CBN tasks telecomms operators on internet banking security

 The Governor of  Central Bank of Nigeria, CBN, Mr. Godwin Emefiele wants telecommunication service providers to reposition themselves through expanding access to mobile network, ensuring regular mobile service and making the system more secured, among others, to achieve a target of bringing the greater percentage of adult population into the nation's financial system.

Making the call at a forum in Lagos, Mr Emefiele regretted that under the present circumstances there is a high tendency of people losing their money to fraudsters, thus making many to shy away from online transactions. 

The CBN Governor noted that the goal of bringing more adults on board the financial system led to the launch of National Financial Inclusion Strategy on the 23rd October, 2012.

According to him, the target is to reduce the adult financial exclusion rate from 46.3 percent in 2010 to 20 percent by 2020. 

Mr Emefiele pointed out that by 2020 therefore, eight out of every ten Nigerian adults should be able to use at least one financial products such as saving, credit, electronic payment , insurance and pension.

The CBN governor stated that the action was yielding positive results as a routine survey conducted indicated that adult financial exclusion rate in the country had dropped from 46.3 percent in 2010 to 39.5 percent in 2014. 

He however emphasised that the drop still fell short of the national ambition.

Mr. Emefiele who is optimistic emphasized that to succeed, the way to go is digital financial services which according to him included savings and loans through electronic platforms such as mobile phones, the internet or electronic cards. 

The implication of these is that providers of the services should put their houses in order.

 

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