- Advertisement -spot_img
28.2 C
Lagos
HomeTop NewsCBN flags 7,552 BVN over fraudulent transactions as eNaira hits 1.4 mln...

CBN flags 7,552 BVN over fraudulent transactions as eNaira hits 1.4 mln deals

- Advertisement -spot_img

The Central Bank of Nigeria (CBN) said it has flagged and put on watch list 7,552 Bank Verification Numbers (BVN) due to fraudulent transactions by their owners.

The regulatory bank Director of Payment Systems Management, Musa Jimoh, disclosed that the centralization of the BVN has enabled the CBN to track fraudulent individuals and entities who have engaged in forgery, compromise, complicity, fraudulent duplicate enrollment, and any fraudulent infraction with and without monetary value.

He said: “Recent data with the CBN reveals that 7,552 BVN have been put on the watchlist.”

On his part, the CBN Governor, Godwin Emefiele, earlier said the eNaira was developed to foster digital financial inclusion, with the potential for fast-tracking intergovernmental and social transfers.

Emefiele noted that the Nigerian payment system landscape has continued to record significant changes and developments.

Emefiele said: “The advent of COVID-19 no doubt triggered rapid advancements in financial technology, leading to the speedy digitization of money and finance. The CBN took advantage of the opportunity by launching the eNaira in October 2021.

“The eNaira was developed to broaden the payment possibilities of Nigerians and foster digital financial inclusion, with the potential for fast-tracking intergovernmental and social transfers.

READ ALSO: IMF issues modest upgrades on global economic outlook, but worries over surging inflation

“Since its launch, the CBN has continued to modify its features to make it more accessible to a wide range of users. Today, one does not need a smartphone to use eNaira, as it has become compatible with all generations of mobile devices (old and new). “To date, over 1.4 million transactions have passed through the eNaira platform.”

“As a deliberate policy towards ensuring easier, cheaper, and faster means of payments, the CBN has continued to collaborate with relevant stakeholders in the adoption of payment system instruments and channels, such as the BVN, the Real Time Gross Settlement System (RTGS), the Regulatory Sandbox, Open Banking, and the CBN Digital Currency (CBDC), the eNaira. Nigeria is currently the first country on the continent and the second in the world to have fully launched a live CBDC.

“The payment system regulation and management role of the CBN is very critical in the achievement of its primary mandate of price and monetary stability conducive to inclusive and sustainable economic growth.

“It is also important for ensuring a stable, safe, and efficient financial system in Nigeria. “In recognition of the implications of the risks that accompany digital innovations and technological advancement globally, the Central Bank of Nigeria has continued to ensure a healthy balance between the adoption of the latest innovations and the development of reliable mitigants to the associated inherent and operational risks to both the payments system and the rest of the economic sectors in Nigeria.”

He also noted that the value and volume of electronic transactions have continued to gain momentum across channels.

According to him, “these efforts have culminated in a significant increase in the total volume of transactions on electronic payment channels. While the use of cash and checks continued to diminish, web-based transactions such as PoS, NIP, ATMs, and mobile money operators (MMOs) have increased substantially.

“For instance, between 2021 and 2017, the volume of transactions via electronic channels such as ATMs, PoS, WEB, MMO, and NIP increased by 99.76, 1,775.72, 35,502.58, 2,413.44, and 836.50 percent, respectively.”

(omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

Join Our Mailing List!

* indicates required
- Advertisement -spot_img
- Advertisement -spot_img
Must Read
Related News
- Advertisement -spot_img