According to the Central Bank of Nigeria (CBN), electronic transactions, also known as e-transactions, in the country have seen a significant improvement.
The level of fraud has dropped, while the value of e-transactions in the country has risen significantly when compared to its status in 2014. The CBN concluded the implementation of the cashless policy across 36 states in Nigeria last year in order to drive development and modernization of the country’s payment system. So far, the cashless policy has helped with the growth of the e-commerce space in Nigeria. This is because most of the e-commerce businesses accept payments through online transactions, thereby making payments easier. A number of businesses, government agencies and organizations now make use of e-payment options, which has evidently blocked leakages in several institutions and made the system more efficient. The level of cyber fraud in the country also reduced significantly in 2015. This reduction has been attributed to policies put in place by the CBN, which includes the compulsory registration for a Bank Verification Number (BVN) before the owner can access an account. Prior to the BVN registration fraudsters operated more than one account with different account details.
 

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