CBN plans software to reduce e-payment fraud in 2013

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By CHINEDU IBEABUCHI

THE Central Bank of Nigeria, CBN, Monday, said it had mapped out a strategic initiative to develop software that would reduce e-payment fraud from 2013.

Giving a keynote address on “Risk Management in the Payments System,” at the first Annual Meeting of the Nigeria e-Fraud Forum, NeFF, in Lagos, CBN’s Governor, Sanusi Lamido, represented by Mr. Dipo Fatokun, Director, Banking and Payments System, CBN, said the smooth functioning of payments systems would not only be impactful on payments and settlements but would also be critical to certain public policy objectives.

He said: “The effective implementation of monetary policy is heavily reliant on the effectual distribution of reserve balances within the banking system using either or both the money market and the payments system as well as the orderly settlement of open market operations (OMO).

“Furthermore, supervisory objectives as it relates to the soundness of depository institutions must consider the risks payments systems pose to these institutions that are directly or indirectly involved in settlement, custody or credit services.”

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