Dr. Aminu Maida, Executive Vice-Chairman and CEO of the Nigerian Communications Commission, discloses the telecoms sector regulatory Commission is collaborating with the Central Bank of Nigeria to design a robust regulatory framework to address cases of fraud in mobile financial transactions as such mobile channels are becoming the ‘primary mode for banking’ in the West African country
As part solutions to address reported cases of fraud in mobile financial transactions in the country’s ecosystem, the Nigerian Communications Commission (NCC) has disclosed ongoing collaborative efforts with the Central Bank of Nigeria (CBN) to design a robust framework. Dr. Aminu Maida, Executive Vice-Chairman and Chief Executive Officer (EVC/CEO) of NCC, stated this in his keynote address at the recent 2024 Annual Corporate Governance Conference, in Lagos.
The theme of this year’s conference is: “Corporate Survival and Sustainability: The New Face of Governance”.
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Dr. Maida stated: “The NCC is collaborating with the Central Bank of Nigeria (CBN) to develop a robust framework to combat frauds in mobile financial services.”
The EVC/CEO also explained the proposed solution would be deployed to tackle the increasing problem of frauds in mobile financial services in the Nigerian banking and financial industry.
Mobile channels becoming primary mode for banking ─EVC/CEO
Maida, in his address, noted that such a regulatory framework has become essential with mobile channels becoming the primary mode for banking in the West African country, whether through banks’ mobile apps, or Mobile Network Operators’ (MNOs) Unstructured Supplementary Service Data (USSD) code for millions of their customers in the electronic payments ecosystem.
“The majority of financial services are accessed via mobile, which ties back to the phone numbers used for these transactions,” the Executive Vice-Chairman of NCC further explained.
According to him, the Commission has acknowledged that “the current system lacks effective consequences for phone numbers involved in fraudulent activities and stressed the need for stronger enforcement measures.”
Read Also: NCC Chief Aminu Maida Lauds Katsina Governor Radda’s Visionary Telecom Policies
On NCC’s revised corporate governance code
Dr. Maida, who harped on the significance of corporate governance in organisations, affirmed that the concept remains the foundation for success, sustainability of the telecoms industry in Nigeria.
He equally affirmed that the Commission “is about releasing its revised corporate governance code by updating the 2016 version with a key focus on the introduction of mandatory sustainability reporting” for telecoms operators in the country.
Ensuring ‘comprehensive transparency’ in financial transactions in Nigeria
In a related development, stakeholders in the Nigerian financial and banking industry, earlier in the week, also converged on Abuja, FCT, to advocate strategies for building a system that ensures transparency in financial transactions towards eradicating fraud and boosting financial security in the country.
The forum was the high-level Roundtable discussion leveraging Public-Private Partnerships (PPPs) to enhance collaboration among Anti-Money Laundering, Combating the Financing of Terrorism and Combating Proliferation Financing (AML/CFT/CPF) stakeholders in Nigeria.
The Nigerian Finance Intelligence Unit (NIFU) organised the event on addressing financial crimes in the country’s ecosystem.
Several discussants at the forum also shared strategies for building a system that ensures comprehensive transparency in financial transactions across Nigeria, eradicate fraud and bolster financial security.”
The experts harped on the need for collaboration between the government, organisations, and private sector players in order to co-design and co-create technology-driven solutions in the financial sector of the Nigerian economy.
It is noted that such partnerships would ensure joint ownership of initiatives, and contribute significantly to a Nigeria free of financial crimes.
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