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NCC Says 150m Nigerians Risk Financial Fraud

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Nigerian Communications Commission (NCC) has warned that over 150 million Nigerians in the financial system risk being defrauded through telecommunications platforms.

 

Prof. Umar Danbatta, executive vice chairman,  NCC, gave the warning in an address during the inauguration of a multi-sectoral committee on e-fraud in Abuja.

 

Recent data released by Enhancing Financial Innovation and Access had revealed that over 150 million Nigerians were included in the financial system.

 

Danbatta said the population was “vulnerable to financial fraud at any time” as a result of mobile app integration with online payment platforms and other financial resources.

 

To effectively combat e-fraud, Danbatta said customer service and fraud operations teams in banks and the mobile network operators needed tighter processes and guidelines on how to detect potentially fraudulent activities.

 

According to him, the NCC is collaborating with the Central Bank of Nigeria, the Nigeria Police Force, the Economic and Financial Crimes Commission, and other relevant agencies to fight e-fraud.

 

A committee on Electronic Banking Fraud is currently working towards implementing technical and operational solutions to fight the menace posed by e-fraud, he said.

 

Danbatta, who was represented by Adeleke Adewolu, said the malevolent use of technology in financial fraud had become a growing concern in the industry.

 

He said, “Mobile apps as a whole are now quite easy for hackers and cyber-criminals to hijack or corrupt, making them tools for fraudsters to steal personal credentials, impersonate genuine bank account holders, and gain illicit access to funds.

 

“Phishing tactics and social engineering ploys such as illegal SIM swap are part and parcel of the online fraud mechanism, regardless of whether the transactions are conducted via mobile phone, desktop browser, or point of presence.”

 


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Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

Telecom

Google and African Union Partner to Launch #DiscoverMyAfrica

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The Office of the African Union Chairperson’s Youth Envoy and Google today announced the launch of the #DiscoverMyAfrica Shorts Challenge, a month-long initiative to celebrate the rich diversity, heritage, and vibrant spirit of the African continent. Throughout May, YouTube creators across Africa are invited to share short videos capturing their unique perspectives, using the hashtag #DiscoverMyAfrica.

“#DiscoverMyAfrica empowers African youth to share their stories and rich cultural heritage globally,” said Chido Mpemba, African Union Chairperson’s Youth Envoy. “Partnering with Google fosters creative expression and dialogue on content responsibility, digital preservation, and AI’s impact on Africa’s creative industries. This aligns with our vision for a digitally-enabled Africa harnessing cultural wealth for economic growth and social progress.”

The YouTube Shorts Challenge encourages creators to showcase various facets of African life, from music and art to food, fashion, and local landmarks. To further celebrate Africa’s vibrant music scene, YouTube is turning up the energy with YouTube Music Nights in Nigeria and South Africa, showcasing the infectious rhythms of Afrobeats and Amapiano. Two dedicated playlists, “Africa’s Next Wave” and “Africa Superstars,” will highlight both emerging talent and iconic voices that have made the continent a global music powerhouse.

Nollywood superstar and style icon Osas Ighodaro will immerse viewers in the luxurious side of Lagos with her new show “Spa with Osas.” Enioluwa and The Geng will unravel the drama and secrets of high school elites in their highly anticipated series “All of Us.” And comedy superstar Broda Shaggi is guaranteed to bring the laughs with his hilarious new project, “Shaggi’s Palava.” These exciting new shows will premiere exclusively on YouTube.

Aspiring filmmakers and content creators can also take advantage of specialized workshops designed to hone their skills and expand their reach. A dedicated Nollywood workshop in Nigeria, and broader #DiscoverMyAfrica workshops for content creators will offer valuable insights and resources to creators at all levels.

“We are committed to supporting the diverse voices and talents that make up Africa’s creative landscape,” said Addy Awofisayo, Head of Music for Sub-Saharan Africa at YouTube.

“These initiatives provide valuable resources and platforms for African filmmakers, musicians, and content creators to share their stories and connect with global audiences.”

To learn more about #DiscoverMyAfrica and how to get involved, visit www.blog.google/africa or follow #DiscoverMyAfrica on social media.


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QNET Triumphs as it Scoops Three Prestigious Awards @ PR Awards 2024

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In a remarkable acknowledgment of its excellence in public relations and communications, QNET, a leading lifestyle and wellness direct selling company, proudly announces its victory in three distinguished categories at the 11th annual PR  Awards. Demonstrating its prowess in crisis management, corporate strategy, and technological innovation, QNET is setting new standards for excellence in Direct Selling.

This year, QNET was honoured with the following recognitions:

Silver Award for Best Corporate Strategy – An endorsement for QNET’s Fingreen financial literacy programme that has been rolled out in three countries over the last 18 months and has helped over 7000 people, including college students, home makers, street vendors, and female small traders, with the tools they need to take charge of their financial future.

Silver Award for Best Use of Technology – An important recognition for QNET’s QBuzz Blog, an innovative platform that leverages technology to foster community engagement and provide insightful company and industry content.

 Bronze Award for Best Crisis Management Strategy – Celebrating the success of the “Truth About QNET” campaign, which effectively navigated the company through challenging times with transparency and integrity.

The PR Awards, renowned for highlighting the best in the PR and communications sector across South Asia, Southeast Asia, and Oceania, saw entries from the most prominent brands and organisations in the region. An independent panel of senior industry experts from leading brands selected this year’s winners, underscoring the credibility and prestige of the awards.

Trevor Kuna, Chief Transformation & Reputation Officer at QNET, expressed his enthusiasm: “We are profoundly honored by the recognition at the PR Awards 2024, which reflects our unwavering dedication to excellence, innovative strategies, and our commitment to providing outstanding value to our customers.

“These awards are a testament to the hard work and ingenuity of our team, and they motivate us to continue setting new benchmarks in the industry.”

QNET’s success at the PR Awards is not just a celebration of its achievements but also a promise to its stakeholders of its dedication to excellence and innovation. As the company looks forward to future challenges and opportunities, it remains committed to upholding the highest standards of quality and service in the industry.

For more information about QNET and its achievements, please visit QNET’s website.

 

 


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Rewane, Financial Expert Backs Telcos’ Move to Hike Tariff

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Bismarck Rewane, managing director/chief executive officer, Financial Derivatives Company Limited has backed telecommunication companies’ move to increase tariffs.

Rewane, Financial Expert Backs Telcos’ Move to Hike Tariff

Recall that telecom companies recently reiterated calls for an increase in prices of calls, data, and other services.

They argue that current prices are insufficient to maintain their business operations.

This request is contained in a communique signed by the Association of Licensed Telecom Operators of Nigeria (ALTON) and the Association of Telecommunication Companies of Nigeria (ATCON).

The telecom providers are advocating for cost-reflective tariffs, claiming that adverse economic headwinds are threatening their financial viability.

The operators stated that its general service pricing framework has not been reviewed upward in the last 11 years because of regulatory constraints.

“For a fully liberalised and deregulated sector, the current price control mechanism, which is not aligned with economic realities, threatens the industry’s sustainability and can erode investors’ confidence,” the telcos said.

The telcos called on the government to facilitate a constructive dialogue with its industry stakeholders to address pricing challenges and establish a framework that balances consumers’ affordability with their financial viability.

This push for higher prices coincides with MTN Nigeria reporting a loss due to foreign exchange losses in 2023 and Airtel experiencing declining profits amid an economic downturn in the country.

While the development has triggered a backlash in some quarters, Rewane said telco pricing needs to reflect current realities.

He was a guest on weekend’s edition of Channels Television’s Politics Today

 

 

 

 


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