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SIM Swap Fraud Threatens Mobile Money Plan

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The rising incidence of Subscribers Identification Module swap fraud in the country has become a major concern for stakeholders in the financial and telecommunication industry.

 

Telecoms subscribers are also concerned that the same manner in which airtime is lost on the mobile devices will play out when mobile financial services are handled by network operators.

 

Others who have experienced the fraudulent act alleged that insiders working with telecommunication companies are culpable in the act as network signal suddenly disappears before the victim’s bank account is wiped out.

 

Economic Confidential reported that Omoniyi Johnson, an engineer based in Lagos, who was once a victim of SIM swap fraud in which his personal information was used in requesting for a new SIM card by a fraudster.

 

He said over N200,000 was stolen from his bank account before he realised what happened.

 

According to him, network signal disappeared from his phone which persisted despite rebooting his mobile device.

 

“Initially, I thought my phone had developed some fault, but after taking it to technician the following day, it was discovered that my SIM card was faulty. On getting to the operators’ customer care centre, I found out that someone else requested for a new SIM with my number and had stolen my savings,” he explained.

 

Due to the many complaints of financial fraud from SIM swap, the NCC, in 2017, had introduced new requirements for replacing a lost or damaged SIM card.

The commission asked telecoms operators to request for court affidavit, national identification card, SIM pack among others as new requirements for replacing a lost SIM card.

 

Despite this intervention, the challenge persists.

 

Mrs. Felicia Onwuegbuchulam, director, Consumer Affairs Bureau, NCC, at the inauguration of newly elected executives of Industry Consumer Advisory Forum in December said the commission had received lots of complaints on how fraudsters were using mobile numbers to steal from bank accounts.

 

She was quoted as saying, “Though the money is not in their custody, we are not exonerating the telecom operators until we conclude our investigations. We believe there may be a connivance of telecom staff in all these crimes. Why should a subscriber’s line go off at the time fraud is about to be committed on their accounts?”

 

Speaking on the issue, Segun Akano, managing director, Upperlink Limited advised Nigerians not to entertain any fear that the involvement of telecommunication companies in mobile financial services would increase SIM swap fraud.

 

According to him, biometrics is an effective way of reducing exposure of customers’ information and curbing financial fraud.

He said, “If mobile money is working elsewhere and we are able to surmount the safety fear, we can as well do it better in Nigeria. I don’t think we should be scared that the fraudsters will take advantage of this. It is just a wakeup call to all the telcos to have their security intact on all their platforms.

 

“Not only do we have the benefit of Biometrics Verification Number, it is an added advantage for Nigeria when other countries running mobile money right now don’t have the facility that we call BVN.

 

“It can do a lot to reduce the vulnerability level of our platforms, knowing full well that if anybody does anything and you are caught, the system is closed against you.

 

“The agency banking is meant to reach the unbanked and all the agencies banking under the SANEF project have access to verify identity through BVN if they want or have a way to verify the identity of customers.”

 

Already, he said there were measures in place to ensure that transactions on a newly obtained SIM card did not exceed N20,000 on the first day.

 

He said, “If you transfer N20,000 and by the second day, the owner does not lodge a complaint, you will be allowed to do more, with that the perpetrators will not gain much and they can also be caught.

 

The motivation is not there because they are all being encumbered by the policies.”

 

Speaking at a stakeholders’ forum on financial fraud in Abuja, the Adebayo Shittu, minister of Communications, said the incidence of financial fraud using telecom platforms had become pervasive.

 

He added that the act had led to direct financial loss in the financial services sector, e-commerce, and telecommunications.

 

He said, “As a fall out of technological advancement, knowledge has increased and control has become even more complex, creating gaps which are being exploited by miscreants and nefarious individuals always looking to beat the system.”

 

Meanwhile, Gbenga Adebayo, chairman, Association of Licensed Telecommunication Operators of Nigeria, said discussions were ongoing with the telecoms operators, the Central Bank of Nigeria and other stakeholders to ensure adequate safety measures to protect customers were in place.


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Telecom

Vitel Wireless Lures Subscribers with “Data that Never Expires” Campaign

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Vitel Wireless, pioneer Mobile Virtual Network Operator (MVNO) licensed by the Nigerian Communications Commission (NCC), has launched an audacious “data that never expires” campaign designed to address consumer pain points in the market.

Vitel Wireless Lures Subscribers with “Data that Never Expires” Campaign

Kenneth Nwabueze, Chairman and CEO of Vitel Wireless

Fast-depleting data is a major issue for mobile users, particularly in Nigeria, with numerous complaints against network providers alleging that data plans exhaust prematurely.

But Vitel Wireless said it is now addressing the situation after extensive engagement with Nigerian consumers, particularly young people and small businesses.

Kenneth Neabueze, chairman of Vitel Wireless, said “What we’re saying to Nigerians is this, you buy the data, and you keep the data for as long as you want. There’s no more. You bought 2GB for two days, and it expires. If you buy that data under our scheme, it stays with you forever,” he said.

He added that the model promotes transparency and cost efficiency. “So it’s saving us money, it’s giving us transparency, and it’s giving us the ability to have control over how we spend and use our data,” he stated.

He noted that the concept was inspired by research into the everyday challenges Nigerians face.

“We talked to students who would tell us that in the middle of doing a project, they would be told that the data had expired, and we asked, ‘ How do we innovate?” We have analysed it, and we know, given the current economic conditions in Nigeria, you should buy the data with discounts of almost 40 per cent, and that’s why we are transparent”

The company has also unveiled a suite of products and services aimed at redefining connectivity, including its flagship Vitel Xphone.

The company explained that its services are available via both physical SIMs and eSIMs, with the 0712 number offering global use.

According to the firm, users can retain existing mobile numbers or migrate seamlessly, while enjoying nationwide coverage across all 36 states and the Federal Capital Territory with full GSM services including voice, SMS, USSD, and mobile data.

Chudi Nwabueze, chief operating officer of Vitel Wireless, described the firm as a technology telecom focused on innovation beyond traditional voice and data services.

“We’re coming in with a lot of innovation to activate applications and create tools that people can use in their businesses, homes, and daily lives,” he said.

He added that eSIM technology allows users to operate multiple lines on compatible devices, while introducing a range of digital solutions aimed at enhancing communication, safety, and business operations, anchored by its flagship Xphone.

Hence, the platform combines GSM and VoIP technologies to deliver seamless voice, video, and messaging services, along with cost-saving benefits and nationwide connectivity.

It is complemented by the Oga App, which enables real-time staff monitoring, automated payroll, and performance tracking to improve organisational efficiency.

Similarly, the network also rolled out SecureMe and Asset Tracker to address security and asset management needs.

While SecureMe provides GPS tracking and emergency alerts for personal and workplace safety, Asset Tracker helps businesses monitor and manage physical assets in real time.

Vitel Wireless noted that on pricing, challenged consumers to compare daily data costs across operators, while adding that the network offers discounts for higher volumes without imposing expiry limits.

Also speaking, Chinenye Adebayo,  relationship partnership manager, outlined opportunities for Nigerians to join the company’s distribution network by visiting the website and becoming a mobile agent or sun-agents in any state.

The company noted that its offerings, including Close User Group (CUG) services and high-speed wireless network, are designed to provide integrated digital solutions for individuals and enterprises, as it seeks to position itself as a disruptive force in Nigeria’s telecom sector.


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Nigeria, Ghana Trigger Stunning 45 Percent Surge in MTN Dividends

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MTN Group delivered impressive financial and operational achievements for 2025, boosted by strong performances in MTN Nigeria and MTN Ghana, as well as solid earnings from MTN South Africa.

Nigeria, Ghana Trigger Stunning 45 Percent Surge in MTN Dividends

The three core markets of Africa’s largest mobile provider enhanced profitability, free cash flow, and shareholder dividends by 45%.

IT Web Africa reported that Ralph Mupita, group CEO and president, MTN, highlighted that the telecoms giant’s robust commercial momentum across key markets capped the final year of its Ambition 2025 strategy, while laying the foundation for a new long-term growth phase under Ambition 2030.

“The Group’s overall performance in 2025 was excellent. In the final year of our Ambition 2025 strategy, we were proud to have exceeded the 300 million customers milestone,” he said.

MTN revealed that it now serves more than 307 million voice subscribers, 172 million data users, and 70 million Mobile Money customers across 16 African markets, reflecting the continent’s growing demand for digital connectivity and financial services.

The operator credited its results to disciplined commercial execution and sustained investment in network infrastructure, with R38 billion spent during the year to expand capacity, improve coverage and enhance service quality.

The group reported that data traffic surged 27%, while average monthly data consumption per user climbed to 12.5GB, up from 10.8GB a year earlier, reflecting Africa’s fast-growing appetite for digital services.

Financially, the performance was driven by MTN’s largest markets.

In constant currency terms, MTN Nigeria grew service revenue by 54.9%, while MTN Ghana increased service revenue by 35.9%.

Meanwhile, MTN South Africa recorded 2% growth, demonstrating operational resilience in one of the continent’s most mature and competitive telecom markets.

MTN Group service revenue rose nearly a quarter to R218 billion, while earnings before interest, tax, depreciation and amortisation climbed to R98.5 billion, supported by R3.6 billion in expense efficiencies.

Mupita stressed that the strong results translated into robust free cash flow and improved return generation, allowing the board to declare a dividend of 500 cents per share, up from 345 cents the previous year.

“This comfortably exceeds the minimum dividend of 370 cents we had previously guided,” he said.

The group also announced a R6 billion share buyback programme as part of an enhanced shareholder remuneration framework aimed at delivering stronger long-term returns.

Alongside its results, MTN unveiled Ambition 2030, a strategy centred on three platforms, connectivity, fintech and digital infrastructure, as it seeks to capture the next wave of growth driven by data adoption and financial inclusion across Africa.

“We are hugely excited about Africa’s potential. We are well positioned to leverage our scale, footprint and brand leadership to capture the significant structural growth opportunities identified,” said Mupita.

 

Source: IT Web Africa


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ATCIS Urges FG to Ensure Safety of Consumers Data

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Association of Telephone, Cable TV, and Internet Subscribers of Nigeria (ATCIS) non-profit consumer rights group dedicated to protecting the rights, interests, and welfare of telecommunications subscribers, has urged the Federal Government to ensure safety of telecom consumers’ data hosted by government agencies.

ATCIS Urges FG to Ensure Safety of Consumers Data

Dr Sina Bilesanmi, president of the body stated this World Consumers Day in Lagos.

He alleged that said subscribers” data are being jeopardised by some of its agencies.

Bilesanmi urged government to ensure that every subscriber in Nigeria can use digital service without fear of physical, financial, or data-related harm.

The ACTIS president said safety in the telecommunication sector extends beyond physical hardware to include data privacy and protection from cyber fraud.

“We call for stricter enforcement by the Standard organization of Nigeria (SON) to eliminate substandard mobile devices and Cable Tv equipment that pose fire or electric hazards.

“We also want safe services from telecoms that are transparent – free from hidden charges and misleading advertisements”, he said.

He urged subscribers to utilize platforms like ACTIS as well as NCC and even FCCPC web portal when they encounter service failures.

He also tasked FG on hosting Nigerian Data Privacy in the country.

He said: “We ask for more robust surveillance and swifter penalties for entities that violate consumer safety standards. We admonish the subscribers to be aware and speak out, a vigilant consumer is a protected consumer.”


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