Dr. Kingsley Aguoru, a Nigerian-British information security expert, has urged the Central Bank of Nigeria (CBN) and the Economic and Financial Crimes Commission (EFCC) to address security concerns around using card PINs for online payments in Nigeria. In a petition obtained by The PUNCH, Aguoru, who has over 20 years of experience in financial technology and serves as a Director of Information Security, called for an immediate ban on using card PINs for online transactions.

Aguoru explained that requiring card PINs online exposes Nigerian consumers to cyber threats such as phishing, keylogging, and man-in-the-middle attacks. He pointed out that this practice is outdated globally, with Nigerian payment providers—like Paystack, Flutterwave, and Interswitch—still requiring card PINs, which are traditionally used for ATM and POS transactions with secure encryption.

Aguoru, known for introducing one-time passwords (OTPs) for card-not-present transactions, emphasized that PINs should not be used online, as they increase the risk of data interception and misuse. Instead, he recommended relying on OTPs or multi-factor authentication (MFA) for added security. Aguoru also suggested hardware card readers that generate OTPs independently as a safer alternative.

In his petition titled Urgent Call to Ban Card PIN Usage for Online Payments in Nigeria, Aguoru urged the CBN to prohibit PIN entry on web payments, enforce OTP or MFA across all payment providers, and educate the public on secure online payment practices. He argued that these steps would align Nigeria’s payment systems with global standards and significantly reduce consumer risk.