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Banks get a “software” that identify and blacklist fraudsters

Electronic fraud in Nigeria is one of the main hurdles to advancement of ecommerce in the country.

Nigeria's Central Bank Governor, Minster of Finance and Lagos State Governor

This pronouncement was made during a press conference held at the end of the committee's meeting in Lagos, on Thursday, April 27.

This database was stated to be named ‘E-Fraud’.

The Bankers committee comprise the Central Bank of Nigeria, CBN, Nigeria Deposit Insurance Corporation, NDIC and Chief Executives/Managing Directors of banks in Nigeria.

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While addressing the press on behalf of the committee, Mr. Herbert Wigwe, Managing Director/Chief Executive of Access Bank Plc, stated that: "Part of the deliberation was that there is need to create a central depositary which is a database of suspected fraud through the system."

"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 within the system.”

The press conference was also addressed by Managing Director/Chief Executive, Ecobank Nigeria, Mr. Charles Kie; Managing Director/Chief Executive, Rand Merchant Bank, Mr. Michael Larbie, and Director, Banking Supervision Department, CBN, Mr Ahmed Abdullahi.

On his part, Mr. Charles Kie explained some of the critical decisions and stands taken by the committee towards getting the country out the current economic downturn and recession.

"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."

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