E-Financial
Stakeholders @ E-PPAN Conference Seek Joint Action Against e-Fraud
Stakeholder in the judiciary, financial and information technology sectors have called for more proactive measures to tackle electronic related fraud in the country.
The calls were coming on the heels of statistics by the Nigeria Inter Bank Settlement System Plc (NIBSS) that the country has already exceeded the e-fraud projection for 2014 with several billions of naira lost.
In her keynote address at the 5th annual Payment Systems & Fraud Conference 2014 organised by Electronic Payment Providers Association of Nigeria (E-PPAN), Justice Oluwafunmilayo Olajumoke, chief judge of Lagos State, identified e-payment industry as prone to manipulations and attacks by fraudster’s insider and outsider attack, therefore, it has become imperative for the criminal justice sector to develop the appropriate tools and strategies for combating e-crimes and e-fraud.
While calling for improved efforts among the law enforcement agents in the presentation of cases for trial, especially as regarded electronic fraud, Justice Olajumoke, who was represented by Justice Atinuke Ipaye of the High Court of Lagos, said, although the evidence act has helped in the trial of cyber cases, but of necessity, “both the investigators and the prosecutors are the two sides of the same coin.
“They must work together, pay great attention to the detail and be meticulous to ensure that their investigations will stand up to the scrutiny in the court room and do everything by the book”.
As a way forward, the guest speaker said, “The role of the judiciary as ‘resolver of disputes and interpreter of the law and defender of the constitution’ remains unchanged even in these times of great technological advancement. What must however change are the tools and resources deployed to tackling crimes”.
Olajumoke whose speech dwelled on the conference theme: “Unbundling the criminal Justice Process in a Digital Economy, said although, the legal environment is traditionally conservative and wheels of justice always turn slowly, she assured that with articulate evidence, the prosecutor should be able to secure conviction in the case of e-fraud.
On his part, Mrs Christable Onyejekwe, executive director of NIBSS represented by Mr. Osioke Ojior, chief risk officer, while speaking on, “The Financial, Economic and Social Cost of E-fraud to a Nation,” said that financial institutions in the country must step up their fights against electronic and other related financial fraud.
According to the ED, some banks find it difficult to notice when they are breached, causing several billions of naira lost to fraudsters yearly.
NIBSS revealed that banks have already lost over N4 billion from 916 attempted frauds and other financial players/MPO losing N32 million in 30 attempted attack volume, between January 1 and September 30, 2014.
The losses were calculated attempted volume of N4.7 billion for banks and N72 million for OFI/MPO.
Earlier in a welcome address, Mrs. Onajite Regha, chief executive officer of E-PPAN said that, compared to any other time in its history, the e-payment industry faces an overwhelming variety of security challenges as the transaction environment grows in size and complexity.
Regha said that with more stakeholders, payment channels and the users driving the use of payment cards, the need to enhance the integrity of an increasingly dynamic system while ensuring global acceptance is more important than ever.
The E-PPAN boss said, “On a global level, fraud continues to migrate from more secured to less secured regions and channels. This obvious shift is accelerated by an increasingly adept and organized criminal community that seeks to exploit security vulnerabilities and fraud. Criminals are targeting not just unmonitored, stand-alone, point-of-interaction devices, but also launching sophisticated attacks on the private networks of well-known entities, such as major data processors and top-tier merchants”.
She warned that the aforementioned factors can lead to fraud attacks that cause erosion in confidence and global acceptance of e-payments.
Regha added that, in a bid to forestall the trend, E-PPAN has decided to use the e-fraud conference as a platform to carry along identified and very important stakeholders in the fight against e-fraud.
Securities and Exchange Commission (SEC) has warned the public against investing in unregistered investment schemes, including Silverkuun Investment Cooperative Society/Silverkuun Limited.
In a circular issued in Abuja, yesterday, the commission said its attention had been drawn to the activities of these entities, which falsely present themselves as investment advisers and fund managers in the Nigerian capital market.
“The attention of the Securities and Exchange Commission has been drawn to the activities of Silverkuun Investment Cooperative Society/Silverkuun Limited which holds itself out as an Investment Adviser/Fund Manager.
“The Commission hereby informs the public that Silverkuun Investment Cooperative Society/Silverkuun Limited is not registered to operate in any capacity in the Nigerian Capital Market.”
SEC advised the public to refrain from engaging with Silverkuun Investment Cooperative Society/Silverkuun Limited or its representatives in respect of any business in the Nigerian capital market.
“The Commission uses this medium to reiterate that transacting in the Nigerian Capital Market with unregistered and unregulated entities exposes investors to financial risk including fraud and potential loss of investment.
“The investing public is therefore reminded to verify the status of companies and entities offering investment opportunities on the Commission’s portal before transacting with them,” the SEC added.
Dr. Emomotimi Agama, director-general of the SEC, recently warned that the Commission would not hesitate to shut down the operations of such unregistered entities while also ensuring that the promoters are made to face the full weight of the law.
Agama said, “we will shut down their operations and the promoters will be made to face the full weight of the law.
“In a major reform, ISA 2025 officially brings digital assets under the SEC’s regulatory purview, defining them as securities and mandating registration for all virtual asset service providers (VASPs) and digital asset exchanges. This development aims to close the regulatory vacuum that has allowed many Ponzi-style platforms to thrive under the guise of cryptocurrency and digital finance.”
Agama also emphasized the Commission’s education-focused strategy to combat fraud through podcasts, digital campaigns, and the introduction of capital market literacy in schools and universities, the SEC aims to equip Nigerians with the knowledge to detect and avoid dubious investments.
Africa’s cross-border payments market is on track to hit $1 trillion by 2035, according to a new report by venture capital firm Oui Capital. Titled “Africa’s Cross-Border Payment Landscape—a deep dive into the systems, players, and shifts shaping Africa’s cross-border payment flows,” the report states that the market is currently valued at $329 billion and growing at a compound annual growth rate of 12%.
It identifies Africa’s booming digital adoption, increasing intra-African trade, and a surge in mobile money usage as the key growth drivers.
Despite the impressive growth, the report highlights systemic inefficiencies.
“Legacy rails, double currency conversions, and fragmented regulations still siphon billions in hidden costs,” Oui Capital states, noting that the continent continues to have the highest global remittance costs, averaging 7–8%.
However, digital innovation is helping reshape the landscape. Mobile money is now a key channel, with 30% of Sub-Saharan remittances flowing through mobile wallets.
In 2022, Africa accounted for 66% of global mobile money transaction value, demonstrating the rapid formalisation of what was once a predominantly informal cash ecosystem.
Oui Capital sees significant investment potential in addressing these inefficiencies. “Infrastructure plays—interoperable API layers, decentralised FX liquidity pools, and PAPSS integrations—represent $10 billion-plus opportunities,” the report says.
The Pan-African Payment and Settlement System is one such initiative pushing for local currency settlements and reduced reliance on USD/EUR clearing, which presently adds around $5 billion in annual costs.
According to the report, cryptocurrencies and Stablecoins are emerging as promising alternatives, cutting remittance costs by up to 60% in markets with clear regulations.
“Fintech APIs are already pushing fees as low as 1.5–3%,” the report notes.
Still, the venture capital firm warns that challenges persist as only 55% of African jurisdictions allow full electronic KYC, limiting the scalability of fintech solutions.
The report urges founders to go beyond peer-to-peer transfers by embedding services like lending and insurance.
“Africa’s payments race is now a scale game. Those that solve for liquidity, compliance and cost will define the continent’s digital trade backbone over the next decade,” it concludes.
Chartered Institute of Bankers of Nigeria has expanded its Agency Banking Certification Programme through a tripartite collaboration between the Institute, FIC, and SANEF Limited.
This partnership according Prof. Pius Deji Olanrewaju, President/Chairman of Council the Chartered Institute of Bankers of Nigeria, CIBN, is timely and strategic, “as we aim to broaden the reach of the certification across Nigeria’s agent banking sector. With SANEF’s deep integration in the financial inclusion ecosystem and established relationships with leading super agents, we are confident that this collaboration will strengthen the quality and visibility of the programme.
“The goal is clear, to enhance professionalism among agent bankers, support the national financial inclusion strategy, and contribute to building trust and integrity within this growing segment of the financial services sector. This collaboration presents an excellent opportunity for further implementation of the competency framework for the banking industry in Nigeria”.
He noted that the collaboration among others is part of his LEGACY agenda which highlights the multifaceted role of financial institutions in shaping Nigeria’s economic future.
The letter C in the LEGACY agenda refers to Competence in the banking and Finance industry, which is a very crucial factor in the banking and finance sector. Competent individuals in this industry are equipped with the necessary knowledge and skills to effectively manage financial resources. Individuals with expertise in this field can contribute to the growth and stability of the economy.
Mrs. Uche Uzoebo, Managing Director/Chief Executive Officer, Shared Agency Network Expansion Facilities, SANEF, described the memorandum of Understanding, MoU, as a visionary partnership that seeks to expand Financial Inclusion through Agent banking training, Financial Literacy and knowledge impartation, an objective that forms a key pivot of what SANEF represents.
“Over the years, SANEF, in strong collaboration with our key stakeholders, Banks and Licenced Super-Agents/Mobile Money Operators and other Financial Service Providers, have continued to deepen the frontiers of Financial Inclusion and agent bank. Financial Literacy and training have remained a key part of this objective.
“This MOU ceremony is a fulfillment of a shared vision through the expansion of Agent Banking, Financial Literacy, capacity building, thought leadership, training and competency.
She further explained that the agreement provides a training structure with well-curated and knowledge filled training modules and materials that will deepen the knowledge and capacity in agent banking.
“It will go ahead to deepen and expand the knowledge and capacity of all participants that will take part in this training and we believe that with the quality and cooperation of all parties present, this very important objective of impartation of knowledge and thought leadership, grooming and training minds to be empowered and learned and contributing our quota to nation building and be a better place,” she added.
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