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CBN Directs Banks to Take Measures to End Cash Scarcity

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The Central Bank of Nigeria (CBN) has directed Deposit Money Banks (DMBs) to ensure efficient cash disbursement to the general public over-the-counter and through Automated Teller Machines (ATMs).

The CBN directive is coming in the midst of complaints of acute scarcity of cash by bank customers across the country.

Most banks have failed or refused to load their ATMs with cash while they are also rationing out payments over the counter.

As a result, most Nigerians are now relying on POS operators for their cash needs.

In response, the POS operators have also jacked up their commission by between 50 and 100 per cent across the country.

The POS operators claimed that they have had to jack up their commission because of the high rates they are also getting the cash supplies from various sources, including traders and filling station operators.

However, in a directive contained in a statement jointly signed by CBN’s Acting Director, Currency Operations, Muhammed Olayemi, and Acting Director, Branch Operations, Aisha Isa-Olatinwo on Wednesday, CBN directs banks to take measures to tackle the cash scarcity challenge.

The apex bank also urged members of the public who are unable to obtain cash, either over-the-counter or through ATMs to report such instances using designated reporting channels and formats.

“This will assist the CBN in addressing issues hindering the availability of cash and further improve currency circulation.

“For DMB branches and ATM locations not dispensing cash, members of the public affected are to provide the relevant details,” it said.

It said that the required details should include account name, name of the DMB, amount, time, and date of incident.

It urged aggrieved bank customers to use dedicated phone numbers of the CBN branche in the state where the incident occurred or through to designated email addresses.


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E-Financial

NITDA Warns Nigerians about Malware Stealing Banking Details

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

NITDA Warns Nigerians about Malware Stealing Banking Details

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.

 


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E-Financial

Dermalog Says Its Biometric System Ensures Bank ID Verification for over 64m Nigerians

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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.

Dermalog Says Its Biometric System Ensures Bank ID Verification for over 64m Nigerians

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.

 

 

 

 


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E-Financial

Beware of Fraudulent Giveaways this Yuletide– Moniepoint MD Warns

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Babatunde Olofin, managing director, Moniepoint Microfinance Bank, on Sunday warned Nigerians against falling victims to fraudsters who request account numbers for end-of-year rewards.

Beware of Fraudulent Giveaways this Yuletide– Moniepoint MD Warns

Babatunde Olofin, managing director, Moniepoint Microfinance Bank,

Olofin gave the advice in a telephone interview with the News Agency of Nigeria (NAN) in Lagos, while advising citizens not to share their account details online.

According to him, fraudsters have developed a technique where they send all manners of attractive offers for free gifts and cash, by asking the public to share account details to receive the rewards.

He also explained several other tactics including requests for people to pay certain amounts, while they lose the funds without the promised rewards and sometimes their identities stolen.

He added that some fraud victims end up innocently in jail because their accounts were used for money laundering and other advanced cybercrimes.

Olofin stressed the need for continued public enlightenment to educate Nigerians on cyber security.

He said during the Yuletide, fraudsters usually took advantage of people’s ignorance, hence the need for extra vigilance.

“My biggest advice is for people to stop sharing their account numbers in public. Some people are in prison because they had no idea what someone used their accounts for.

“People don’t love you as much to be giving you giveaways. So, you should know that they are harvesting your details. Your bank account is a private detail,” he said.

He advised that account details should be sent to people via private channels instead of posting them online.

He explained that it was important to verify genuine philanthropists doing actual giveaways before sharing any information for safety.

According to the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), Nigerian banks lost N42.6 billion to fraudsters within the second quarter of 2024.

However, Olofin said that Moniepoint MFB had adequate firewalls to protect itself and its customers from all types of fraud because all four founders of the bank were experienced software engineers.

“We’ve built up a transaction monitoring and money laundering team that has set rules internally.

“Fraudsters do a lot of things. They structure funds. They know how internal system works,” he said.

He added that the bank was working closely with organisations like the Nigerian Fraud and the Nigerian Financial Intelligence Unit (NFIU) and the Economic and Financial Crimes Commission (EFCC) to be ahead of fraudsters.

The managing director said that collaboration with law enforcement and fraud experts was to understand fraud patterns better and then build more sophisticated controls into the banks system.

He said Moniepoint was building infrastructure for Micro, Small and Medium Enterprises (MSMEs) efficiency, adding that the bank’s loans system captured a wide range of small businesses without bias.

He also said that the bank was working closely with the office of the Vice President Kashim Shettima, to ensure loans and grants got to the mos remote parts of Nigeria.

 

Speaking on Moniepoint’s recent achievement of unicorn status, he said the feat meant more hard work for customers’ satisfaction and increased profit.

NAN reports that the bank joined the Nigeria unicorn status because its market valuation had surpassed one billion dollars.

(NAN)

 

 

 

 

 


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