Nigeria's Apex Bank Seeks Fraud Prevention Mechanism On Digital Financial Services

The Central Bank of Nigeria has directed financial institutions and payment service providers to do more to enhance transparency and proper disclosure of Digital Financial Services going forward. <br />The central bank directed the institutions to monitor fraud reports to identify emerging fraud issues and sensitise their customers on how they can protect their assets, following the growing threats to cybersecurity in recent times. <br />The central bank noted that DFS has the potential to expand access to financial services for the Nigerian population and spur innovation in the financial services industry.