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BUSINESS & ECONOMYNEWSLETTER

Value Of Electronic Transactions Jumps To N48.93trillion

The value of electronic transactions climbed to N48.93 trillion as at December 2015, up from N43.85 trillion in 2014, indicating a leap of 11.6 per cent, even as volume rose by 43.4 per cent to 162.59 million from 113.42 million in 2014.

Although the volume of transactions and fraud on the electronic banking channels have been on the rise in the past year, the value of actual loss to fraud has declined substantially, the Central Bank of Nigeria said.

While the volume of attempted fraud rose by 635 per cent in 2015, the attempted value and actual loss dropped by 43.6 and 63.7 per cents respectively.

According to the CBN director, Banking and Payment System, ‘Dipo Fatokun, the value of attempted fraud in 2015 dropped to N4.37 billion compared to the 2014 value of N7.75 billion.

Speaking in Ibadan on Tuesday, February 9, at a seminar for finance journalists and editors organised by the apex bank, he said that the decline in fraud was as a result of the Bank Verification Number, the two way authentication factor, as well as the beefed up security features on the electronic payment channels.

The value of actual loss to fraud likewise dropped to N2.25 billion in 2015 as against the N6.21 billion lost to fraud in 2014.

On the e-dividend mandate, he noted that the apex bank was aware that some banks have continued to charge customers for the mandate contrary to the agreement that it will be free till the end of the first quarter of the year.

 

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