The Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) said Nigerian banks lost N42.6bn to fraudsters within the second quarter of 2024.
AMMBAN National President Fasasi Atanda, who quoted a report by the Financial Institutions Training Centre (FITC), said the losses were traced to agent locations through stolen cards, phones, fake alerts, and ransom cash out.
Atanda made the disclosure at the 8th Annual National Conference of AMMBAN, which was held in Benin City, Edo State, and was themed “Match Data with Actions.”
He said that to stem the tide, AMMBAN has introduced an automated verifiable identity card for agents and launched a Joint Task Force (JTF) in conjunction with the Office of the Inspector General of Police (IGP), DSS, NSCDC, and other security agencies.
“The 8th AMMBAN annual national conference is unique as it is meant to match data with actions. Which Data and What Action? Data on Access to Financial Inclusion: As of the last EFInA report in 2023, financial inclusion was at 64 percent, but on the ground, over 300 local government areas in Nigeria are without bank branches (AMMBAN Survey, 2024).
“Why are access to commercial banks of concern? CBN’s recent regulation on mandatory BVN and/or NIN for owning an account or a wallet requires the presence of bank branches because they are the structures that are mainly enabled for BVN enrollment/modification.
“Action: AMMBAN introduced a one-stop shop for financial services, offering NIN, BVN, Account Opening, Card Issuance, SIM registration, Savings, Credit, Insurance, etc., across the excluded local government areas.
“Nigerian banks lost N42.6bn to fraud in Q2, 2024 (FITC), and most were traced to agent locations through stolen cards or phones, fake alerts, ransom cash out, etc.
“AMMBAN introduced an automated verifiable identity card for agents and launched a Joint Task Force (JTF) in conjunction with the Office of the Inspector General of Police (IGP), DSS, NSCDC, and other security agencies. The JTF has been providing intelligence for the security agencies on enforcement sanity and regulatory standards at agent locations in the public interest.
AMMBAN has indeed led the way in data-to-action by turning our insights into inclusive financial solutions (NFIC, Agent QR-coded ID card, Agent Joint Task Force, AMMBAN cooperative, AMMBAN women wing, etc.).
In his keynote address, Deputy Governor Financial Stability, Central Bank of Nigeria (CBN), Philip Ikeazor, represented by the Controller of CBN, Benin Branch, Michael Mgbeze, said the apex bank is pushing for financial inclusion and building a robust and inclusive economic system that leaves no Nigerian behind.
He said AMMBAN’s contribution has been instrumental in ensuring that millions of Nigerians, particularly in the underserved communities, now have access to financial services.
He said, “We gather today with a shared mission – to advance financial inclusion and build a robust and inclusive economic system that leaves no Nigerian behind. Your contributions have been instrumental in ensuring that millions of Nigerians, particularly in underserved communities, now have access to financial services.
“As we approach the end of 2024, we are closer than ever to our 95 percent financial inclusion goal. Less than 25 percent of Nigerians are financially excluded – an impressive leap from 32 percent in 2020. This figure represents millions of people gaining access to the tools needed to improve their lives, from savings and loans to insurance and investment products.
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