call for strict regulations and enforcement

The Central Bank of Nigeria (CBN) and the telecoms regulator, the Nigerian Communications Commission (NCC) have been challenged to ensure the security of Mobile Money (MM) when the country finally embraces it.

This challenge was given by stakeholders in the information and communication technology industry in Lagos, during the maiden edition of the ‘Telecoms Trade Fair’ organised by Logical Communications Group.

At the fair, tagged ‘Moving Nigeria Towards a Cashless Society’, the stakeholders stated that the CBN should ensure that both the platform and licensees are not spared if there is a breach in regulations.

According to the Director, Consumer Affairs, NCC, Mary Uduma, the vision of Mobile Money is to achieve a nationally utilised and internationally recognised payment system.

The director, who was represented by Emilia Nwokoro, Principal Manager and Consumer Protection, NCC, explained that making electronic transactions more attractive from a tax dispensation perspective will change consumer behaviour towards electronic payments, reducing use of cash and indirectly leading to growth.

“The purpose of this symposium is to examine how the Nigerian Telecoms Consumer will be affected by the mobile payment platform being promoted by the Central Bank of Nigeria as a means of achieving a cashless society. However, if as a result of network problem, a transaction fails to deliver, the licensee should be held liable,” she said.

MTN Nigeria, Regulatory Affairs Manager, Corporate Services Division, Quassim Odumbaku added that the industry needs robust regulation as well as a bill to protect infrastructure against wilful damage, if every facet of the economy is to enjoy uninterrupted quality of service.

Odumbaku noted that it is critical if a national network breaks down due to vandalism, as it rubs off on other networks.

He said if all stakeholders were willing to secure infrastructure, mobile money will fly and surpass expectations.

The General Manager, Mobile Money, Globacom, Tunde Kuponiyi said that with the introduction of a cashless environment into the Nigerian economy, mobile user’s behaviour will forever be inclined to mobile money services and away from the traditional usages of voice calls and SMS.

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