• Business - Companies
  • Updated: March 16, 2023

Telcos Not To Blame For Failed Bank Transactions — NCC

Telcos Not To Blame For Failed Bank Transactions — NCC

The Nigerian Communications Commission (NCC) has stated that the country’s telecommunication networks are not responsible for failed bank electronic transactions which have soared recently.

This was revealed by the Executive Vice Chairman, NCC, Prof. Umar Danbatta, on Wednesday during an event organised to commemorate the ‘2023 World Consumer Rights Day’ in Abuja on Wednesday.

“By the time cashless banking fully took off in late 2022, the connectivity platforms on which electronic transactions ride have become robust to the extent of being able to absorb the surge in demand for cashless transactions”, he said.

He further stated that the commission has continued to implement a policy that ensures improved access to broadband connectivity and has through its Computer Security Incident Response Team constantly alerted consumers to cyber threats that could have led to the compromise of their financial profile through the execution of malicious codes by threat actors.

Danbatta explained that the launch of 5G in the country will increase the deployment of telecom infrastructure which will trigger a high demand for data services which will result in increased energy consumption for the network infrastructure.

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