"Not Their Fault" Nigerian Govt Clarifies MTN, GLO, Other Telco Roles in Rising Failed Bank Transactions

"Not Their Fault" Nigerian Govt Clarifies MTN, GLO, Other Telco Roles in Rising Failed Bank Transactions

  • The Nigerian government has clarified the roles of telecommunications companies, including MTN and Glo, in failed bank transactions
  • NCC explained that telcos are only responsible for providing the necessary infrastructure for transactions to take place
  • The clarification is expected to end the suggestions telcos are also to be blamed for failed bank transactions

The Nigerian government has issued a statement clarifying the roles of telecommunications companies, including MTN and Glo, in failed bank transactions.

This comes after recent reports suggested that telcos were responsible for the failure of certain bank transactions.

Failed bank transaction
NCC absorb telcos as cause of rising number of failed transaction Photo credit: NCC
Source: Facebook

According to the Executive Vice Chairman, of Nigerian Communications Commission (NCC), Prof. Umar Danbatta, during an event to commemorate the ‘2023 World Consumer Rights Day’ in Abuja noted that telcos only provide the necessary infrastructure for the transactions to take place.

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He emphasized that telecommunications companies are not responsible for failed bank transactions.

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The punch reports Danbatta also stressed that the country’s telecommunication networks can absorb the surge in the demand for cashless transactions recorded since late 2022.

His words:

"By the time cashless banking fully took off in late 2022, the connectivity platforms on which electronic transactions ride have become robust to the extent of being able to absorb the surge in demand for cashless transactions.”

Danbatta, who spoke on the theme ‘Empowering Consumers through Clean Energy Transition further stated that the commission has continued to implement policies that ensured improved access to broadband connectivity.

Other activities of NCC

He also said that the commission Computer Security Incident Response Team has constantly alerted consumers to cyber threats that could have led to the compromise of their financial profile through the execution of malicious codes by threat actors.

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Nigerians Lament Increase in Failed Money Transfers on Bank Apps, USSD, ATMs Amid Naira Scarcity

On 5G deployment, Danbatta explained that the launch of 5G in the country will increase the deployment of telecom infrastructure which will trigger a high demand for data services which will result in increased energy consumption for the network infrastructure.

NCC Warns Nigerians to Remove 5 Google Chrome Extensions on Their Phones, Laptops Immediately

The NCC had earlier urged Nigerians who use five Google Chrome extension apps to uninstall them immediately.

The commission warned that the apps were designed to steal users' information.

Interestingly, the apps listed have been downloaded over 1 million times by users worldwide.

Source: Legit.ng

Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.

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