CBN Moves to Check ATM Fraud

Sanusi Lamido Sanusi, governor of the Central Bank of Nigeria (CBN) has expressed deep concern about Automated Teller Machines (ATMs) fraud becoming a major issue in the Nigerian banking industry.
Lamido who spoke at an interactive forum in Abuja said the proliferation of ATMs and the alarming increase in the number and severity of fraudulent activities makes ATM fraud one of the leading consumer complaints coming to CBN.
“Equally disturbing is the frequency and brazen nature of identity theft complaints from the Nigerian consumers involving ATMs,” he said, adding that the ongoing banking reform by CBN includes creation of the Financial Policy and Regulation Department and elevating consumer and financial protection to the status of a division within that department.
The division, he said, has been empowered to take necessary steps to perform its duties as consumer advocate.
Represented by Chris Chukwu, the deputy director, Financial Policy and Regulation Department, Sanusi said in a keynote address at a Consumer Interactive Forum organised by the Consumer Protection Council (CPC), in partnership with Enhancing Financial Innovation and Access (EFInA) to mark the World Consumer Rights Day.
He acknowledged that the CBN has commenced the process of reviewing the Code of Corporate Governance for banks in the country, which was issued in 2006. The result of the review, he said, is expected to strengthen consumer protection by emphasizing transparency and full disclosure in the banks’ service offerings.
“Greater scrutiny will be exercised on how banks push their products and services down to consumers by requiring banks to disclose fully, all rates and charges associated with their products and services,” he said.