Value of successful fraud cases drops to N406m in Q3

Stories By Amaka Ifeakandu


The Central Bank of Nigeria (CBN), has said that the value of successful fraud cases in the financial system reduces by 37.8 per cent between third quarter 2015 and third quarter 2017.
Deputy Governor, Central Bank of Nigeria, (CBN), Adebayo Adekola Adelabu, who disclosed this at the Nigeria Electronic Fraud Forum said in spite of the increase in the value and volume of electronic payments transactions in 2017, interim statistics from Nigeria Inter Bank Settlement System (NIBSS ) indicated a decrease in the value of successful fraud cases for the third consecutive year.
The fraud according to him reduced by N246.8 million from N652.8 million in third quarter 2015 to N406 million in third quarter of 2017. He urged the Forum to keep up the good work of rallying the Industry to achieve even greater results in the coming years.
He however said that NeFF Partnership with stakeholders particularly the Office of the National Security Adviser, would further assist the Payments Industry in combating electronic fraud in Nigeria.
He said the essence of these collaborative efforts is aimed at not only protecting customers but also ensuring that public confidence is restored and sustained it.
He said that that NeFF has become a formidable force for fighting electronic fraud saying that a lot of industry initiatives began from this esteemed forum.
He asserted that the country would greatly benefit from having a multi-industry collaborative platform, which has not only become a reference point in Africa but all over the world, when the issue of combating e-fraud is discussed.
Assuring NeFF of the Apex Bank’s support, Mr. Adelabu said collaborative efforts at reducing electronic payments fraud are not only well appreciated, “you can also be sure of the support and assistance of the Central Bank of Nigeria.”
Minister commends Sterling Bank’s interventions in transport sector
Minister of Transport, Rotimi Amaechi has commended the critical role being played by Sterling Bank Plc in repositioning the transport sector in the country.
The Minister who spoke to reporters at the end of the 2017 National Conference organised by the Ministry of Transport commended Sterling Bank Plc for its intervention in Nigeria’s transport sector, saying that such intervention from the private sector would help to accelerate the desired transformation in the sector.
The Minister noted that Sterling Bank had established itself as the reference bank in transport finance due to its investment in the Bus Rapid Transit (BRT) and LAGBUS initiatives of the Lagos state government.
According to him “I want to commend Sterling Bank for its support to the transport sector so far. I am aware that Sterling Bank financed both the LAGBUS buses and over 400 BRT buses plying various routes on Lagos roads. It is our hope that the bank would expand this experience beyond Lagos so that people living in other parts of Nigeria will also benefit from their benevolence.”
Earlier in his goodwill message, the General Manager of the Bank, Mr. Emmanuel Emefienim commended the ministry for hosting the conference adding that the forum would provide a platform for exchange of ideas needed for the transformation of the sector
He also commended the Ministry for pursuing its articulated priorities with vigour.
His words: “The Ministry must be commended for working tirelessly to develop a modern transport system that fully exploits the potentials of each mode, instead of the existing dependence on road transport, which accounts for nearly 95%; reversing public Sector monopoly of major transport enterprises particularly Rail and Maritime which hitherto, attracted huge public funds, but suffered decay, mismanagement, inappropriate maintenance and poor service delivery; and Instituting a Private-Sector led transport system that is responsive to the needs of a modern industrial economy”.
As a financial institution that is committed to economic growth and stability of our dear country and an institution that truly cares for its people, Mr. Emefienim noted that Sterling Bank realized the need for the private sectors’ intervention in key sectors of the economy for meaningful impact as government alone cannot shoulder the huge responsibility especially with dwindling revenue from its major source of income.
This, according to him, led to the sponsorship of the recently held international conference on transportation organized by the Transportation Growth Initiative (TGI) held in Abuja and intervention in the real sectors of the economy namely Health, Agriculture, and Education with the intention of improving standards in these sectors through financial services and other partnerships.
“We have received recognitions and awards from regulators and players and we have continued to grow our portfolio for impact in these sectors.
“Even as we have already made landmark success in the mass transit transportation system through the LAGBUS and the BRT in Lagos, we are here at this conference to further explore the transportation sector to see how we can also make impact through financial services platforms and other partnerships. We are prepared to reach out and engage with major stakeholders across the value chain in the sector during the two-day period and see how we can collaborate to fully understand the sector and the needs of the operators and, at the same time, identify opportunities and areas of potential impact,” he stated.

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