Tuesday, February 02, 2016 07:05 PM / CBN
In 2011, the Central Bank of Nigeria in conjunction with the Bankers Committee embarked on an ambitious project of transforming the Nigerian retail payments system from overdependence on cash for P2P, P2B and G2P transactions, to the adoption of electronic alternatives for payments. In the course of this journey, studies also showed that security ranks as foremost in the concerns of stakeholders when transiting from cash based system to an electronic platform for payments. This concern was further heightened by cultural developments and quicker evolving global trends, which was in favour of embracing technology and convenience in our payments system.
As a direct response to this concern, the Nigeria electronic Fraud Forum (NeFF) was born in December, 2011. The forumover the years has played an important role in ensuring that we as an industry will continually recognize that we are only as strong as our weakest link. Through information exchange and knowledge sharing on fraud issues, the Forum has proffered solutions that have restored public confidence on card usage in particular, and electronic payments in general.
As an institution, the Central Bank of Nigeria remains committed to ensuring that the safety and soundness of our financial system is not compromised. Our zero tolerance on practices that will undermine the health of our financial institutions remains unshaken. To this end, I assure the Nigeria electronic Fraud Forum of the Central Bank of Nigeria’s support in continuing with this fight against e-fraud.
It is therefore with great pleasure that I present the NeFF 2014 Annual Report. I hope you will find this report useful for the rich information it contains, and as a publication of interest that will deepen your understanding of the fight against e-fraud in Nigeria as appropriate measures have been taken to deepen our payments system.