Exclusive: Nigerian PoS terminals will get fraud-flagging feature by end of Q1 2024
- The Central Bank of Nigeria is collaborating with the Association of Mobile Money and Banking Agents of Nigeria to create a new feature on PoS terminals that will flag fraudulent transactions.
- The feature is expected to be launched by the first quarter of 2024.
- There is also a coalition of security agencies to enable the easy tracking of fraudsters at agent locations.
The collaboration between the Central Bank of Nigeria and the Association of Mobile Money and Banking Agents of Nigeria to create a new feature on PoS terminals is a positive step towards combating fraudulent transactions. The coalition of security agencies also shows a proactive approach to tracking fraudsters. However, it is important to address the underlying KYC issues and ensure that financial institutions and security agents take appropriate action when suspicious transactions are reported.
