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Nigeria Electronic Fraud Forum

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The Nigerian Financial sector has shown a steady adoption of the e-payment channels. The parties, as well as all the other players in the financial sector, have been making concerted efforts in ensuring that the financial sector is moving in line with global trends in e-payment development with the view to ensuring efficiency in the system as well as customer satisfaction.

The adoption of the e-payment channels as a preferred channel of payment increases the incidence of electronic fraud. This heightened incidence of fraud therefore brought to the fore the need for the creation of a body (named "the Nigeria Electronic Fraud Forum", "NeFF" which consists of all relevant stakeholders to actively and proactively react to this challenge to safeguard integrity of the e-payment channels.

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Facts : 1/16/2006
The Cowry:The Cowry has, for centuries, served our people as an important form of currency. In 1860 the following system was in use: 40 Cowries formed a "String"; 50 Strings made a "head" and 10 heads comprised a "bag". In Lagos in 1865 one bag of 20,000 shells was exchanged for one or two English Pounds.
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