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The CEO of 9mobile, Obafemi Banigbe, recently shared his expertise at the Alliance for Innovative Regulation (AIR) virtual conference, tackling the pressing issue of digital payment fraud in West Africa.
His insightful perspectives offered valuable insights into combating identity theft, a major threat to African electronic money transfer security.
Speaking as a panelist in a session moderated by Nick Cook, the chief innovation officer at AIR, Banigbe outlined how telcos play a pivotal role in protecting financial transactions.
“Fraud is fundamentally a human challenge, not just a technological one,” he remarked, emphasising that identity theft remains central to electronic money transfer fraud and requires a community-driven, human-centred approach.
He emphasised the critical role of telecommunications companies as guardians of security in the financial ecosystem.
He outlined the proactive measures 9mobile and other telcos are taking to fortify financial systems, focusing on several key areas.
Banigbe highlighted the integration of Know Your Customer (KYC) systems, which leverage collaborations with national ID databases, banking records, and mobile number registries to enhance customer verification.
He also stressed the importance of robust security tools, including SIM registration, Biometric authentication (fingerprint and facial recognition), and One-Time Password (OTP)-based authentication.
These measures he said collectively strengthen verification processes, ensuring a more secure financial ecosystem.
Banigbe, reiterated the importance of partnerships between financial institutions and payment platforms.
These collaborations enable the secure sharing of intelligence, ensuring compliance with data protection laws.
This, in turn, facilitates the detection of suspicious activities while maintaining privacy.
He also highlighted the need to address delays in fraud tracking.
To achieve this, he advocated for the deployment of real-time blacklisting mechanisms. This would enable swift action on reported incidents, preventing fraudsters from exploiting time gaps.
While highlighting the need for industry-wide collaboration, Banigbe pointed to the cost-effectiveness of shared investments in advanced security architecture.
