Abuja- The Central Bank of Nigeria (CBN) has recorded a significant reduction in card-related frauds since the changeover from magnetic stripe based payment tokens and channels to Chip and Pin-compliant channel and tokens.
Head of Shared Services Office at the CBN, Chidi Umeano, said that there had been a reduction of more than 90 per cent drop in card fraudulent incidences in the country.
"I am happy to disclose that there has been over 90 per cent drop in card-related fraud. This is largely because of the introduction of CHIP+PIN complaint channel on our Arms across the country," he said.
Meanwhile, he said CBN was making headway in transforming the sector into a cashless society.
The policy urges a moderate shift from usage of cash to usage of cards.
He said the cumulative number of Point of Sales (POS) terminals connected to Nigeria Interbank Settlement System (NIBSS) stood at 117 412 as of April.
This represents an increase of over 249 per cent as at end of January 2012.
CBN has already reached the target of purchasing at least 10 000 POS terminals per vendor while the number of registered merchants has reached 184 182 as at the end of April. - CAJ News