The Central Bank of Nigeria. CC image courtesy of chippla.
Tunde Lemo, deputy governor of operations at the Central Bank of Nigeria, has said the bank is committed to tackling challenges posed by electronic fraud as it plans to introduce the cashless policy in more states from July 1.
He said: “We are going to deal with fraud head-on. One of the fears of people is that this channel lends itself to fraud. We are quite aware of it and we have learnt the ropes in Lagos by ensuring that we deal with fraud.
“We have a committee in the Bankers’ Committee called Electronic Bankers’ Forum, they meet regularly to deal with fraud and issues around fraud are dealt with. Of course, with the anti-fraud system that the central bank is going to acquire, it will also help us to rein in fraud.”
Describing the relevance of the cashless policy to various sectors, Lemo said it has the potential of growing Nigeria’s GDP and could tackle security issues and corruption.
Lemo said the cashless policy would reduce robbery, kidnapping, election rigging and even leakage in government’s revenue.
He added: “We are also going to deal with consumer protection because there could be disputes when transactions are conducted. We have already arranged with banks that within two-three days or one week maximum, such disputes should be settled.”
