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Telecom

Fintechs Should Enhance Users’ Safety and Trust to Forestall Rising Cases of Fraud – Oduwole

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PalmPay, a leading fintech company fostering financial inclusion in Nigeria through technology, has called for improvement in the security and safety of fintech apps to address the upsurge in fraud cases in Nigeria’s financial services sector.
Temitayo Oduwole, Head of IT and Payments, PalmPay, stated this at the third Africa Tech Alliance Forum (AfriTECH) on Wednesday, in Lagos, while emphasizing the critical importance of prioritizing app security and safety in the fintech ecosystem.
Speaking on ‘The Future of Money, Security/Safety, and Customer Experience,’ Oduwole highlighted several features built into the PalmPay app to ensure its over 30 million users transact under a secure and trusted environment.
“For the four years that PalmPay has been in business, we’ve increased our users to over 30 million because of how user-friendly our app is; while also marrying security and safety with customer experience to create a balance.
“We’ve integrated several security and safety features on the PalmPay app to protect our users from fraud, such as binding their phone to the app, an auto-logout and biometrics features to confirm our users’ identity,” Oduwole said.
He added; “Also, there is an inbuilt safety feature in the PalmPay app that uses Artificial Intelligence (AI) to understand users’ transaction patterns to cater for incidents of fake accounts, fraud, cyberattacks, to ensure account protection.”
PalmPay employs a closed-loop risk management system that involves continuous monitoring, analysis, and response to security threats. It allows us to detect and prevent risks in real time, reducing the potential impact of security incidents.
We also run a Wallet Safety Workshop to educate our users on how to safeguard their wallets and apply safety tips to limit incidents of financial fraud’.
A highlight of the event was the award of the 2023 Africa Tech Alliance Excellence (ATAEX) Awards for ‘Fastest Growing Fintech of the Year’ to PalmPay for the fintech company’s “excellence and innovation in the use of IT in financial services.”
Attendees at the event included industry regulators and stakeholders from the Nigerian Communications Commission (NCC); the Nigeria Computer Society (NCS); Association of Licensed Telecoms Operators of Nigeria (ALTON).
Others were the Association of Telecommunications Companies of Nigeria (ATCON); Information Technology Association of Nigeria (ITAN); InnovationBed Africa; and Institute of Software Practitioners of Nigeria (ISPON), amongst others.
About PalmPay
PalmPay is a leading Africa-focused fintech platform committed to driving economic empowerment in Africa. Through its secure, user-friendly, and inclusive suite of financial services, PalmPay brings top-tier products into the pockets of everyday Nigerians.
PalmPay offers money transfers, bill payments, credit services, and savings on its app and via its mobile money agents.
Since launching in Nigeria in 2019 under a Mobile Money Operator license, the platform has grown to 30 million users, and 1.1 million businesses, including 600,000 merchants and 500,000 agents, are part of its cashless payment ecosystem.
The company has disclosed USD 140m of funding. The PalmPay app is available on Google Play Store and iOS App Store in Nigeria and Ghana, with more markets going live in 2023.

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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

Telecom

IHS Nigeria Hosts Telecom Industry Stakeholders to Discuss Protection of Critical National Infrastructure in Lagos State

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L-r: Deputy Commandant of Corps, Nigeria Security and Civil Defence Corps (NSCDC), Agbetiloye Kolawole, Senior Vice President & Chief Corporate Services Officer, IHS Nigeria, Dapo Otunla, Chairman, Association of Licensed Telecoms Operators (ALTON), Gbenga Adebayo, Zonal Controller, Nigerian Communications Commission (NCC), Tunji Jimoh and President, Association of Telecommunication Companies (ATCON), Tony Emoekpere during the inaugural meeting of telecommunication industry stakeholders in Lagos to discuss the protection of Critical National Information Infrastructure (CNII), hosted by IHS Nigeria at its corporate headquarters in Lagos, recently.
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IHS Nigeria, part of the IHS Holding Limited (NYSE: IHS) (“IHS Towers”) group, one of the largest independent owners, operators, and developers of shared communications infrastructure in the world by tower count, recently hosted a high-level meeting of stakeholders in the telecommunications industry including regulators and law enforcement agencies, at its corporate headquarters in Lagos.

The meeting was organized to develop a multi-stakeholder action plan for the protection of Critical National Information Infrastructure (CNII) assets in Lagos state.

Recognizing the importance of communications infrastructure as the backbone of national security, economic growth and social cohesion, the stakeholders at the meeting convened under the umbrella of the Association of Licensed Telecoms Operators of Nigeria (ALTON) agreed on the urgent need for collaborative solutions to ensure the protection of these vital assets.

The meeting was attended by senior representatives from the telecommunications stakeholder groups and regulatory bodies including the Nigerian Communications Commission (NCC), the Association of Licensed Telecoms Operators of Nigeria (ALTON), Association of Telecommunications Companies of Nigeria (ATCON) and the Lagos State Infrastructure Maintenance and Regulatory Agency (LASIMRA).

Also in attendance were representatives from the Mobile Network Operators (MNOs), and InfraCos as well as the Nigeria Security and Civil Defence Corps (NSCDC), the security agency tasked with the protection of Critical National Infrastructure across the country.

Following extensive deliberations, the stakeholders resolved to establish a working group dedicated to addressing key industry challenges, including the vandalization and theft of telecommunications infrastructure, arbitrary shutdown of base stations, fiber cuts due to road construction and the denial of access by unauthorized individuals by leveraging technology for real-time monitoring and protection, strengthening security measures around telecommunication sites and collaborating more with the security and regulatory agencies to mitigate these challenges.

The stakeholders underscored the need to prioritize deterrence and prevention of these incidents and highlighted the importance of public awareness campaigns to sensitize the host communities and public of the need to protect telecommunications infrastructure in their localities.

Dapo Otunla, Senior Vice President & Chief Corporate Services Officer of IHS Nigeria, commented, “The protection of Critical National Information Infrastructure (CNII) has been a critical concern for all industry stakeholders.

“We are experiencing daily losses of assets, which significantly impact on the quality of service delivered to subscribers. Addressing these issues is paramount to sustaining Nigeria’s digital ecosystem and meeting regulatory expectations.”


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MTN Champs Continental Relays: Over 1,000 Athletes Gear Up for Lagos Showcase

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Over 1ooo athletes are already set to participate in the upcoming MTN Champs Continental Relays, taking place between April 9 and April 12 at the UNILAG and Yabatech Sports complexes. Organisers anticipate even more registrations before the April 2 deadline.

MTN Champs is Nigeria’s largest grassroots sports competition, a collaboration between MTN Nigeria and Making of Champs (MoC), providing a platform for young athletes to showcase their talents and potentially represent Nigeria on the global stage.

Osaze Ebueku, Senior Manager, Go-to-Market at MTN Nigeria at the opening ceremony of the MTN Champs Classics events in Benin had emphasised the long-term vision behind MTN Champs: “We’re building future Olympians for Nigeria. MTN Champs is about more than competition. It’s about changing lives.”

The continental relays mark the second leg of the MTN Champs Season 3, following the Classics competition in Benin, which saw 4,371 event entries from 2,056 athletes.

As of March 24, the Lagos leg had already recorded 2,821 event entries across different age categories, highlighting the growing enthusiasm around the competition.

The registered athletes are spread across four categories, with 174 in the Cadet (U-14) category, 388 in Youth (U-17), 270 in Junior (U-20), and 279 in the Senior category.

To ensure smooth participation, organisers have outlined important guidelines. Athletes in the Cadet, Youth, and Junior categories must submit a signed Parental Consent Form, while all registered schools and athletes must collect their competition bibs by April 8 at the competition venue to confirm their participation and secure their place on the start list.

Sports enthusiasts can look forward to an electrifying showcase of emerging talent, as young athletes seize the opportunity to prove their skills on a professional stage.


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Again, Labour Fumes, Threatens Shutdown of Telcos over Non-Implementation of 15 Percent Tariff Reduction

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Nigeria Labour Congress (NLC) is threatening to shut down operations of telecommunications companies over their refusal to comment on the 15 percent reduction in telecom tariffs.

Again, Labour Fumes, Threatens Shutdown of Telcos over Non-Implementation of 15 Percent Tariff Reduction

Recall that that organised labour, through the NLC, forced the federal government and NCC to reduce the telecommunications tariff hike from 50% to 35% after threatening to shut down telecom operations and the NCC in response to what it saw as exploitative economic policies amidst excruciating suffering, hardship, and deepening poverty.

The government had previously formed a 10-member committee, consisting of five government and NLC representatives, to deliberate on the thorny topic of tariff hikes within two weeks and report back before making a final decision on the new telecom tariff structure.

Consequently, on Friday, February 21, 2025, the committee, at a meeting conducted in the office of the National Security Adviser (NSA) that lasted nearly three hours, decided on a 15 per cent tariff cut.

According to reports, in accordance with the conditions of the agreement, an official communiqué announcing the tariff reduction was scheduled to be released on Saturday, February 22.

According to Chronicle,iIt was said that the meeting began at 4:00 p.m. and concluded around 7:00 p.m., during which NLC representatives insisted that the tariff hike be withdrawn.

According to sources, after significant pressure from NLC representatives in the 10-man committee, the government and NCC gave up and agreed on the 15% decrease, which the government or NCC should have announced the next day.

However, at the time of this report, no such announcement has been made.

Leaders of the labour union are not taking the government’s failure to announce or implement the 15% tariff decrease lightly, suspecting that they have been duped.

The Labour leaders have therefore resolved to directly confront the NCC and telecommunications operators next week.

Though it has been reported that the date for the start of the industrial action against the NCC and telecom providers has been set and mobilisation is underway, the information is being closely guarded.

One of the leaders of the NLC stated that “We have received directives to commence mobilisation since last week. In fact, the date for the commencement of industrial action against the NCC and telecommunication operators’ offices across the country has been fixed. We have been warned not to disclose the date because the plan is to take all concerned by surprise. We are not giving any notice because we thought we had resolved this matter over a month ago. It is as if we have been scammed. Therefore, we have decided to confront the matter head-on.”

On February 12, the NLC expressed outrage over telecommunications companies’ tariff hikes, despite an earlier agreement with the Federal Government and the NCC.

According to the Labour union, “If the telecommunications companies fail to revert to the old tariff by the end of February 2025, a total shutdown of their operations nationwide will commence on March 1, 2025.”

To demonstrate its seriousness, the NLC declared that, as a first step in resisting the arbitrary tariff hike, it directed that workers and other willing citizens boycott the services of MTN, AIRTEL, and GLO daily between 11:00 a.m. and 2:00 p.m. until the end.

On Tuesday, February 11, NLC leaders issued a communiqué at the conclusion of their Central Working Committee (CWC) meeting in Lokoja, Kogi State, urging workers and citizens to suspend data purchases from telecommunications companies, which have also become one of their most effective tools for exploiting Nigerian citizens.

The communiqué, signed by Joe Ajaero and Emma Ugboaja, Congress’ President and General Secretary, respectively, instructed NLC State Councils and industrial union affiliates to quickly sensitise and mobilise their members and the general public in their jurisdictions.

 


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