Telecom
9mobile CEO Highlights Key Solutions for Securing Electronic Money Transfers in Africa
Obafemi Banigbe, CEO of 9mobile, recently shared his expertise at the Alliance for Innovative Regulation (AIR) virtual conference, tackling the pressing issue of digital payment fraud in West Africa.
His insightful perspectives offered valuable insights into combating identity theft, a major threat to electronic money transfer security across the African continent.
Speaking as a panellist in a session moderated by Nick Cook, Chief Innovation Officer at AIR, Banigbe outlined how telcos play a pivotal role in protecting financial transactions.
“Fraud is fundamentally a human challenge, not just a technological one,” he remarked, emphasising that identity theft remains central to electronic money transfer fraud and requires a community-driven, human-centred approach.
He emphasized the critical role of telecommunications companies as guardians of security in the financial ecosystem. He outlined the proactive measures 9mobile and other telcos are taking to fortify financial systems, focusing on several key areas.
Banigbe highlighted the integration of Know Your Customer (KYC) systems, which leverage collaborations with national ID databases, banking records, and mobile number registries to enhance customer verification.
He also stressed the importance of robust security tools, including SIM registration, Biometric authentication (fingerprint and facial recognition) and One-Time Password (OTP)-based authentication. These measures he said collectively strengthen verification processes, ensuring a more secure financial ecosystem.
Banigbe reiterated the importance of partnerships between financial institutions and payment platforms. These collaborations enable the secure sharing of intelligence, ensuring compliance with data protection laws.
This, in turn, facilitates the detection of suspicious activities while maintaining privacy. He also highlighted the need to address delays in fraud tracking. To achieve this, he advocated for the deployment of real-time blacklisting mechanisms. This would enable swift action on reported incidents, preventing fraudsters from exploiting time gaps.
While highlighting the need for industry-wide collaboration, Banigbe pointed to the cost-effectiveness of shared investments in advanced security architecture. “No single organisation can tackle this alone. A united effort among telcos, financial institutions, and regulators is key to safeguarding our financial systems,” he asserted.
The panel discussion, which featured other notable speakers, including Ikenna Ndugbu (Moniepoint), Sheila Senfuma (Consumers International), and Modupe Ladipo (Prosperar Consulting), explored diverse aspects of combating digital payment fraud.
They discussed the role of robust compliance frameworks and transaction monitoring tools; addressed accessibility challenges for vulnerable populations, including people with disabilities like visual impairment that disallows them from baseline financial literacy; highlighted the specific vulnerabilities faced by women in informal financial systems and advocated for culturally sensitive financial inclusion strategies.
Banigbe further remarked on the need for proper access control within organisations to combat possible internal staff collusion with external fraudsters to make security systems more vulnerable.
“Regulating access will help prevent fraudulent activities within organisations,” he said, pointing to the need for stronger internal controls to safeguard sensitive processes.
He spotlighted the crucial role of telcos in creating a secure and inclusive digital financial ecosystem. Collaboration, Banigbe stressed, is essential to achieving lasting results in the fight against fraud.
“It is an ecosystem, and there should be a joint effort to enlighten the public on digital payment fraud and advocate for victims of fraud,” he concluded, calling for unified action among telcos, financial institutions, and regulators.
With over 100 participants attending the conference, the collective commitment to combat digital payment fraud is evident. Discussions continue to focus on leveraging technology, driving public awareness, and strengthening collaborative frameworks to address the pervasive threat of identity theft.
Telecommunications operators in Nigeria generated N5.3 trillion in revenue from their services in 2023, according to the Nigerian Communications Commission (NCC).
This was disclosed in the NCC’s 2023 year-end performance report titled “2023 Subscriber/Network Performance Report,” released early this week.
The report detailed revenue contributions, with GSM operators earning N4 trillion; fixed wired operators generating N273.01 million; Internet Service Providers (ISPs) earning N89.81 billion; Value Added Service Providers (VAS) contributing N14.56 billion; collocation and infrastructure sharing players bringing in N1.14 trillion; and other operators generating N41.84 billion.
The NCC highlighted a rise in active subscriptions, which grew from 222.57 million in 2022 to 224.71 million by December 2023, while data consumption exceeded 713 terabytes.
The telecom sector’s contribution to Nigeria’s GDP increased from 13.55% in 2022 to 14% in 2023.
Capital expenditure (CAPEX) in the sector reached N990.55 billion, reflecting robust domestic investments.
Meanwhile, operating costs among telecom operators amounted to N3.16 trillion.
However, the report noted a decline in foreign direct investment (FDI) into the sector, which stood at $134.75 million in 2023, compared to $399.91 million in 2022, according to data from the Central Bank of Nigeria.
Year-on-year, active voice subscriptions grew by 0.96%, with an increase of 2.14 million new subscriptions recorded in 2023.
The NCC emphasized the continued growth and financial performance across all segments of the telecommunications market during the year under review.
Bosun Tijani, minister of Communications, Innovations, and Digital Economy has attributed the recent increase in tariffs by mobile network operators (MNOs) to the global inflation and rising cost of operation.
Bosun Tijani, minister of Communications, Innovations, and Digital Economy
Tijani said this while briefing journalists after a closed-door budget defence session with the National Assembly’s Joint Committee on Information, Communication and Technology on Tuesday in Abuja.
He noted that telcos have struggled with high operation cost for several years in addition to global inflationary pressures.
The minister stated that the government was committed to ensuring the sustainability of telecommunication sector and protection of Nigerians’ interest.
“The hike in price is based on inflation globally. This is a sector that has not increased prices for a long time, what the government has been doing is managing the situation. They have been crying out for a long time that they are struggling with the cost of diesel. This is not a problem that is unique to Nigerians.
“We will ensure that MNOs can continue to deliver the best quality services to the people,” adding that “the Nigerian Communications Commission (NCC) is doing a lot of tracking now to ensure that the quality of the services that people will get is of good quality.”
MTN Nigeria has said that the approval of a 50 percent tariff adjustment for telecommunications companies (telcos) will go a long way to improving the country’s critical infrastructure and services.
Karl Toriola, the chief executive officer (CEO) of MTN Nigeria
In a statement on Tuesday signed by Uto Ukpanah, company secretary, and published on the Nigerian Exchange Limited (NGX), MTN Nigeria said the adjustment will empower millions of people and businesses and contribute to the country’s overall economic development.
On December 30, 2024, the Association of Licensed Telecommunications Operators of Nigeria (ALTON) warned that its members might begin shedding services if urgent action is not taken to review tariffs, as the Nigerian telecommunications industry is facing critical challenges.
Also, on January 1, the Association of Telecommunications Companies of Nigeria (ATCON) asked the Nigerian Communications Commission (NCC) to review call tariffs upwards by the first quarter of 2025.
Two days later, Karl Toriola, the chief executive officer (CEO) of MTN Nigeria, said telcos wanted a 100 percent increase in tariffs.
However, on January 20, the NCC approved a 50 percent tariff increase — the first hike in 12 years.
Addressing the adjustment, MTN Nigeria said it is a “significant milestone in ensuring the long-term sustainability of the telecoms industry, supporting the country’s critical infrastructure and services”.
On his part, Toriola said the tariff increase represents an important step towards addressing the impacts of the prevailing economic challenges on the business and industry.
“We deeply appreciate the Federal Government of Nigeria, the Honourable Minister of Communications, Innovation and Digital Economy, the NCC and our industry bodies for their continued support in ensuring the telecoms sector remains sustainable,” he said.
“This tariff adjustment represents an important step towards addressing the impacts of the prevailing economic challenges on our business and industry.
“It will enable us to maintain the critical investments required to deliver reliable, high-quality services to Nigerians.”
Toriola said the company remains committed to supporting Nigeria’s digital transformation agenda and driving inclusive growth for all stakeholders.
Telcos Generated N5.3 Trillion Revenue in 2023 – NCC
FG Blames Telecoms Tariff Hike on Global Inflation, Operational Cost
MTN Nigeria Says 50 Percent Tariff Wike will Services
Bank Staff, Alleged Fraudsters Arraigned over N1.2Bn Cyber Theft
Why Nigeria is Rebasing GDP, CPI by NBS
FG Says NINs will Facilitate Cash Transfers to 18.1m People
NERC Discloses $5.7 Million Debt Owed by International Customers for Q3 2024 Electricity Supply
MTN Nigeria Renews Spectrum Lease Agreement with NTEL
A beginner’s guide to Temu: Your ultimate shopping companion
CBN, SEC Approve FCMB Group’s N147bn Rights Offer
News3 days agoSERAP Petitions Trump, Urges Recovery of Stolen Nigerian Assets, Barring Corrupt Officials from US
News3 days agoNigeria’s Electricity Exports Hit $112m amid Persistent Power Outage
Telecom3 days agoSubscribers Reject Tariff Hike, Say FG Cannot Speak for Them
E-Financial3 days agoOver 562m People Own Cryptocurrency Globally
Telecom3 days agoMTNN Raises N42.20Bn through Commercial Paper
- Telecom2 days ago
Telecom Tariffs Set to Rise by 50 Percent as NCC Approves Adjustments
General News3 days agoNIS Announces Maintenance on Passport Portal
E-Financial3 days agoSEC Sets January 31 Deadline for CMOs Registration Renewals