Business Hilights
Tracking Nigeria's Headline Business News Online

Advert space

NCC, CBN missing as M’Money Agents seek better operating security environment

Barely two weeks after the Ghanaian lead telecoms regulatory agency, National Communications Authority (NCA) rolled out operating regulations to guide mobile money transactions, the Association of Mobile Money Agents of Nigeria (AMMAN), has called for seamless operating security architecture.
At a recent workshop on process flow in the mobile money ecosystem to find solutions to fraud in the sector, leading industry regulators including the Nigerian Communications Commission (NCC), Central Bank of Nigeria (CBN) were absent.
Recall that few weeks ago, the apex bank came up with a new department designated with issues of Financial Technology (FinTech) regulatory framework development and compliance monitoring without recourse to the NCC.
Though the workshop was on security with theme: ‘Security Organisations: What you need to know about mobile money and payment in Nigeria,’ stakeholders believed that the meeting provided a synergy for every security agency in attendance to present three officers, who were trained in the first series of the security summit.
However, experts in the market space say the first line charge would have been to partner with key industry regulators first on how to draft segment regulations which will among other things fashion out issues bordering on transaction security like the Ghanaian NCA have done.
But in his remarks at the workshop, President of AMMAN and chief executive of Pagatech, a Mobile Money group, Victor Olojo, noted that “The security forum put together by Pagatech is a major step in the right direction. Paga as a responsible company has taken the lead in sensitising security operatives and other stakeholders on how the payment system works in Nigeria”.
“More encouraging for us is that efforts put in place by the company will go a long way in correcting many instances of harassment, intimidation and detaining of agents across the country over irregular payment issues beyond our control”.”
Olojo averred that his group has over the years, been at the forefront of driving financial inclusion with support from the CBN, revealing that his company has created financial access services points (Agent Network) across Nigeria’s processing payments, especially for the financially-excluded.
Corroborating Olojo’s views, the Co-Founder and Director of Business Development at Pagatech, Jay Alabraba, revealed that “At Paga, we constantly seek opportunities to learn and understand how payments are processed and other extraneous variables that could hinder a successful transaction. This security conference which will be held yearly is a great opportunity for both Paga and security agencies to rub minds together and have a smooth working relationship.”