The growing incidence of fraud in electronic payment transactions can be addressed through the collaboration of stakeholders in the financial services industry.

The Committee of E-Commerce Industry Heads (CeBIH) had this to say at the committee’s 2022 conference in Lagos. CeBIH indicated its willingness to collaborate with public and private sector agencies to address payment fraud.

Celestina Appeal, President of CeBIH, said that promoting a united front and active collaboration between financial service providers, law enforcement agencies, the judiciary and regulators has become imperative to restore consumer confidence in Nigerian payment system.

CeBIH plans to lead engagements and interactions with identified partners to leverage capabilities across the ecosystem to rid Nigeria’s payment system of the threat of fraud.

Also read: New naira shortage forces businesses to opt for electronic payment

Other speakers at the conference agreed that the growing concern over the growing trend of wire fraud/digital financial services and the consequent leakage of monetary value in the Nigerian payment value chain requires collaboration for an effective fight against online wire fraud. with the theme. of the Conference – “Taking Advantage of the Synergy of Ecosystems to Combat Fraud”.

The conference was attended by representatives from banks, the Central Bank of Nigeria, payment processing and switching companies, the Nigerian Financial Intelligence Unit (NFIU), microfinance banks, commercial banks, payment service banks, ISPs, payment terminals (PTSP), Fintechs, industry associations, consultants, etc.

The Committee of E-Commerce Industry Heads (CeBIH) is composed of heads of electronic and digital banking in Nigeria, whose main objective is the promotion of digital financial services in line with global best practices and the implementation of policies, standards, technologies and public awareness programs. The members of the committee are responsible for the implementation of strategies that promote electronic and mobile payments in the various banks in Nigeria.