The Chartered Risk Management Institute of Nigeria (CRMI) has commended the Central Bank of Nigeria for introducing enhanced regulatory measures aimed at strengthening the security of Nigeria’s digital financial ecosystem.
The institute in a statement at the weekend described the new framework as a timely and proactive response to rising risks such as fraud, identity theft, and unauthorised access within the instant payment system.
It specifically highlighted key safeguards introduced by the apex bank, including a ₦20,000 transaction limit on newly activated mobile banking applications within the first 24 hours, mandatory device binding, and real-time enterprise fraud monitoring systems.
According to the Institute, “these measures are designed to reduce vulnerabilities associated with account takeovers, especially during the critical early stage of account activation.”
It said “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.”
Beyond digital security, CRMI also applauded the introduction of the Nigerian Overnight Financing Rate (NOFR), a benchmark expected to standardise overnight funding rates and align Nigeria’s financial system with global best practices.
