The Chartered Risk Management Institute of Nigeria (CRMI) has endorsed the Central Bank of Nigeria’s new digital banking security measures, describing them as a timely response to rising fraud risks in the country’s fast-growing electronic payments space.
The institute specifically backed key safeguards introduced by the apex bank, including a ₦20,000 transaction cap on newly activated mobile banking apps within the first 24 hours, mandatory device binding, and real-time enterprise fraud monitoring systems. According to CRMI, the measures target vulnerabilities often exploited during account onboarding and device migration.
CRMI President and Chairman of Council, Kevin Ugwoke, said the framework would help reduce exposure to fraud, identity theft and unauthorised access, particularly as digital transactions continue to expand across Nigeria’s banking ecosystem.
The institute also welcomed the introduction of the Nigerian Overnight Financing Rate (NOF), saying it could improve transparency in short-term funding costs and strengthen monetary policy effectiveness.
While supporting the reforms, CRMI urged banks, fintech operators and payment service providers to invest in stronger cybersecurity systems, improve fraud detection, and intensify customer awareness campaigns to ensure the measures achieve their intended impact.
The endorsement comes amid broader efforts by the CBN to tighten oversight of digital banking channels as concerns grow over electronic fraud, SIM-swap attacks and unauthorised account access.
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