Banks reject 556,370 cheques over fraud

Banks in Nigeria rejected at least 556,370 cheques issued for bank clearance in 2014 due to fraud, reports say.

The cheques were collectively valued at N377.4 billion, a sum which represents 3.59 per cent of the total cheque amount of N7.3 trillion, New Telegraph reports.

The data was part of information obtained from the Nigeria Interbank Settlement Systems (NIBSS) which revealed that a total of 15.5 million cheques were issued.

Also, out of 1,420 bank customers suspected of fraudulent transactions last year, only 41 were arrested in collaboration with the NIBSS.

“In 2014, a number of suspects and criminals were apprehended after fraud had been reported,” NIBSS Chief Executive Officer, Adebisi Shonubi, told New Telegraph.

“The figures show that more work needs to be done to improve apprehension rate,” he added.

However, NIBSS stated that steps were being taken to reduce the amount of in the system.