The Central Bank of Nigeria [CBN] has directed the banks and FinTech firms licensed to provide instant electronic fund transfer to give its fraud management returns to Nigeria Inter Bank Settlement System [NIBSS] daily.
The fraud management report which shall include all instances of fraud and attempted fraud on its network, notify customers at the point of on-boarding, details of its operating hours and service support contacts.
These directives are contained in the Regulation on Instant (Inter-Bank) Electronic Funds Transfer Services in Nigeria issued recently by the apex bank.
CBN also directed the operators to maintain confidentiality of instant EFT transactions and information obtained in the course of discharging its responsibilities and shall ensure that these responsibilities extend to its employees.
In addition, the CBN has compelled the operators to establish adequate security procedures to ensure the safety and security of its information and those of its clients, which shall include physical, transactions, logical, network and enterprise security, and submit to the CBN an enterprise risk management framework annually while maintaining a business continuity plan which must have received the ISO22301 certification or any other certification as may be prescribed by the CBN from time to time.
Instant payment means instant Electronic Funds Transfer [EFT] payments system between two distinct entities when delivery from the sending entity to the receiving entity takes place within one minute (60 seconds).