CBN Urges Banks to Combat Fraud with 30-Minute Response Rule

The Central Bank of Nigeria (CBN) is pushing banks to enhance fraud reduction efforts and adhere to a 30-minute response time for suspicious transactions. At the Nigeria Electronic Fraud Forum (NEFF) event, CBN's Deputy Governor Philip Ikeazor emphasized the need for a data-driven fraud management system.

The Nigeria Inter-Bank Settlement System Plc (NIBSS) reported a 51% decline in fraud losses in 2025. The focus is on leveraging technology like ISO 20022 for real-time verification and engaging payment service providers for a more secure financial ecosystem.