The Nigerian Communications Commission (NCC) is partnering with the Central Bank of Nigeria (CBN) to establish a robust regulatory framework aimed at combating fraud in mobile financial transactions. Dr. Aminu Maida, Executive Vice-Chairman and Chief Executive Officer of the NCC, announced this during his keynote speech at the 2024 Annual Corporate Governance Conference in Lagos.
Speaking on the theme, “Corporate Survival and Sustainability: The New Face of Governance,” Dr. Maida highlighted the increasing reliance on mobile channels for banking in Nigeria and the growing incidents of fraud within the system.
“The NCC is collaborating with the Central Bank of Nigeria to develop a robust framework to combat fraud in mobile financial services,” Dr. Maida stated. He emphasized that with mobile channels becoming the primary mode of banking, either through banking apps or Mobile Network Operators’ (MNOs) USSD codes, addressing fraud is essential for ensuring the security of financial transactions.
He further pointed out that the existing system lacks adequate mechanisms to penalize phone numbers linked to fraudulent activities, calling for stronger enforcement measures to safeguard the ecosystem.
Dr. Maida also revealed that the NCC is finalizing a revised corporate governance code, updating its 2016 version to include mandatory sustainability reporting for telecom operators. He reiterated that strong corporate governance is vital for the telecom sector’s success and sustainability.
Stakeholders Advocate Transparency in Financial Transactions
In a related development, stakeholders in the Nigerian financial sector gathered in Abuja for a high-level roundtable discussion organized by the Nigerian Financial Intelligence Unit (NFIU). The forum focused on leveraging Public-Private Partnerships (PPPs) to combat financial crimes such as money laundering, terrorism financing, and proliferation financing.
Experts at the event stressed the importance of collaboration between government entities, private organizations, and financial institutions to create technology-driven solutions for ensuring transparency and security in financial transactions. They noted that such partnerships would enhance joint ownership of initiatives and contribute to a financial ecosystem free from fraud and criminal activities.
The combined efforts of the NCC, CBN, and other stakeholders underscore Nigeria’s commitment to tackling the challenges of financial fraud and strengthening the country’s financial and telecom sectors.
