*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 鈥榩rimary mode for banking鈥� in the West African country

Gbenga Kayode | 绿帽献妻

As part solutions to address reported cases of fraud in mobile financial transactions in the country鈥檚 ecosystem, the Nigerian Communications Commission (NCC) has disclosed ongoing collaborative efforts with the Central Bank of Nigeria (CBN) to design a robust framework.

绿帽献妻 reports 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: 鈥淐orporate Survival and Sustainability: The New Face of Governance鈥�.

Dr. Maida stated: 鈥淭he NCC is collaborating with the Central Bank of Nigeria (CBN) to develop a robust framework to combat frauds in mobile financial services.鈥�

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 鈹�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鈥� mobile apps, or Mobile Network Operators鈥� (MNOs) Unstructured Supplementary Service Data (USSD) code for millions of their customers in the electronic payments ecosystem.

鈥淭he majority of financial services are accessed via mobile, which ties back to the phone numbers used for these transactions,鈥� the Executive Vice-Chairman of NCC further explained.

According to him, the Commission has acknowledged that 鈥渢he current system lacks effective consequences for phone numbers involved in fraudulent activities and stressed the need for stronger enforcement measures.鈥�

On NCC鈥檚 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 鈥渋s about releasing its revised corporate governance code by updating the 2016 version with a key focus on the introduction of mandatory sustainability reporting鈥� for telecoms operators in the country.

Ensuring 鈥榗omprehensive transparency鈥� 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鈥檚 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.鈥�

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.

Kindly Share This Story

听

听