Nigeria drastically reduces ATM fraud

fraud has been reduced by 98.5% even as it is working to reduce the cost of providing electronic payment services to the public by 30%, Afrique en ligne reports.

CBN governor, Mallam Sanusi Lamido Sanusi, says the banking regulatory authority is driving improvement and safety efforts of electronic payment services to the public, MENAFN.com reveals.

He warns that the challenges in the electronic payments landscape were increasingly becoming worrisome among stakeholders, which includes payments system service providers, banks, CBN and government agencies.

He says the issues of identity management, illiteracy, and poor public awareness require efficient and practical solutions.

Paymaster has been licensed by CBN to operate as payment terminal service providers for point-of-sale terminals to be deployed across the African country, The Nation states.

With the licence, the companies will maintain and provide support on behalf of their acquirers, while also providing training to merchants, minimise recurring faults while ensuring optimal terminal uptime.