Dr. Kingsley Chibuzor Aguoru, a Nigerian-British Chartered Engineer and Director of Information Security, has raised concerns with Nigeria’s Economic and Financial Crimes Commission (EFCC) and the Central Bank of Nigeria (CBN) about the risks associated with using card PINs for online transactions.
In a recent petition, Aguoru called on the authorities to stop this practice, emphasizing the need to protect Nigerians from potential financial fraud.
With over 20 years of experience in financial technology and security, Aguoru highlighted that Nigeria’s current use of card PINs for online payments leaves consumers vulnerable to cyber threats.
He explained that card PINs were originally designed for in-person transactions, such as at ATMs or point-of-sale (POS) terminals, where encryption can provide better security. Using PINs online, however, exposes customers to risks like phishing, keylogging, and other cyberattacks.
In his petition, titled “Urgent Call to Ban Card PIN Usage for Online Payments in Nigeria,” Aguoru stated: “In 2005, I developed an OTP-based solution to prevent fraud in the UK’s card-not-present transactions, which has since become a global standard.”
He noted that Nigerian payment platforms like Paystack, Flutterwave, and Interswitch still use card PINs for online transactions, a practice that has been largely abandoned elsewhere.
Aguoru argued that using OTPs or Multi-Factor Authentication (MFA) alone is a safer alternative for online payments.
He also suggested issuing hardware card readers that generate OTPs for a fully offline, secure verification process.
He urged the CBN to take swift action by banning the entry of card PINs for web payments, enforcing the use of OTPs or MFA, and educating consumers on secure online payment practices.
Agouru emphasized that adopting these measures would align Nigeria’s payment system with international security standards, significantly reducing the risk of fraud for Nigerian consumers.
 and the Central Bank of Nigeria (CBN) about the risks associated with using card PINs for online transactions.){kind=link}