CRMI Supports CBN's Digital Banking Security Measures

The Chartered Risk Management Institute (CRMI) has expressed support for the Central Bank of Nigeria's (CBN) newly introduced digital banking safeguards, which are designed to strengthen the security of Nigeria's digital financial ecosystem. In a statement released over the weekend, CRMI commended the CBN for implementing enhanced regulatory measures that proactively address the rising risks of fraud, identity theft, and unauthorized access within the instant payment system.

Key safeguards highlighted by CRMI include a transaction limit of 20,000 naira for newly activated mobile banking applications within the first 24 hours and the mandatory integration of a real-time enterprise fraud monitoring system. These measures aim to reduce vulnerabilities associated with account takeovers, especially during the critical early stages of account activation.

The framework is expected to significantly diminish opportunities for fraudsters to exploit newly onboarded and compromised accounts. Additionally, CRMI applauded the introduction of the Nigerian overnight finance rate as a benchmark, which is anticipated to standardize the overnight fund rate and align Nigeria’s financial system with global best practices.