Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) has appealed to the Central Bank of Nigeria (CBN) and the Office of the Vice President, Kashim Shettima, to review the five per cent charge on Point of Sale (PoS) transactions imposed on its members.

The association stated that the recent introduction of the five per cent electronic fee on agents has added to the burdens faced by PoS operators nationwide. It emphasized that the fee is onerous, considering that agents already shoulder numerous costs to deliver their services

The appeal was made in a statement issued on Tuesday in Ibadan. The association lamented that PoS operators are not treated as priority agents for cash accessibility, which has made it difficult for them to access cash while providing essential financial services to the public.

The statement explained that even when agents visit banks or their principals to obtain cash, they often fail to receive it. This situation is unsustainable, as agents are expected to provide financial services without adequate support or funding.

The statement further criticized the introduction of the five per cent electronic fee, describing it as a significant burden on PoS operators who are already dealing with numerous financial constraints.

In light of the current inflation rate, the association proposed raising the electronic fee threshold to N50,000, noting that this adjustment would not affect low-income individuals, who are exempt from the fee.

The association also expressed concern that the current arrangement could hinder the government’s efforts to drive financial inclusion. It called on the CBN and the Office of the Vice President to review the policy and ensure that principals provide adequate support and funding to their agents.

The statement was signed by several key officials, including Mr. Badiru Asimiyu Olawale, Osun State chairman; Mr. Ogungbayi Ganiyu, national Public Relations officer, and other representatives from Bauchi, Edo, and Abia States.

National Information Technology Development Agency (NITDA) has warned Nigerians about a dangerous banking malware that targets users worldwide through complex phishing schemes.

The warning was issued by NITDA’s Computer Emergency Readiness and Response Team (CERT) on Monday via social media.

The agency described the new version of Grandoreiro as a serious threat that uses sophisticated methods to steal sensitive information.

Malware, short for malicious software, refers to any intrusive software developed by cybercriminals (often called hackers) to steal data and damage or destroy computers and computer systems.

According to the agency, the malware employs “advanced techniques, including screen overlay attacks and remote device control, to steal sensitive information such as banking credentials and personal data.”

NITDA explained that the malware primarily spreads through phishing emails and fraudulent websites.

These deceptive platforms trick victims into downloading malicious software by disguising it as legitimate updates or documents.

Once installed, the malware can bypass security protections, giving attackers unauthorized access to users’ devices.

The agency warned that this could result in significant financial losses and potential identity theft.

The agency urged the public to exercise caution and adopt recommended security measures to mitigate the risk.

“Cyber threats like Grandoreiro are evolving, and users need to stay vigilant and adopt robust security practices to protect their information,” the agency advised.

NITDA recommended avoiding links and attachments from unknown emails, downloading software only from trusted sources, and enabling multifactor authentication for online banking and financial accounts.

The agency also emphasized the importance of keeping antivirus software updated, avoiding public Wi-Fi for financial transactions, and regularly monitoring bank accounts for unauthorized activities.

Dermalog, German identification systems firm has said that a biometric platform it established for Nigeria nine years ago, in partnership with Central Bank of Nigeria(CBN), now facilitates ID verification for more than 64 million bank account owners.

A recent press release from the company recalls how in 2014 and 2015, it established a biometric verification system and a secure ABIS database infrastructure for 23 Nigerian banks using its cutting-edge face and fingerprint biometric software and hardware.

The idea of the project was to combat fraud which was endemic in the country’s banking sector at the time.

The joint engagement between the CBN and the Nigeria Inter Bank Settlement System (NIBSS) entailed biometrically enrolling bank customers and issuing them a Bank Verification Number (BVN) for Know Your Customer and for authentication during banking transactions. Over 40 million Nigerians had a BVN as of 2020.

The system was built in such a way as to link the BVN to all accounts held by a user across all of the participating banks, the company said in a 2017 case study.

Over the years, the Nigerian government has encouraged citizens to register for the BVN, threatening to shut down bank accounts not linked to the biometric bank ID.

Now, Dermalog said the system which has been deployed all over the country is proving vital “in combating fraud in the financial services sector and protecting account holders from unauthorized access to their savings.”

It noted that the system is also helping simplify access to financial services for citizens, marking a major push toward real financial inclusion.

Commenting on the journey covered by Dermalog in Nigeria, Günther Mull, company CEO, , said “over the past decade, our innovative technology has made a vital contribution to enhancing security in Africa’s largest economy.”

“Our collaboration with the Nigerian banking sector is a prime example of how biometrics can streamline access to essential everyday services while significantly improving security,” he added.

Dermalog said that beside helping to issue BVNs for secure and trustworthy banking transactions, the system it installed has also assisted the Nigerian government in purging more than 23,000 ‘ghost’ workers from the public services, leading to estimated monthly savings of $11 million.