Cyber insecurity, others threatening financial inclusion — CBN

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The Central Bank of Nigeria has said cyber insecurity and other challenges are threatening the nation’s drive to deepen financial inclusion.

According to the CBN, the other challenges are infrastructure problems; low level of information and communications technology usage; privacy protection issues; unsanctioned use of customer data; and social apathy towards the use of e-payment platforms.

“It is important to note that the above challenges, among a few others, have resulted in the country being 40 per cent away from the National Financial Inclusion Strategy of achieving at least 80 per cent of financial inclusion by the year 2020,” the Director, Banking and Payment Systems Department, CBN, ‘Dipo Fatokun, said at a forum organised for finance correspondents in Lagos on Saturday.

Fatokun, in his presentation, a copy of which was obtained by our correspondent on Sunday, noted that the regulatory framework for Unstructured Supplementary Service Data was issued in April 2018.

According to him, all commercial banks are to resolve disputes arising from the use of USSD channels within three days.

He said such resolution would help build more confidence in the payment system and bring more people into the financial services net.

He stated that some provisions of the regulatory framework for USSD such as the authentication measures for transactions, International Mobile Subscriber Identity, date of SIM swap, date of device change and International Mobile Equipment Identity, among others, were meant to make the channel more effective.

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