By Gift chapiOdekina, Abuja

The Chartered Risk Management Institute of Nigeria (CRMI) has praised the Central Bank of Nigeria (CBN) for rolling out new regulatory measures aimed at bolstering the safety of the country’s digital banking landscape.

In a statement, the Institute described the initiative as a prompt and strategic response to growing threats within the financial system, including fraud, identity theft, and unauthorized account access, particularly in instant payment channels.

CRMI drew attention to several key safeguards introduced by the apex bank, such as the ₦20,000 transaction cap on newly activated mobile banking apps within their first 24 hours, compulsory device binding, and the deployment of real-time fraud monitoring systems at the enterprise level.

The Institute noted that these provisions are targeted at curbing risks linked to account breaches, especially during the vulnerable initial phase of account setup.
“Restricting transaction volumes during the early activation period significantly limits the chances of fraudsters exploiting newly created or compromised accounts,” the statement said.

In addition to the digital security measures, CRMI also welcomed the introduction of the Nigerian Overnight Financing Rate (NOFR), describing it as a critical benchmark that will bring consistency to short-term lending rates and align Nigeria’s financial system with international standards.

According to the Institute, the NOFR is expected to enhance market depth, promote transparency, and strengthen the effectiveness of monetary policy.

However, CRMI emphasized that the success of these reforms will largely depend on effective implementation. It urged financial institutions, fintech operators, and payment service providers to reinforce their cybersecurity systems, invest in advanced fraud detection tools, and improve staff capacity as well as customer awareness.

The Institute also reaffirmed its readiness to support ongoing reforms through training, advocacy, and collaboration with stakeholders, as Nigeria advances towards a more digitally driven financial ecosystem.