CRMI Supports CBN's Digital Banking Safeguards Reform

The Chartered Risk Management Institute of Nigeria (CRMI) has expressed support for the Central Bank of Nigeria's (CBN) newly introduced digital banking safeguards and the reform of the overnight financing rate. In a statement, CRMI commended the CBN for implementing enhanced regulatory measures aimed at strengthening the security of Nigeria's digital financial ecosystem.

The new framework is a proactive response to the increasing risks of fraud, identity theft, and unauthorized access within the instant payment system. Notably, CRMI highlighted the introduction of a 20,000 Naira transaction limit for newly activated mobile banking applications within the first 24 hours and the mandatory device binding to a real-time enterprise fraud monitoring system.

These measures are designed to reduce vulnerabilities associated with account takeover, especially during critical early-stage account activation. Additionally, CRMI applauded the introduction of the Nigerian overnight financing rate, which is expected to standardize the overnight fund rate and align Nigeria's financial system with global best practices.

However, CRMI stressed that the success of the new framework will heavily depend on its implementation and the commitment of banks, fintech firms, and payment service providers to strengthen cybersecurity infrastructure and prioritize staff training and customer awareness.