CBN, Stakeholders Proffer Measures to Protect Online, Mobile Payment Systems

The Central Bank of Nigeria (CBN) and other stakeholders in the nation’s financial sector have underscored the need for appropriate measures to secure online, mobile and payment services as well as devise potent strategies to counter existing and emerging threats in the sector.

Part of the strategies, according to them, is to develop an efficient, reliable and electronic payments system and sensitising the public on how to inoculate themselves against potential threats.

In a keynote address he presented at a two-day workshop on emerging regulations to protect online, mobile and payment services, the Director, Banking & Payments System Department, CBN, Mr. Dipo Fatokun, observed that one of the key tasks of the apex bank was to promote the smooth operations of an efficient payments system, which he said, is core to the financial stability of any country.

The workshop, which was organised by Maxut Consulting Experts and Vasco Data Security, in collaboration with the CBN dwelt on the emerging trends in banking and payment systems as well as regulatory and security implications.

Payments systems, Fatokun added, have important implications for monetary policy implementation and for the efficiency of the economy.

He noted that “in order to achieve the broad objectives of the payments system in the country, the CBN develops and regulates the implementation of regulation to facilitate the growth of initiatives that will harmonise payment operations in the country.”

In its regulatory role, the CBN, he stressed, is careful to approach the dynamic of payments system policy creation as a delicate balance, in order not to stifle innovation and growth in the payments system.

“In addition to the aforementioned, the bank has developed a financial inclusion strategy, the PSV 2020 Vision and cash-less policy drive with specific targets and timelines. The sustenance of these initiatives will ensure that financial services are provided at affordable costs to sections of disadvantaged and low-income segments of the society.

“With growing usage, interest, risk and new technology; there is continuous need to update payments system regulation as a result of its dynamic and ever-changing nature. Financial authorities around the world have a need to regulate payment services to protect consumers while ensuring the development of a secure, competitive and innovative environment for electronic payments,” he stressed