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Experts Contest CBN’s Claim That E-fraud Has Reduced by 98%

A recent claim by the Central Bank of Nigeria (CBN), that since its introduction of the cashless policy drive, the spate of e-fraud  in the … Continue reading Experts Contest CBN’s Claim That E-fraud Has Reduced by 98%


A recent claim by the Central Bank of Nigeria (CBN), that since its introduction of the cashless policy drive, the spate of e-fraud  in the country has reduced by as much as 98 per cent  and has been contested due to the inaccurate reported cases of electronic fraud by banks.

A meeting of financial regulators, lenders and the business community, pointed out that the inaccurate reported cases of electronic fraud by banks is still compromising the fight against the crime.

While the managing director of Unified Payment Services LTD, Agada Apochi claimed that the number of fraud cases have significantly dropped, the chairman of the Nigeria Electronic Fraud forum, Emmanuel Obaigbona, expressed the need for more to be done.

According to data from the Apex Bank, volume of electronic transaction increased from N167.96 million in the first half of 2011 to N185.07 million in the first half of 2012.

The CBN also claimed that the use of Automated Teller Machines (ATM), Point of Sales (POS) terminals and mobile payments has increased tremendously.