Payment system records N49 trillion trades as fraud is reduced by BVN TSA

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There were indications that despite the challenging economic situation and high-level sophistication of fraudsters, huge rise in the volume and value of trades across all payment channels in the banking system was recorded.

The development, which continues to be related to the execution of monetary-fiscal policy measures, was said to have helped in strengthening the banking system, especially, the payment system, along with offered protection to customers' identity and fraud vulnerability.

The Director of Banking and Payments System Department, 'Dipo Fatokun, affirmed that there were 162.6 million transactions across all payment channels worth N48.9 trillion processed in 2015.

The amount nevertheless, was in contrast to 113.4 million trades across all payment routes in 2014, worth N43.9 trillion and signified 43.4 per cent and 11.6 per cent increase in quantity and value respectively.

He noted that the executions of the Bank Verification Amount (BVN), Treasury Single Account (TSA), the E-Dividend Endeavor together with the Securities and Exchange Commission (SEC) and other fraud mitigation strategies, had bolstered security in the operations of broker banking and other electronic payment channels.

Already, the Federal Government has uncovered about 23,000 ghost workers in its payroll, through the combined application of BVN and TSA, which at the minimum wage of N20,000, is estimated at over N5.5 Nigerian Movies 2016 Latest Full Movies billion yearly.

Meanwhile, as at February 7, 2016, a total of 23.4 million customers have been enrolled in the BVN scheme, which enforcement commenced by November 1, 2015, for those residing in the state.

So far, about 28.3 million accounts, out of the estimated 55.3 million active accounts have been linked to their specific exceptional identities industry broad, totalling about 51.7 million accounts already caught into the scheme.

Fatokun explained that while the specific loss resulting from fraud was set at N2.3 billion in 2015, it had been much from N6.2 recorded in 2014, while the attempted fraud also dropped to N4.4 billion news from Naija N7.8 billion, with a growth in volume of attempt from 1, 461 in 2014, to 10, 743 in 2015.

According to him, the electronic fraud rate in the country is put by the critical decrease in fraud losses in 2015 .

He pointed out that in blocking the leakages, the success was possible by vigorous enforcement of the various CBN circulars released under review prior to the year and released to industry operators in 2015.

But, the Nigeria Interbank Settlement System (NIBSS) has said that out of 139, 182 Point of Sales Terminals (PoS) read in the country, just 116, 868 were deployed, while the worth of transactions as at December 2015, was estimated at N53.4 billion in 3.95 billion deals.

NIBSS further divulged that latest news Internet banking was responsible for 34 per cent of electronic banking frauds with three per cent discovered about the PoS, while e Commerce was responsible for one per cent of the fraud.

Meanwhile, in the drive towards financial inclusion, a World Bank study revealed last year that a total of 39.2 million adult Naija Nigeria Nigerians (46.3 per cent of the adult population) were financially excluded in 2010. It further revealed that 54.4 per cent of the excluded population was women, 73.8 per cent were younger than 45 years, 34.0 per cent had no formal education, and 80.4 per cent resided in rural areas.

Interestingly, it noted that fiscal inclusion is most advanced in the urban areas in Nigeria, especially in the southern parts of the state.

Northern Nigeria is especially disadvantaged, with 68 per cent of adults excluded in the North East and North West areas.

The analysis noted that proper inclusion rates range from 49 per cent in the South West region to only 19 per cent in the North West area. The "informally contained", chiefly reside in the North-Central region, where 23 per cent of adults have use of only informal services.

The amount of Nigerians within the formal sector was expected to increase from 36.3 per cent in 2010 to 80 per cent by 2020.

To bridge the fiscal inclusion disparity, the Central Bank of Nigeria (CBN) has developed a multi-prong approach that may reduce the percentage of adult Nigerians which are excluded from financial services from 46.3 per cent in 2010 to 20 per cent by 2020.

The approach comprises; the transformation of existing Know Your Customer (KYC) regulations into a simplified risk-based tiered framework that enables people who don't now fulfill formal identification conditions to enter the banking system; development and execution of a regulatory framework for representative banking to empower Naija news Naija news financial institutions to bring banking services to the unbanked in most portions of the state; development and execution of a National Financial Literacy Framework to improve awareness and understanding of financial products and services, with the ultimate aim of raising sustainable usage.