CBN's New Digital Banking Safeguards Backed by CRMI

The Chartered Risk Management Institute of Nigeria (CRMI) has expressed support for the Central Bank of Nigeria (CBN) regarding its newly introduced digital banking safeguards. These measures are designed to strengthen the security of Nigeria's digital financial ecosystem in response to the rising risks of fraud, identity theft, and unauthorized access within the instant payment system.

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

The CRMI commended the introduction of the Nigerian overnight financial rate as a benchmark, anticipating that it will standardize the overnight fund rate and align Nigeria's financial system with global best practices.