The Central Bank of Nigeria (CBN) has provided a more robust Technology to prevent Cyber Crimes and hacking of Accounts by e-fraudsters in the country.
The Director, Corporate Department of the CBN, Mr Osita Nwanisobi, disclosed this during the Central Bank Fair in Kano on Wednesday with the Theme “Promoting Financial Stability and Economic Development” held in Kano.
Mr Osita said the provision of the new technology was in line with the preparedness of the bank to introduce the e-Naira as another mode of transaction to customers.
He said the bank had introduced other methods such as making the individual Password up to twelve digits which will make it very difficult for any Cyber criminal to break and penetrate into customers accounts .
According to Osita, gone are the days when Cyber crooks would be allowed to have a field day and smile home with people sweat .
He explained that the “e Naira” is the Digital representation with the equivalent of the physical Naira adding that the only difference is that while one is physical the other one is Visual.
Mr Nwanisobi stated further that it is the responsibility of the CBN to issue the e-Naira just as it is its responsibility to issue the physical Naira as you see.
“We have Cash payment, Electronic payment and now added Digital payments all aimed at reducing hardship faced by the bank Customers at the point of transacting with the bank or other Banks alike.
Osita said with the coming of the Digital system of payment, it will now be ” complementing all other modes and if you look at the Electronic payment mode there are different individual platforms involved.
“The beauty of the e-Naira, he said, is that it’s instant, immediate, and the cost is very low as well . That is why when we are talking of the e-Naira we say it’s the same Naira with possessing power and possibilities.
On what the Bank stands to achieve before and after the introduction of the e- Naira, the Director has this to say “The bank will solve through the e-Naira the problems facing Financial institutions, Cross border issues, Relationship with the Diaspora, and above all Taxation. ”
Osita posited that it is the expectations of the CBN that at the end of the day participants will get to know more about CBN policies and interventions, more about critical interventions as it relates to youths development.