CRMI backs CBN’s new digital banking safeguards, welcomes overnight rate reform
The Chartered Risk Management Institute of Nigeria (CRMI) has commended the Central Bank of Nigeria (CBN) for its recent regulatory directive introducing enhanced safeguards to strengthen the security and resilience
The Chartered Risk Management Institute of Nigeria (CRMI) has commended the Central Bank of Nigeria (CBN) for its recent regulatory directive introducing enhanced safeguards to strengthen the security and resilience of Nigeria's digital financial ecosystem.
A statement issued by the President and Chairman of the Council of CRMI, Kevin Ugwuoke, on Saturday expressed the Institute's appreciation for the CBN's proactive measures to mitigate fraud, identity theft, and unauthorized access in the instant payment system.
According to the statement, the measures include an N20,000 transaction cap on newly activated mobile banking applications within the first 24 hours, mandatory device binding, and real-time enterprise fraud-monitoring systems.
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"We view this measure as a proactive and risk-sensitive intervention that directly addresses vulnerabilities associated with account takeover and unauthorized device access," the statement read. "By limiting transaction exposure during the high-risk activation window, the framework significantly reduces the opportunity for fraudsters to exploit newly onboarded or compromised accounts."
CRMI also applauded the CBN's introduction of the Nigerian Overnight Financing Rate (NOFR), which is designed to serve as Nigeria's primary benchmark for overnight funding, replacing less standardized measures and aligning the nation with global standards.
"The introduction of NOFR is a significant step toward deepening Nigeria's financial markets and aligning them with international best practices," the statement noted. "We believe that sustained cooperation between regulators, financial institutions, and risk management professionals will be pivotal in safeguarding Nigeria's financial system and maintaining public confidence as the country advances toward a more digitally driven economy."
CRMI emphasized that effective implementation of the new regulatory framework will be critical and urged banks, fintechs, and payment service providers to invest in advanced cybersecurity infrastructure, continuous fraud risk analytics, staff training, and customer education.
The Institute reiterated its commitment to supporting regulatory initiatives through advocacy, professional development, and collaboration with stakeholders.
