These crimes have thrived despite the mandatory linking of all bank accounts to the Bank Verification Number (BVN).
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“They were well-dressed and in their 40s. Immediately the car was on the move, they started attacking us. They announced that they were kidnappers. The Crime Experience and Security Perception Survey estimated that the average ransom collected was N2.7 million. This worrisome report paints a grim picture that threatens Nigeria’s fast-developing instant payment system.
“The only mature criteria it has not yet fulfilled involve providing additional recourse channels for end users who need to dispute a transaction. In fairness, recourse is a development area for all the other systems and is complex to implement, as it requires additional resources and monitoring,” the 2024 SIPS report reads.
“The moment you admit them into the settlement system, they should also be subjected to the same stringent rules as other banks. They must be able to produce and present their customers. POS is just a device; the money is still being domiciled in a particular bank account,” he said during a phone interview.
“There must be collaboration among telecom operators, NCC, the EFCC, NFIO, the Central Bank and the banks. There is a lot of conversation going on. However, collaboration among regulators is not easy,” he said. has tried to curb the activities of these criminals by issuing strict circulars to regulate the activities of POS operators in the country.
In the motion, the lawmakers resolved that the CBN should shut down platforms used by the one-chance operators.
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