• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Opinions Blurb

Security in digital and online money transactions

Op-Ed Contributor by Op-Ed Contributor
December 19, 2019
in Blurb
Security in digital and online money transactions
Share on FacebookShare on TwitterShare on Linkedin

In recent times, digital money transactions have gained popularity partly because it allows instantaneous and borderless transfer of funds for players in the formal and informal sectors.

Many countries in Sub-Saharan Africa are now spearheading a major trend – the ‘cashless’ or ‘cash-lite’ society. In 2012, the Central Bank of Nigeria (CBN) introduced the cashless policy programme as a pilot scheme in Lagos, which placed bank charges on daily cash withdrawals that exceed N500,000 for individuals and N3, 000,000 for organizations.

In 2013, the programme was extended to six other states: Kano, Rivers, Anambra, Abia, Ogun and Abuja and in July 2014, it was rolled out nationwide. These types of policies play a very significant role in shaping people’s choices when selecting payment methods and making it a need for more people to embrace the various money transfer options that digital and online money transfer services offer.

RelatedStories

Naira , dollar, exchange rate

Naira strengthens to N1,550/$ in parallel market; here’s why it’s gaining 

July 12, 2025
CBN, forex

Financial fraud in Nigeria surges by 45%, 70% of losses linked to digital platforms – CBN 

July 10, 2025

According to the GSMA 2018 State of the Industry Report on Mobile Money, Sub-Saharan Africa has a huge number of registered mobile money accounts. The region has a massive 395.7 million registered mobile money accounts, representing 45.6% of the global figures. Of this figure, 145.8 million are active. When compared to the global figures of 298.7 million, it translates to 48.8% of the active accounts in the world.

Nigeria adds a significant percentage to this, as figures from the Nigeria Inter-Bank Settlement System show that the nation’s mobile money market had a total of 8.5 million customers as at December 2018. More recently, Nigeria’s National Bureau of Statistics (NBS) reported that a total of 557,083,712 electronic-payment transactions valued at N34.02 trillion were recorded in selected banks across the country Q1 2019.

Security in digital and online money transactions

While these figures are impressive showing the growth of the digital and online payment industry, a number of Nigerians are still very sceptical when it comes to using digital payment platforms. According to a 2018 Africa CyberSecurity report Financial services companies, government institutions, telecommunication firms and financial technology companies operating in Nigeria, among others lost about $800 million to cybercrime.

[READ MORE: WorldRemit and Paga launch international mobile money transfer service]

Some online-users have been reluctant to embark on digital transactions without being familiar with the digital payments provider and confident in their security procedures due to the popularity of cybercrime and fraud.

In ensuring safety for customers while transacting via digital and online payment platforms, providers should take into consideration a number of procedures including ensuring that all connections through their platforms are secured and encrypted. It is important that information exchanged between systems are not accessible to any third party, deploy security checks for debit/credit cards to various payment service providers and have a compliance team that regularly monitors transactions to identify signs and deal with suspicious activities.

Customers need to look out for red flags that indicate that they are not transacting on a secure platform. Some of these red flags to look out for include a platform that is not fully licensed or regulated by the relevant regulatory body in the country of operation, a platform that does not have a dedicated customer service team that can quickly attend to any security breaches or other issues when experienced or a provider that asks you to provide your account details over the phone.

At WorldRemit, we strive to ensure that customers’ data and their hard-earned money is safe.  As an entirely digital service, WorldRemit enforces higher standards of security than traditional agent-based money transfer firms in checking and documenting money movements. All monies are sent digitally, delivering a convenient, secure, cost-effective and fast method to receive money from friends and family in the diaspora.

CBN seeks standard practice from fintech operators

We make sure that our transactions start at a bank account, and that our customers have verified channels and processes with their financial institution. Before a transaction is accepted, our systems ask senders to verify their identity using a global standard called Know-Your-Customer. Our transactions leave a digital audit trail for tracking unusual patterns, spotting potential fraud and ensuring efficient data sourcing to fulfill regulatory requirements.

[READ ALSO: WorldRemit partners Fidelity Bank for instant money transfers]

Online and digital payment security is a significant consideration for anyone looking to conduct any transaction through a digital payment platform. Hence, it is important for digital payment providers to give their customers the assurance that their funds and personal information are safe.

Pardon Mujakachi is Head of Sub-Saharan Africa at WorldRemit. Leading country-level expansion in Nigeria, Ghana, South Africa and Zimbabwe, Pardon also guides the development of WorldRemit’s partnership network and brand awareness across the wider Africa region.


Follow us for Breaking News and Market Intelligence.
Tags: Central Bank of Nigeriadigitaldigital money transactionsmoneysecuritytransactions
Op-Ed Contributor

Op-Ed Contributor

Nairametrics frequently publishes articles from experts such as financial analysts, economists, researchers and investors. We also feature articles from guest writers and bloggers who wish to push their views and opinions through our platform. To get your articles on Nairametrics, kindly send an email to info@nairametrics.com and we will publish it within 24 hours of approval by our editorial team.

Related Posts

Naira , dollar, exchange rate
Currencies

Naira strengthens to N1,550/$ in parallel market; here’s why it’s gaining 

July 12, 2025
CBN, forex
Financial Services

Financial fraud in Nigeria surges by 45%, 70% of losses linked to digital platforms – CBN 

July 10, 2025
CBN, forex
Financial Services

CBN deadline: Nigerian banks race to file capital restoration plans by July 14

July 8, 2025
10 African Central Banks exploring digital currencies in 2025 
Economy

10 African Central Banks exploring digital currencies in 2025 

July 4, 2025
Currencies

IMF commendation sparks strong gains for Naira across parallel, official markets 

July 3, 2025
IMF, Import restrictions
Economy

IMF backs CBN’s tight monetary policy to curb inflation

July 2, 2025
Next Post
10 ways to maximize holiday sales and engage your customers, Ways you can create urgency to increase conversions & sales for your business

10 ways to maximize holiday sales and engage your customers

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • President Tinubu summons emergency FEC meeting to honour late Muhammadu Buhari 
  • Africa needs gas as a transformational fuel for development – Sahara Group 
  • FG to pilot 6-month training for 3,000 artisans in 10 construction trades across 3 states  

Follow us on social media:

Recent News

President Tinubu appoints 6 Chief Medical Directors for federal hospitals on 4-year terms 

President Tinubu summons emergency FEC meeting to honour late Muhammadu Buhari 

July 13, 2025
Africa needs gas as a transformational fuel for development – Sahara Group 

Africa needs gas as a transformational fuel for development – Sahara Group 

July 13, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics