E-Financial
Banks Refund N3Bn, $1.7m Excess, Unauthorised Charges
Bank customers who complained of excess/unauthorised charges, frauds, guarantees, dispense errors and funds transfers; demanded and received some N3.093 billion and $1.724 million respectively from money deposit banks.
The amount is from the 1,612 complaints from consumers of financial services were received between July and December 2018, according to the Financial Stability Report of the Central Bank of Nigeria (CBN).
The figure, which showed an increase of 173 complaints or 12.02 per cent over the 1,439 received in the first half of 2018, was contained in the Financial Stability Report of the Central Bank of Nigeria (CBN).
Of the total complaints, 1,602 or 99.38 per cent were against commercial banks, while 10 complaints or 0.62 per cent were against Other Financial Institutions (OFIs).
Specifically, the complaints were basically about excess/unauthorised charges, frauds, guarantees, dispense errors and funds transfers.
Total claims made by customers during the period amounted to N7.995 billion and $1.767 million, while N3.093 billion and $1.724 million were refunded to them.
Also, 1,496 of these complaints were successfully resolved or closed in the period under review, compared with 4,723 in the first half of 2018, indicating a decrease of 3,227 or 215.71 per cent.
Meanwhile, reported cases of fraud and forgeries by banks increased to 25,029 at end of December 2018, from 20, 774 at end of June 2018.
During the period, various cyber-attacks were carried out on high profile entities, including the Central Bank of Bahamas, Marriot Hotels, Google plus, Arik Air, British Airways and UK NHIS, among others, leading to the loss of customers’ private information, revealing the vulnerability of all classes of organisations.
In Nigeria, the total amount involved decreased to N18.94 billion at end of December 2018, from N19.77 billion at end of June 2018.
Similarly, actual losses declined to N2.21 billion in the period under review from N12.1 billion in the first half of 2018.
Also, the total number of reported fraud cases in OFIs stood at 754 at end of December 2018, while the actual loss of N120.98 million was recorded during the same period.
The Automated Teller Machines (ATM) and mobile money channels recorded the highest incidences of fraud. In order to tackle this trend, bank customers were continually sensitized on safe banking practices while banks were encouraged to implement strong authentication controls and carry out comprehensive infrastructure risk assessments.
The United States Federal Bureau of Investigation had issued a warning to banks on a new type of fraud known as the ATM Fraud or ATM Cloned Card fraud, which involves hackers accessing bank systems or payment card processors and altering data to withdraw large sums of cash within a short period.
In response to this warning, CBN carried out vulnerability assessments on all banks and payment system providers and directed the remediation of identified vulnerabilities on all ATM servers.
To mitigate the incidence of attacks in the financial system, the apex bank released cyber- security framework and guidelines for banks and payment service providers.
The framework stipulates, among other requirements, the establishment of Cyber-Threat Intelligence (CTI) programmes to proactively identify, assess and mitigate potential cyber-threats.
It also stipulates the appointment of a “Chief Information Security Officer” (CISO) to oversee and implement a bank’s cyber-security programme.
In line with good practice, CBN appointed a CISO to oversee its cyber-security programme, while urging banks to follow immediately.
Nigerian banks have resumed international transactions on naira-denominated debit cards, marking a significant shift in banking operations for customers who rely on foreign payments.
This is coming nearly three years of suspension.
United Bank for Africa (UBA) and Wema Bank, in separate communications to their customers, announced the restoration of international payment services on their naira cards.
In a notice to its customers, UBA said the reactivation of international transactions on its premium naira cards aligns with its commitment to delivering improved and seamless banking experiences.
“We are pleased to inform you that all UBA Premium Naira Cards, including Gold, Platinum, and World variants, are now enabled for international transactions,” the bank stated.
“This means you can now use your Premium Naira Card for global payments — including online shopping, POS, and ATM transactions — with ease and flexibility. If you haven’t used your card recently, now is a great time to rediscover the convenience and prestige that comes with being a UBA premium cardholder.”
Similarly, Wema Bank announced that its customers can now make dollar payments on international platforms using their naira Mastercards.
“Your Wema Naira Mastercard just went global!” the bank said. “Now you can pay in dollars on all your favourite international platforms — Amazon, eBay, AliExpress, Netflix, Spotify, YouTube.”
The development marks a major relief for Nigerian customers who have had to rely on dollar cards or alternative payment methods since most banks suspended international usage of naira cards in 2021 due to foreign exchange scarcity.
Flutterwave, Africa’s leading payments technology company, today announced the relaunch of its flagship remittance solution, Send App, across U.S. states following its newly acquired Money Transmitter Licences (MTLs).
This comes after Flutterwave secured 20 additional MTLs in the U.S., adding to the 14 licenses the brand has held since 2023.
Altogether, this achievement raises Flutterwave’s total number of direct licenses to 34, allowing the company to operate across many U.S. states and territories without partners or intermediaries.
Users in the U.S. can now send money to Nigeria, Ghana and Egypt, unlocking new remittance corridors that were previously unavailable.
Alongside this expansion, the onboarding process has been streamlined with a quick ID check, making it faster and easier for new users to get started.
Additional improvements include optimised payment support for US-issued Visa and Discover cards, enhanced security measures to safeguard transactions and maintain compliance, and improved in-app flows for a simpler, more efficient sending experience.
This return also highlights Flutterwave’s commitment to delivering a seamless, secure, and regulatory-compliant user experience for all Send App customers in the U.S. Users can now send money from DC, Georgia, Maryland, North Carolina, Michigan, South Carolina, Tennessee.
Other U.S. states and territories where Send App by Flutterwave supports outward remittances include Alaska, Arizona, Arkansas, Delaware, Idaho, Illinois, Indiana, Iowa, Louisiana, Maine, Minnesota, Mississippi, and Missouri, Nebraska, New Hampshire, New Mexico, North Dakota, Oklahoma, Oregon, Puerto Rico, Rhode Island, South Dakota, Utah, Washington, West Virginia, Wisconsin, and Wyoming.
Commenting on the relaunch, Olugbenga “GB” Agboola, Flutterwave Founder and CEO, said, “By expanding our reach and enhancing our services, we are empowering millions of Africans in the U.S. to maintain strong financial ties with their home countries, support their families, and contribute to economic development across the continent. Additionally, we are staying true to our core mission of bridging Africa with the global economy and vice versa.”
Earlier this year, Flutterwave integrated Swap into Send App for seamless FX transactions and strengthened its services in Ghana by securing approval for inward remittance from the Bank of Ghana.
Federal High Court in Abuja on Friday affirmed the authority of the Nigeria Inter-Bank Settlement System (NIBSS), to manage the Bank Verification Number (BVN), database across the country, in line with the Central Bank of Nigeria (CBN), Act and other relevant banking laws.
This is according to a judgment delivered by Justice James Omotosho on Friday.
Wolemi Esan, senior advocate of Nigeria, NIBSS’s counsel, and Kofo Abdulsalam-Alada, lead counsel for the CBN, among others, had sought a restraining order to prevent any institution in Nigeria from challenging the agency’s statutory authority to maintain and manage the BVN database.
This comes as NIBSS had alleged that Digital Rights Lawyers Initiative filed multiple suits, either directly or through proxies, challenging its authority to manage the BVN database and claiming that such management violates constitutional privacy rights.
However, Justice Omotosho, delivering his judgment, said the BVN does not infringe on the constitutional right to privacy.
“The initiative does not infringe on the constitutional right to privacy but rather serves as a necessary tool for safeguarding public interest and enhancing financial security.
“NIBSS has the power to manage the BVN,” the judge said, citing relevant CBN laws.
“The court grants the reliefs of NIBSS as prayed,” he stated.
Nigerian Banks End Years of Embargo, Resume Intl Transactions on Naira Cards
Flutterwave Secures 20 more US Money Transmitter Licences
Court Affirms NIBSS Authority to Manage BVN
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