Telecom
SIM Swap Fraud Threatens Mobile Money Plan
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.
Airtel Nigeria has restated its commitment to transparency, customer safety, and regulatory collaboration following recent regulatory enforcement by the Nigerian Communications Commission (NCC).
The NCC had served Airtel Nigeria a notice of sanction over some alleged SIM infractions in Kano State and consequently slammed a fine of N104 million on the telecommunications firm.
NCC had in a letter, addressed to Airtel Nigeria Chief Executive Officer, dated May 26, 2025, signed by Chizua Whyte, head, Legal and Regulatory Services, and Mohammed Dari, acting head, Compliance Monitoring and Enforcement, on behalf of Dr Aminu Maida, executive vice chairman, NCC, titled: ‘Notice of Sanction: Non-Compliance with SIM Registration Directive in Kano,’ where the infractions were spelt out.
According to NCC, Airtel infractions include unauthorised SIM registrations using 198 unapproved devices, resulting in 8,275 registrations outside the 281 verified Airtel shops; premature activation of 63 MSISDNs prior to proper SIM registration, contrary to the provisions of the Registration of Communications Subscribers Regulations 2022; failure to conduct effective eyeballing, leading to 407 fraudulent SIM registrations with multiple NINs, contrary to the provision of the Registration of Communications Subscribers Regulations 2022 and failure to provide satisfactory explanation for SIM registrations conducted between 12.00 a.m and 6.00 a.m.
On the matter, the letter revealed that there were some letter exchanges and subsequent meetings on the infractions between the telecom regulator and Airtel, starting from January 12, 2025, March 19, 2025, March 24, 2025, and March 27, 2025, respectively.
Apparently, after investigations and responses from Airtel, the NCC was not satisfied and this led to the fine of N104 million, which was to be paid within seven days from the date the letter was issued.
Specifically, NCC fined Airtel N5 million, N12 million, N81.4 million and N5 million for the infractions respectively.
Reacting, Airtel, expressed appreciation to the NCC for uncovering the infractions, describing the development as a critical opportunity to strengthen internal processes and further align with national security and regulatory expectations
“We thank the NCC for its vigilance and continued support in protecting the integrity of the telecoms ecosystem. Airtel takes these findings seriously and is already implementing corrective measures,” a spokesperson for the company said.
Only recently, Airtel Nigeria’s CEO recently announced that the company is doubling its investment in the country, focusing on network expansion, fiber-to-the-street rollout, 4G/5G deployment, customer care upgrades, and digital infrastructure security.
These investments reinforce Airtel’s long-term vision of building a resilient and forward-looking telecom network that meets the evolving needs of Nigerians.
“Our systems are constantly evolving to stay ahead of scammers and malicious actors,” the spokesperson added. “This is not just about compliance; it’s about our responsibility to the millions of Nigerians who rely on Airtel daily.”
Airtel Nigeria says it will continue to work closely with the NCC and other arms of government to ensure high standards of service and safety for all telecom users nationwide.
Kenya is celebrating its regulatory ecosystem being ranked as the most progressive in Africa. The International Telecommunications Union (ITU) has ranked the East African country first in its most recent ICT Regulatory Tracker.
ITU’s ICT Regulatory Tracker is an evidence-gathering tool for decision-makers and regulators. It demonstrates the effectiveness of regulatory systems in the age of technology.
The ITU evaluates the design of the national regulatory authority, the scope of the regulatory mandate, the obtaining regulatory environment, and the robustness of the competition framework in member countries.
Kenya received 93 points, up from 92 in 2023, and now leads the continent in best practices for ICT regulations.
Nigeria and South Africa finished second and third, with 92 and 88 points respectively. Malawi, Egypt, Rwanda, Morocco, Uganda, Burkina Faso, and Senegal complete the top 10 list.
Globally, Kenya was ranked 20th out of 194 countries covered.Italy led the rankings, with 100 points.
The regulator, Communications Authority (CA) of Kenya, said the achievement underscored Kenya’s commitment to creating a robust, technology-neutral regulatory environment that supports innovation, affordability and access.
Steve Isaboke, permanent secretary for broadcasting and telecommunications, visited CA Centre in Nairobi following the announcement on Thursday.
“The ranking is a clear testament of the excellent work that CA has done in spearheading Kenya’s digital transformation and driving digital access for all,” he said.
“After 25 years, CA’s regulatory regime has attained maturity, and gained global recognition. This ranking shows that the CA staff and leadership are executing their work diligently.”
MTN Nigeria Communications PLC has announced a significant increase in female representation within its leadership, with women now making up 41.4% of its workforce, a notable rise from 38.7% in 2023.
This figure reportedly doubles the industry average, positioning MTN Nigeria as a frontrunner in gender diversity within Nigeria’s ICT sector.
The company’s recently released 2024 Annual Report highlights its sustained commitment to workplace inclusion and gender equality, aligning with its “Ambition 2025” strategy. Female representation within the executive management team has reached approximately 46.7%.
MTN Nigeria attributes this progress to dedicated initiatives aimed at empowering women professionally. These include the “Women in Tech” programme, which provides targeted upskilling in high-demand fields such as Cloud Computing, Software Engineering, AI/ML, Data Science, and Cyber Security.
The “MTN Y’ello Mums Internship Programme” also supports young mothers in their transition back into the corporate world after career breaks.
Odunayo Sanya, executive director of the MTN Foundation, was recognised as the CSI Personality of the Year at the Nigeria Tech Innovation & Telecoms Awards (NTITA), further underscoring the company’s impactful social initiatives.
Additionally, Uto Ukpanah, the company secretary, received the inaugural Global Corporate Secretary of the Year Award from the Corporate Secretaries International Association (CSIA).
Speaking at a recent conference, Odunayo Sanya, emphasised the importance of balancing profitability and sustainability equation, saying, “Businesses today need to be purpose-driven. While the soul of business is profitability, it is not profitability alone that should matter to stakeholders.”
Uto Ukpanah, added, “Showcasing our corporate values and ethos to the world opens the door for greater collaboration with other organisations, as we believe there’s a lot to learn when we all come together. Governance continues to evolve. The challenges today are not the same as they were 10 years ago. Greater accountability is expected, and companies can only continue to do better.”
The company’s broader efforts in diversity and inclusion have been acknowledged with multiple accolades, including the Corporate Responsibility Award. MTN Nigeria also received the “Employer of the Year” award at the 4th Edition of the Nigeria Employers’ Consultative Association (NECA) Employers’ Excellence Awards.
Karl Toriola, CEO of MTN Nigeria, in the report, reiterated the company’s commitment to building a purpose-driven organisation, emphasising that its success is intrinsically linked to its people and their dedication to a shared vision.
“Since we initiated our culture transformation journey in 2021, our culture transformation has significantly enhanced employee engagement and organisational cohesion. It’s directly strengthened our ability to deliver outstanding business performance and drive sustainable long-term value for all our stakeholders.”
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