Banks go hard on fraudsters

FELIX OLOYEDE

Commercial lenders in the country have resolved address the challenge of electronic fraud in the banking system by establishing a central database that would easily identify and remove suspected fraudsters from the system. Briefing journalists at the end of 32nd edition of Bankers’ Committee meeting held in Lagos, Mr. Herbert Wigwe, Managing Director of Access Bank, noted that this would drastically minimise e-banking and card frauds in the country’s banking industry.

“The committee deliberated on topical issues that had to do with fraud and one of it is the electronic card fraud.”

Mr Charles Kie ,  Managing Director, Ecobank Transnational Incorporated reiterated banks’  stance to continuous support for the country’s economic recovery.

“Overall what the bankers committee also reemphasized was the need for all the banks to continue supporting the economy and ensure that they can effectively help the country get out the recession.

Director Banking Supervision, Ahmed Abdullahi,  also reiterated the anticipation of the country coming out of recession by second quarter of 2017, due to the expected positive growth in the economy.

Commenting on the several foreign exchange windows, he said: “The fact is that CBN has the arsenal to support the forex market and that is the reason why we have the seven forex windows. Recently, we have the small businesses having access to forex, through their banks so as to improve their businesses.”

He explained further that another newly introduced forex window is the investors and export window, where prices will be determined by the market forces and is a window that would allow investors to come in and trade their forex in the price they consider appropriate.

According to him, “This particular was created to build investors confidence, and with this window we are likely to see investors coming in with forex inflows into the economy.”

He also pointed out that the bankers’ committee emphasised the initiative discussed at the last meeting to finance agric and SMEs, using five per cent of the bank profit, so as to fast track the economy coming out of recession, which will be used for equity funding.

Mr Isaac Okoroafor, Acting Director, Corporate Communications, CBN, added that the stability in the Niger Delta, increase and stability in the oil price, improvement in agriculture through Anchor Borrowers Programme (ABP) and adequate supply of Forex among others were pointer that Nigerian economic will come out recession in the third quarter of the year.