Newspapers On The Internet inclusion disparity, the Central Bank of Nigeria (CBN) has developed a multi-prong approach which will 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 strategy contains; the transformation of existing Know Your Customer (KYC) regulations right into a simplified risk-based tiered framework that allows individuals who usually do not now fulfill formal identification prerequisites to go into the banking system; development and implementation of a regulatory framework for representative banking to enable financial institutions to bring banking services to the unbanked in all parts of the country; development and execution of a National Financial Literacy Framework to improve knowledge and understanding of financial products, with the greatest aim of raising sustainable usage.
The development, which continues to be related to the implementation of monetary-fiscal policy measures, was said to have helped in strengthening the banking system, particularly, the payment system, in addition to offered protection to customers' identity and fraud exposure.The Director of Banking and Payments System Department, 'Dipo Nigeria News Online Fatokun, affirmed that there were 162.6 million trades across all payment stations worth N48.9 trillion processed in 2015.
The amount however, http://dm3creative.com was in contrast to 113.4 million transactions across all payment routes in 2014, worth N43.9 trillion and symbolized 43.4 per cent and 11.6 per cent increase in volume and value respectively.
He noted that the implementations of the Bank Confirmation Number (BVN), Treasury Single Account (TSA), the E-Dividend Job with the Securities and Exchange Commission (SEC) and other fraud mitigation strategies, had strengthened security in the operations of agent banking as well as 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 state.
To date, about 28.3 million accounts, out of the estimated 55.3 million active accounts have been linked to their various exceptional identities industry extensive, totalling about 51.7 million accounts already got into the scheme.
Fatokun clarified that while the actual loss resulting from fraud was set at N2.3 billion in 2015, it absolutely was much from N6.2 recorded in 2014, while the attempted fraud also dropped to N4.4 billion from N7.8 billion, with an increase in volume of attempt from 1, 461 in 2014, to 10, 743 in 2015.
According to him, the state's electronic fraud rate is put by the important lowering of fraud losses in 2015.
He noticed the success in blocking the leakages was not impossible by vigorous enforcement of the various CBN circulars released to industry operators in 2015 and released under review prior to the entire year.
However, the Nigeria Interbank Settlement System (NIBSS) has said that out of 139, 182 Point of Sales Terminals (PoS) registered in the country, only 116, 868 were deployed, while the worth of trades as at December 2015, was estimated at N53.4 billion in 3.95 billion deals.
NIBSS further divulged that Internet banking was responsible for 34 per cent of electronic banking frauds with three per cent discovered on 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 that 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 women, 73.8 per cent were younger than 45 years, 34.0 per cent had no formal instruction, and 80.4 per cent resided in rural areas.
Interestingly, it noted that financial inclusion is most advanced in Nigeria's urban areas, particularly in the southern parts of the united states.
Northern Nigeria is particularly disadvantaged, with 68 per cent of adults excluded in the North East and North-West areas.
The study noted that formal inclusion rates range from 49 per cent in the South West area to just 19 per cent in the North-West region. The «informally contained», chiefly reside in the North Central region, where 23 per cent of adults have use of only informal services.
The amount of Nigerians contained in the formal sector was expected to grow from 36.3 per cent in 2010 to 80 per cent by 2020.
To bridge the financial All Nigerian Cameroon Newspapers On The Internet inclusion disparity, the Central Bank of Nigeria (CBN) has developed a multi-prong approach which will 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.