……….to Establish Central Repository against fraud
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The bankers committee and Central Bank of Nigeria (CBN) at the end of their 32 meeting in Lagos, said they will be contributing 5 percent of their profit after tax toward supporting the agricultural sector, CBN director of banking supervision, Ahmed Abdullah disclosed this to journalist.
Abdullah, who spoke alongside, the managing director of Access Bank Plc Herbert Wigwe, Michael Larbie of Rand Merchant Bank, Charles kie of Ecobank Nigeria, noted that they also discussed issues about the foreign exchange market, which according to him “recent development in the market shows that its moving towards convergence, as seen in the new window for SME’s” stressing that the public needs to know about it and improve their business.
He said the CBN would continue with its intervention in the foreign exchange market, adding that efforts by the apex bank so far had been yielding positive results. Pointing out that the country had started to see a downward trend in the prices of commodities, indicating a reduction in the rate of inflation.
On the issue of fraud in the banking sector, Wigwe said the committee is planning to set up a central repository system that will help to track all fraudster in the industry. He said they are currently working on the modalities before it will be implemented.
in the same vein, the committee stated that the banking industry is set to deploy a data base aimed at eradicating electronic and card frauds from the system.
This was disclosed by the Managing Director/CEO Access Bank Plc. Harbert Wigwe as fallout of the Banker Committee meeting held today in Lagos.
Wigwe noted that once that data base was deployed, any attempt to carry out fraudulent activities via SMS will be detected and offenders will be bound from operating in the nation’s banking industry.
“The committee deliberated on topical issues that had to do with fraud and one of that is the electronic and card fraud and part of the deliberation was that there is need to create a central depositary which is a database of suspected fraud through the system.
So once that data base is set up and there is suspected case going through the system we can have ways of ensuring there is strong deterrent for people who are known as fraudsters in the system.
Hopefully if that is implemented what you will see is that the level of fraud which is coming through SMS and bank cards will decrease significantly.
Very strict measures will be implemented to make sure that people don’t do it and repeat offenders are taken out of the banking system to make sure that we sanitize the system. It is different from credit default”, he assured.
Also speaking, the Managing Director, Ecobank Plc., Charles Kie called on the banks to continue to be supportive towards nation’s economy’s revival.
“Overall what the bankers committee also reemphasized was the need for all the banks to continue supporting the economy and ensure that they can effectively help the country get out the recession.
All the measures that have been taken are meant to support that and obviously the banking industry is taken a strong view on the level of support they want to bring and we are all committed to the decision that have been taken in terms of improving the FX market and also on the decision that has been taken on ensuring that fraudsters going forward are not only identified but are taken out of the system in order to ensure there is sustainability in the banking industry”.
Finally, the Acting Director Corporate Communications CBN, Isaac Okoroafor highlighted stability in the Niger Delta, increase and stability in the oil price, improvement in agriculture through Anchor Borrowers Programme (ABP) and adequate supply of Forex among others as pointer that Nigerian economic will come out recession in the third quarter of the year.
