Nigerian banks lost n42.6b to fraud in q2 2024, AMMBAN reveals
19 October 2024 |
2:03 am
The Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) on Friday said that Nigerian Banks lost N42.6 billion to fraudsters in Q2 of 2024. AMMBAN National President, Fasasi Sarafadeen Atanda
Says No Commercial Banks In Over 300 Local Councils In Nigeria
The Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) on Friday said that Nigerian Banks lost N42.6 billion to fraudsters in Q2 of 2024.
AMMBAN National President, Fasasi Sarafadeen Atanda, quoting the Financial Institutions Training Centre (FITC), said the losses were traced to agent locations through the use of stolen cards, phones, fake alerts and ransom cash out.
Atanda, who made the disclosure at the 8th Annual National Conference of AMMBAN in Benin City, Edo State, held with the theme, ‘Matching Data With Actions’, disclosed that to stem the tide AMMBAN, has introduced an automated verifiable identity card for agents and launched a Joint Task Force (JTF) in conjunction with the Office of the Inspector General of Police (IGP), Department of State Services (DSS), NSCDC and other security agencies.
“The 8th AMMBAN annual national conference is unique as it is meant to match data with actions. Which data and what action? Data on access to financial inclusion! As at our last report in 2023, financial inclusion was at 64 per cent but on the ground, over 300 local government areas in Nigeria are without bank branches.
“Why is access to commercial banks of concern? CBN’s recent regulation on mandatory BVN and/or NIN for owning an account or a wallet requires the presence of bank branches, because they are majorly the structures enabled for BVN enrollment/modification.
“AMMBAN introduced a one-stop shop for financial services, offering NIN, BVN, account opening, card issuance, SIM registration, savings, credit, insurance etc across the excluded local government areas,” he said. He stated that AMMBAN has led the way of data to actions by turning its insights into inclusive financial solutions.
In his keynote address, Deputy Governor, Financial Stability, Central Bank of Nigeria (CBN), Mr . Philip Ikeazor, represented by Controller CBN, Benin Branch, Michael Mgbeze, said that the apex bank aims at advancing financial inclusion and building a robust and inclusive financial system that leaves no Nigerian behind.
He said the contributions of AMMBAN have been instrumental in ensuring that millions of Nigerians particularly in the underserved communities now have access to financial services.
He added: “We gather today with a shared mission to advance financial inclusion and build a robust and inclusive financial system that leaves no Nigerian behind. Your contributions have been instrumental in ensuring that millions of Nigerians, particularly in underserved communities, now have access to financial services.
“As we approach the end of 2024, we are closer than ever to our goal of 95 per cent financial inclusion. Currently, less than 25 per cent of Nigerians are financially excluded, an impressive leap from 32 per cent in 2020. This figure represents millions of people gaining access to the tools needed to improve their lives, from savings and loans to insurance and investment products.
“Nigeria’s financial inclusion landscape has transformed significantly from 2016 to 2024. As at 2023, the formal financial service usage has grown from 30 per cent to 57 per cent; the adoption of financial service agents has also skyrocketed from 4.4 per cent in 2018 to 54 per cent in 2023. The usage of informal financial service providers increased by 39 per cent since 2020, with significant increase in the use of village associations predominantly in the South East.
The use of financial services, including transaction accounts, savings, remittances, credit and insurance, is on the rise. Notably, savings increased by two per cent, remittances by eight per cent, and credit by four per cent.”
On his part, the Deputy Chief of Staff to the President, Office of the Vice President, Senator Ibrahim Hadejia, represented by Technical Advisor Financial Inclusion, Office of the Vice President, Dr. Nurudeen Abubakar Zauro, reassured the participants that the President Bola Ahmed Tinubu administration is putting sustainable mechanisms in place to build a $1 trillion economy by 2030.
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