• The Mobile Money and Agent Banking Association of Nigeria said fraudsters stole N42.6 billion from Nigerian banks in the second quarter of 2024.
• The losses were attributed to agents in Benin City, Edo State, using stolen phones and cards, false warnings and ransoms, according to AMMBAN.
• AMMBAN revealed that the losses were linked to the location of agents who used ransoms, false alarms, stolen phones and cards.

Zainab Iwayemi’s legitimate journalist has over 3 years of experience covering economics, technology and capital market.

During the second quarter (Q2) of 2024, Nigerian banks lost N42.6 billion to fraudsters, the Association of Mobile Money and Banking Agents of Nigeria (AMMBAN) has said.

AMMBAN National President, Fasasi Sarafadeen Atanda, citing the Financial Institutions Training Center (FITC), revealed that the losses were linked to the tracking of agents using stolen cards, phones, false alarms and withdrawals ransoms.

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He said the AMMBAN 2024 survey revealed that over 300 local government areas in Nigeria lack bank branches, ThisDay reported.

In order to reverse the trend, AMMBAN implemented an automated verifiable identity card for officers and established a Joint Task Force (JTF) in collaboration with the Office of the Inspector General of Police (IGP), Department of State Services (DSS), Nigeria. Security and Civil Defense Corps (NSCDC) and other security agencies.

He said,

“Data on access to financial inclusion. As in the last EFInA report in 2023, financial inclusion was at 64 percent, but on the ground, over 300 local government areas in Nigeria are without bank branches (AMMBAN Survey, 2024). Why is access to commercial banks a concern? The recent CBN regulation on mandatory BVN and/or NIN to own an account or wallet requires the presence of bank branches, as these are primarily the structures for registration/change of BVN.

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He said AMMBAN has established a one-stop shop for financial services, providing services for savings, credit, insurance, NIN, BVN, account opening, card issuance, SIM card registration and other services in excluded local government areas.

According to him, Nigerian banks lost N42.6 billion to fraud in Q2 2024 (FITC), and majority of the losses were linked to the location of agents using ransom payment, false alarms , stolen cards or phones and other means.

In collaboration with the Office of the Inspector General of Police (IGP), DSS, NSCDC and other security agencies, AMMBAN established a Joint Task Force (JTF) and provided officers with an identity card checked automatically.

In the public interest, the JTF has provided security agencies with information on law enforcement common sense and regulatory requirements at agent locations.

“AMMBAN has indeed paved the way from data to actions by transforming our knowledge into inclusive financial solutions (NFIC, Agent QR Coded ID Card, Agent Joint Task Force, AMMBAN Cooperative, AMMBAN Women’s Wing, etc.).”

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Meanwhile, Nigerian banks have started sending messages to their customers explaining the reasons for delays in fund transfers on their digital platforms, including USSD.

Zenith Bank alerts its customers in the event of a service interruption

Legitime.ng reported that Zenith Bank revealed that the service interruption on its digital platform on Tuesday, October 1, 2024 was due to routine IT maintenance.

The maintenance, which took place between 12:01 a.m. and 2:30 p.m., affected customers’ money transfers and mobile banking services.

Other banks have also followed suit, sending messages to customers about the reasons for service interruptions in recent times.

Source: Legit.ng