At the forefront of the battle against digital payment fraud, Obafemi Banigbe, CEO of 9mobile, delivered a powerful call to action at the Alliance for Innovative Regulation (AIR) virtual conference. Themed around securing electronic money transfers in Africa, the conference drew industry leaders and experts to address one of the continent’s most pressing financial challenges: identity theft.
Banigbe’s presentation underscored the critical role telecommunications companies play in safeguarding the financial ecosystem. “Fraud is fundamentally a human challenge, not just a technological one,” he said, emphasizing that combating identity theft requires a holistic, community-driven approach.
Detailing the measures 9mobile has implemented, Banigbe highlighted advanced tools like biometric authentication, real-time blacklisting mechanisms for fraud detection, and robust Know Your Customer (KYC) systems integrated with national ID databases. These tools, combined with partnerships between telcos and financial institutions, form the backbone of a secure digital financial environment.
Banigbe’s remarks were part of a broader discussion featuring other industry voices, including Ikenna Ndugbu (Moniepoint) and Sheila Senfuma (Consumers International). Together, they explored ways to enhance financial inclusion, tackle vulnerabilities in informal systems, and improve accessibility for underserved populations.
He also touched on internal fraud risks, advocating for tighter access controls within organizations to prevent collusion. “Regulating internal access is just as important as monitoring external threats,” Banigbe noted.
The conference’s conclusion was clear: collaboration between telcos, banks, and regulators is vital. Banigbe summed it up best, stating, “This fight requires a united effort—educating the public, supporting fraud victims, and fostering an inclusive digital financial ecosystem.”
With over 100 participants and a commitment to innovation and partnership, the event marked a significant step toward a more secure financial future for Africa
KELECHI OKORIE
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