Business Insider Edition
With the growth of digitisation, digital banking has become the quickest way to perform financial transactions. According to a recent study by Mastercard, 91% of Nigerians make use of digital channels to perform their financial transactions. This signals the potential growth of Nigeria’s financial inclusion rate as unbanked and financially underserved individuals are provided with access to financial services.
As a country with a thriving youth population, many depend on a variety of digital platforms due to the convenience and benefits offered. Yet this space faces challenges like digital insecurity and fraudulent activities, pushing victims and less tech-savvy individuals back offline. This concern which threatens Nigeria’s financial inclusion growth is being put in check by safe digital banking platforms like NowNow Digital Systems.
A Digital Trust & Safety Index report for the first quarter of 2022 revealed that attempted payment fraud jumped 23% year on year in 2021 — with the fintech industry disproportionately targeted. The report also revealed that across the finserv parent vertical in Sift’s network of over 34,000 sites and apps, payment fraud attack rates ballooned 70% in 2021, the highest 2020-2021 increase of all vertices. Of this, digital wallets and payment service providers (PSPs) saw attempted payment fraud attacks surge by 200% and 169% respectively.
In Nigeria, these figures are not better. According to a 2021 fraud report from Nigeria Inter-Bank Settlement System (NIBSS), overall fraud attempts increased by 187% between 2019 and 2020. When broken down by category, it was revealed that the leading platforms for fraud in 2020 included web (47%), mobile (36%), ATM terminals (9%), and POS terminals (7%).
This reveals the importance of security measures digital banking platforms must employ to keep user data and finances safe from cyber attacks. This is a major task facing digital financial services platforms striving to onboard millions of Nigerians by moving them from the unbanked to the financially included. This process is unceremoniously halted when fraudsters hijack blind spots to defraud vulnerable individuals.
As the world continues its digital expansion, Nigeria cannot afford to be left behind. This is why NowNow is determined to offer a safe space in the digital world for financial services NowNow, one of Africa’s leading digital banking platforms, offers wary customers the safest medium for their financial transactions through its continuously upgraded innovative features and usage of global best practices to ensure that their services provide the much-needed assurance to customers and business owners alike.
NowNow is PCI DSS (Payment Card Industry Data Security Standard) certified which means all transactions on their platforms are secure and impenetrable for fraudsters to intercept. The PCI DSS also assures the security of card transactions and protects cardholder information from being stolen.
When signing up for NowNow’s platforms, users must designate a personal Identification number (PIN). This PIN number is then requested during each sign-in attempt. In addition, this 4-digit PIN is always requested from the user to authenticate a transaction after the ‘confirm and pay’ page. To verify their account, users are prompted to input a one-time password (OTP) which is sent to their registered mobile number for authentication.
Additionally, NowNow has developed several measures to protect users and check fraudulent activities. One of the safety measures includes sensitising the public on the importance of securing their PIN and the dangers of sharing their PIN with anyone else. In addition, they go further to enlighten their users on the need to reduce outside access to their devices and the hazards of accessing the NowNow platform via a public internet connection.
Furthermore, NowNow has developed effective controls that prevent fraud and kickstart a vigorous and prompt investigation in the case of a fraud attempt. This investigation takes place to review systems and procedures to prevent similar attempts from reoccurring. This is also supplemented with recording and reporting all discovered attempts of fraud to relevant regulatory authorities for their awareness and prompt involvement. In addition, NowNow takes appropriate disciplinary and legal action in all cases, where justified.
Through these procedures and many others, NowNow is overcoming the obstacles resulting from the growth of the global digital revolution and increased dependence on digital channels. Despite rising occurrences of fraudulent practices, a major challenge for platforms aiming to drive adoption of their product or service, NowNow is delivering on its commitment to provide best-in-class and safe financial services.
The leading fintech seeks to drive financial empowerment as well as introduce safe financial products and services to Nigerians. The Company has built an ecosystem that digitizes payments and creates access to financial services for agents, consumers and businesses. NowNow’s secure mobile-based agency banking solution aims to penetrate and boost financial inclusion in rural and urban communities using safe and simplified branchless banking initiatives.
Digital banking has become necessary following the rise of online transactions and has been touted as a suitable strategy to grow financial inclusion across the country. With safe and secure digital banking solutions, Nigeria stands a good chance of penetrating financially underserved communities and reaching unbanked Nigerians.
Thanks for signing up for our daily insight on the African economy. We bring you daily editor picks from the best Business Insider news content so you can stay updated on the latest topics and conversations on the African market, leaders, careers and lifestyle. Also join us across all of our other channels – we love to be connected!
© 2022 africa.businessinsider.com
Business Insider Edition