The Chartered Risk Management Institute of Nigeria (CRMI) has expressed support for recent regulatory measures introduced by the Central Bank of Nigeria (CBN) aimed at enhancing the security of the nation's digital financial ecosystem. The institute also called for stricter compliance across the banking industry.
Kevin Ugwuoke, President and Chairman of Council of CRMI, issued a statement describing the new framework as a timely and proactive response to escalating risks such as fraud, identity theft, and unauthorized access within the instant payment system. He highlighted key safeguards introduced by the apex bank, including a N20,000 transaction limit on newly activated mobile banking applications within the first 24 hours, mandatory device binding, and real-time enterprise fraud monitoring. These measures are designed to reduce vulnerabilities associated with account takeovers, particularly during the early stages of account activation.
"By limiting transaction exposure during the high-risk activation window, the framework significantly reduces the opportunity for fraudsters to exploit newly onboarded or compromised accounts," Ugwuoke said.
However, the institute emphasized that the success of these measures depends largely on effective implementation. It called on banks, fintech firms, and payment service providers to strengthen cybersecurity infrastructure, invest in fraud analytics, and prioritize staff training as well as customer awareness.
CRMI also welcomed the introduction of the Nigerian Overnight Financing Rate (NOFR), describing it as a major step toward standardizing overnight funding rates, deepening financial markets, and improving monetary policy transmission in line with global best practices.
The endorsement comes as the CBN unveiled a draft revised Guide to Charges for Banks and Other Financial Institutions, 2026, signaling a broader shift toward transparency, consumer protection, and efficiency in the financial system. The revised guide introduces caps on key banking charges and mandates stricter disclosure requirements.
Under the framework, interbank transfers between N5,000 and N50,000 are capped at N10, while transactions above N50,000 attract a maximum of N50, with transfers below N5,000 remaining free. The apex bank also standardized ATM withdrawal charges, pegging fees at N100 per N20,000 for on-site withdrawals from other banks' machines, while off-site transactions may attract an additional surcharge of up to N500, subject to disclosure at the point of use.
In a bid to protect borrowers, the regulator directed that all lending rates be presented as Annual Percentage Rates (APR), ensuring full disclosure of interest and associated fees. Financial institutions are also required to notify customers in advance of any changes to agreed lending rates.
The CBN stated that the revised guide, which replaces the 2020 version, was developed following extensive stakeholder consultations and is intended to enhance standardization, competition, and accountability across the banking sector.
