Nigeria's Digital Finance Security Enhanced

The Nigeria — Central Bank of Nigeria has introduced new regulatory measures to bolster the security of Nigeria's digital financial ecosystem. These measures include a ₦20,000 transaction limit on newly activated mobile banking applications within the first 24 hours, mandatory device binding, and real-time enterprise fraud monitoring systems. The aim is to reduce vulnerabilities associated with account takeovers and identity theft, particularly during the critical early stages of account activation. Additionally, the Nigeria — Central Bank of Nigeria launched the Nigerian Overnight Financing Rate to standardize overnight funding rates, aligning Nigeria's financial system with international best practices. The Chartered Risk Management Institute of Nigeria, led by Kevin Ugwoke, has commended these initiatives, emphasizing their importance for market transparency and monetary policy effectiveness. The Institute urged financial institutions to ensure robust implementation through cybersecurity upgrades, fraud detection systems, and customer awareness programs.