CBN renews partnership with Digital Encode over e-fraud

Godwin Emefiele, CBN Governor

Godwin Emefiele, CBN Governor

The Central Bank of Nigeria (CBN) has re-appointed an indigenous information security firm- Digital Encode Limited, as the sole technical partner to the Nigerian Electronic Fraud Forum (NeFF).

NeFF, an initiative of the apex bank, was set up for the identification, mitigation, prevention and prosecution of all electronic fraud-related acts perpetrated in the country.

CBN, had at the introduction of the cash-less Nigeria initiative, mobilised all stakeholders in the electronic payment space to set up the NeFF.

However, Digital Encode was appointed to ensure that the NeFF gets all the technical support it requires.

Following the satisfactory performance of Digital Encode over the years, the CBN extended its technical partnership agreement with the indigenous security firm by renewing the pact.

The Director of Banking and Payment System, CBN, Dipo Fatokun, said: “The Steering Committee of the forum in recognition of your wealth of experience on matters involving electronic fraud particularly in the areas of information security management, network security, vulnerability management and penetration testing (ethical hacking) has decided to appoint you as technical consultant to the NeFF.”

Fatokun, who is also the NeFF Steering Committee Chairman, noted that Digital Encode is expected to facilitate advanced training for key industry personnel.

The company, he added, would also be expected to gather, analyse and review data and peer activity in conjunction with the steering committee.

As part of the specific terms of reference, the NeFF chairman said Digital Encode would also conduct forensic and predictive analysis and, if need be, engage in lab simulation, which would  assist in educating organisations while enhancing their abilities to manage risk and develop security strategies and best practices.

According to the NeFF, Digital Encode will also assist the forum to achieve any part of its scope of work where the company’s expertise and advice will be required.

The Chief Technical Officer of the company, Oluseyi Akindeinde, said: “We are indeed glad to have been re-appointed as the sole technical partner to the CBN on e-fraud matters. As electronic fraud has become somewhat of an industry bottleneck, this milestone simply underpins CBN’s risk management efforts in minimising payment fraud risk in order to establish consumer confidence in the cashless economy.

“This has the overall effect of not only benefiting consumers, it also facilitates and helps build trust in the industry as a whole.”

Also commenting, Digital Encode Chief Operating Officer, Adewale Obadare, said it was essential for electronic transactions in the country to be protected as the cash-less system gained momentum. He said the re-appointment was welcome and thanked the CBN for giving the company the opportunity to play a key role in the fight against electronic frauds in the country.

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