CRMI backs CBN’s new digital banking safeguards

…urges banks, fintech firms, others to strengthen cybersecurity infrastructure

The Chartered Risk Management Institute of Nigeria (CRMI) has commended authorities of Central Bank of Nigeria (CBN) for introducing enhanced regulatory measures aimed at strengthening the security of Nigeria’s digital financial ecosystem.

In a statement by CRMI President/Chairman of Council, Kevin Ugwuoke, the Institute 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.

He 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 were designed to reduce vulnerabilities associated with account takeovers, especially during the critical early stage of account activation.

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“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,” he noted.

Beyond digital security, CRMI helmsman 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.

Ugwuoke said the move would deepen financial markets, improve transparency, and enhance monetary policy effectiveness.

However, CRMI President stressed that the success of the new framework will depend heavily on implementation, urging banks, fintech firms, and payment service providers to strengthen cybersecurity infrastructure, invest in fraud analytics, and prioritise staff training and customer awareness.

He also reaffirmed the Institute’s commitment to supporting regulatory reforms through professional development, advocacy, and collaboration with industry stakeholders, as Nigeria continues its transition towards a more digitally driven economy.