Sunday Salam-Alada, Director, Consumer Protection Department,
Central Bank of Nigeria (CBN), has said electronic fraud losses in the banking
system are projected to reach N6.1 trillion by 2021.
Mr Salam-Alada disclosed this at the workshop for Business
Editors and Finance Correspondents, organised by Nigeria Deposit Insurance
Corporation (NDIC) in Benin.
According to him, the volume and value of e-transactions is
projected to continue to increase nationally and globally.
Mr Salam-Alada, represented by Ibrahim Hassan, Director,
Research, Policy, International Relations Department (RPIRD) NDIC, said it was
due to broader ecosystem scope, evolution of channels, adaptability to
disruptive innovations and modes payment.
He said other reasons included increased inclusion and
evolving technologies.
The director also said that the CBN, through its Consumer
Protection Department (CPD), had resolved over 13,715 complaints.
Mr Salam-Alada added that this resulted in the refund of about
N72.2 billion to customers by the commercial banks based on 25,043 cases of
fraud in 2017.
He said the amount represented a 28 per cent increase if
compared to 19,531 cases recorded in 2016.
Mr Salam-Alada said there was a 24 per cent reduction in
actual fraud loss value in 2017 with N1.63 billion as against the 2016 figures.
According to him, the statistics provided by the CBN shows
there is a significant increase in the year-on-year volume and value of
transactions across all payment channels in Nigeria. Consequently, 1.4 billion
transactions with a value of N97.4 trillion were processed in 2017 as against
869 million transactions with a value of N69.1 trillion recorded in 2016.
He said the increase of 59.7 per cent and 40.9 per cent were
recorded in the volume and value of transactions in 2017.
The director hinted that the CBN would soon issue a framework
on consumer protection.
Mr Salam-Alada said the CPD conducted a mapping exercise of
financial literacy activities in the country. He added that it was one of the
achievements of the department apart from the biannual consumer protection
compliance exams and review of the guide to banks’ charges.(NAN)
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