ELECTRONIC PAYMENT PLATFORMS AND ACCENTUATION OF FINANCIAL CRIMES IN NIGERIA
Journal: Advanced Management Science (AMS)
Author: Stanley Ogoun*, Bariweni Binaebi
This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited
This research paper investigated the relationship between electronic payment platforms and the perceived accentuation of financial crimes in Nigeria. The ex post facto design was deployed in the study. This necessitated reliance on data obtained from the Central Bank of Nigeria (CBN) statistical bulletin and the Nigeria Electronic Fraud Forum (NEFF) Annual Report. The collected data were analyzed using ordinary least square – multiple regression method. The empirical output indicates that the deployment of the e-payment platforms has not led to significant accentuation of financial crimes in Nigeria. It is thus recommended that regulatory authorities should double their efforts at ensuring the enactment of relevant laws. Also, financial institutions should deploy more cyber security measures to block the loopholes being exploited. By the general acceptance and increased use of the electronic payment system, the infrastructure backbone required to run the system smoothly should be strengthened to minimize the incidence of failed transactions. In addition, financial service providers need to be more proactive in detecting suspicious activities on their platforms and taking preventive actions not only to mitigate specific losses to individuals, but also identify weaknesses that may be exploited by fraudsters in the future.