CBN: banks’ e-payment transactions hit N99.29tr

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The  value  of  electronic  payment transactions has risen by 39.7 per cent to  N99.29 trillion in one year, the Annual Economic Report of the Central Bank of Nigeria (CBN)  has shown.

The 2017  figure was an improvement compared with  N71.1 trillion in   2016. The rise was   attributed   to increased consumer awareness and confidence in e-payment channels.

Speaking on the report and economy, CBN Governor, Godwin Emefiele said 2017 was an enthralling and exerting one for  the  apex bank  and  for  the  Nigerian  economy  on  the whole.

The  report showed that  CBN   received   2,236   scam   e-mails   and   acted   promptly   to   protect unsuspecting  people  in  Europe,  South  America,  Asia  and  Africa  from  falling victims  of  spurious  contracts.  Fifty-nine  (59)  complaints  were  received  from members  of  the  public  against  commercial  banks; some of Which were handled by the Bank and others referred to the Economic and Financial Crime Commission (EFCC), for necessary action.

A  total  of  14 local  and  foreign calls were received  through  the  whistle-blowing  helpline,  and  treated, accordingly.  Employees  were  sensitised  to comply  with  the  Code  of  Conduct  Bureau  (CCB)  Act  on  Asset  Declaration.

Also, the consciousness of employees  was  re-awakened on  the provisions  of  the   Code   of   Business   Ethics   and   Conduct   (COBEC)   and   compliance monitored.  A  total  of  5,436  and  6,065  employees  of  the  Bank  signed  the COBEC Acknowledgment and Oath of Allegiance and Secrecy Forms (Forms EO I and EO III), respectively.

On  Anti-Money  Laundering  and  Combating  Financing  of  Terrorism,  the  CBN AML/CFT  Policy  and  Procedure  Manual  was  developed.  Furthermore,  the Bank  collaborated  with  internal  and  external  stakeholders  and  participated at the bi-monthly  meetings  of  the  Compliance  Officers  of  Banks  in  Nigeria (COBIN),  where  regulatory  and  law  enforcement  agencies, concerned  with the AML/CFT   issues, meet   to   enhance   cooperation   among   member institutions.

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