NCC Collaborates with CBN on Banking Fraud

By December 27, 2017 Investment News

The Nigerian Communications Commission (NCC) is collaborating with the Central Bank of Nigeria (CBN) on how to curb mobile banking fraud in the country.

The Head of Zonal Operations Department at NCC, Mrs. Helen Obi, disclosed this during the consumer conversation held at Government Secondary School, Lugbe, Abuja.

She said collaboration had begun between NCC and CBN as a result of online payment fraud which, according to her, had become necessary for the two agencies to find a lasting solution to online banking and telecom frauds.

‘‘As a result of online payment fraud going on in the system, there are a lot of collaborations which have become necessary between NCC and CBN. So both parties have recognized that fact and are making sure that customers and consumers in the banking and telecom sectors are not shortchanged on data services and other related financial frauds.

‘‘Along that line, we are discussing on common grounds to come up with an MOU that will guide the sectors, that will regulate banks and service providers. As soon as we put that in place, we will make it available to the public.’’

Mrs. Obi said apart from Consumer engagements, NCC has introduced several platforms like telecom consumer parliament , consumer outreach and also consumer town hall to reach out to telecom subscribers in order to hear from them and engage services providers on areas of concern.

‘‘This programme is designed to have consumers at the grassroots come in and have direct conversation with the regulator so that they will know that the regulator feel their plight, in order not to bring middle men, and give them first hand opportunity to air their views and hear from them what their concerns are and address them.

‘‘Before now, the consumers can attest to the fact that the charges were higher on network but the new billing methods brought in by the service providers and packages, the competition seems to have reduced the charges.”

Source: Sun