CRMI Applauds CBN’s Tougher Digital Banking Rules, Says New Safeguards Will Curb Fraud
As Nigeria’s digital banking space expands rapidly, concerns over fraud, identity theft and unauthorised access have continued to grow, making stronger financial safeguards more urgent than ever.
The Chartered Risk Management Institute of Nigeria (CRMI) has thrown its weight behind the Central Bank of Nigeria’s newly introduced regulatory measures designed to strengthen the country’s digital financial ecosystem and protect customers from rising cyber threats.
In a statement, the Institute described the framework as a timely and proactive intervention, particularly praising the ₦20,000 transaction limit placed on newly activated mobile banking applications within the first 24 hours.
CRMI also welcomed other key safeguards introduced by the apex bank, including mandatory device binding and real-time enterprise fraud monitoring systems, noting that these measures would help reduce the risk of account takeovers and fraudulent transactions.
According to the Institute, restricting transaction exposure during the high-risk activation period would significantly limit opportunities for fraudsters to exploit newly onboarded or compromised accounts.
Beyond digital banking security, CRMI also endorsed the introduction of the Nigerian Overnight Financing Rate (NOFR), describing it as a major step towards improving transparency and aligning Nigeria’s financial system with global best practices.
The Institute said the benchmark would deepen financial markets, standardise overnight funding rates and strengthen the effectiveness of monetary policy.
However, it stressed that successful implementation would depend on banks, fintech firms and payment service providers investing in stronger cybersecurity systems, fraud analytics, staff training and customer awareness.
CRMI reaffirmed its commitment to supporting regulatory reforms through professional development, advocacy and collaboration with stakeholders as Nigeria advances towards a more digitally driven economy.
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