Instant payment operation guidance against fraud

By Uzodinma Onyewuchi
The Central Bank of Nigeria (CBN) is intensifying its fight against internet fraud with a recent guidance it issued on instant payment operations. The guidelines as contained in this policy document introduce sweeping measures to strengthen Instant Payment (IP) operations, enhance security protocols, improve consumer protection, and align with global best practices.
These new rules for instant payment services, will hopefully curb electronic fraud and give customers greater control. These rules allow customers to voluntarily disable instant transfers on their accounts for any period, though they may still make transfers in person at the bank.
In a recent circ...