Our target is zero electronic fraud in Nigeria’s banking sector– CBN DG
Chief Bayo Adelabu is a Deputy Governor of the Central Bank of Nigeria (CBN) in charge of operations. In this interview, he explains how the apex bank and other financial institutions are working to reduce banking fraud and ensure job security in the sect
What is the importance of the Nigeria Electronic Fraud Forum?
It is a good development at a very good time. There couldn’t have been better time than now to look at ways of controlling, preventing and stopping electronic fraud in our payment space of banking industry. It is an event that has attracted many stakeholders in the industry and I believe that it will achieve success in stopping fraudsters in our space.
What is CBN doing to ensure that the outcome of the forum is operational?
The CBN has been the regulator from the beginning. We have been a reliable partner to the Nigeria Electronic Fraud Forum and we continue to be an active partner. We have provided necessary assistance and support in terms of resources, financial The retention of existing monetary policies in Nigeria for the next two months at the recent meeting of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) is in line with the recommendations of Abuja-based industrialists.
At the meeting, the MPC voted to retain the MPR at 14.0 per cent; retain the CRR at 22.5 per cent; retain the CRR at 22.5 per cent; retain the Liquidity Ration at 30.0 per cent and retain the Asymmetric Corridor at +200 and +500 basis points around the MPR.
The industrialists, under the aegis of the Abuja Chamber of Commerce and Industry (ACCI) said retaining the existing monetary policies reflects the realities in both global and the Nigerian economies.
The President of the Chamber, Mr. Tony Ejinkeonye, said the policies are already paying off judging from high growth forecasts and recent data released by the National Bureau of Statistics (NBS).
In October, the International Monetary Fund (IMF) forecasted 2.6 per cent growth for the Gross Domestic Product (GDP) of sub-Saharan Africa with Nigeria retaining 0.8 per cent real GDP growth, an indication of growth for the region.
The NBS also recently revealed that Nigeria’s real GDP grew by 1.4 per cent (year-on-year) in third quarter of 2017, being the second consecutive positive growth since the exit of the economy from recession in second quarter of 2017.
Ejinkeonye observed that the macroeconomic headwinds confronting the global economy and logistics to ensure that the forum achieves its objectives and I can tell you that over time, we have recorded tremendous success in the activities of the forum.
Fraud has reduced by 40 percent in the last two years. That means between 2015 and 2017 we have recorded many achievements. We won’t relent in ensuring that Internet fraud becomes a thing of the past. We are to ensure that further successes are recorded and we won’t stop until we are able to have zero percent in internet fraud in our space.
Job loss in the banking sector is becoming a recurring event, what is CBN doing in this regard?
It is one of the objectives of the fight against internet fraud in our banking sector. If banks stop losing money to fraudsters, they will stop downsizing and they will be able to meet overhead costs. It is noteworthy that fraud prevention and control start from the bank workers themselves.
What we are trying to do is to create more awareness on banking fraud; awareness that activities that could lead to successful fraud start from the teller point, in fact, from the security at the gate. This will ensure that everybody is fraud conscious in playing very important role for the success of the fight against fraud in our banks. If we are aware of this and act wisely, there won’t be job insecurity in the banking sector.
What is CBN doing to save customers from ATM interbank charges?
When you use ATM within the same bank, there won’t be charges but if you maintain account with a bank and you want to use the facility of another bank to withdraw money, of course there must be cost. All the money is not going to the bank alone but also to people that facilitate the infrastructure which has to be paid for. Also, you will notice that it has been reduced to the barest minimum. It used to be N100 before but is now N65. The money is for the people that maintain and have invested on the infrastructure that makes it possible for customer of a bank to use the infrastructure of another bank. They must be paid for their services and we ensure that customers pay the minimum and are not being extorted.
I can assure you that we won’t relent in our effort to ensure that interests of bank customers are protected. We won’t allow any bank to exploit customers in Nigeria. Be assured that any charges CBN is approving is the minimum any such service could charge.
Does Nigeria Electronic Fraud Forum carry along anti-graft agencies in its fight against internet fraud?
Yes of course. There is a working relationship between this forum and anti-graft agencies. They have worked together in the past and they will continue to work together. The reduction in banking fraud in the last two years is as a result of their very good working relationship.