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Nigeria to Introduce Fraud-Flagging Feature on PoS Terminals by Q1 2024 🇳🇬

Nigeria to Introduce Fraud-Flagging Feature on PoS Terminals by Q1 2024 🇳🇬

#banking
#retail
#security
#banking
#retail-tech
#cyber security
Nigeria's Central Bank, in collaboration with AMMBAN, is set to enhance PoS terminals with a fraud-flagging feature, requiring specific KYC details for transactions. The move aims to combat fraud at agent locations, with launch expectations by the end of Q1 2024.

The Central Bank of Nigeria, in partnership with AMMBAN, is finalizing a fraud-flagging feature for PoS terminals, set to prompt specific KYC details during transactions. The initiative, led by the Nigerian Electronic Fraud Forum, aims to enhance payment system integrity. Displayed on PoS terminals nationwide, the feature is anticipated to launch by Q1 2024. A coalition of security agencies, including police and DSS, will facilitate fraudster tracking, and discussions include mandatory identification for over 1.7 million banking agents. While agents await this solution, they are implementing the BVN-NIN policy to enhance customer identification.


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