The recently licenced Mobile Virtual Network Operators (MVNOs will help to reduce the cost of telecom services in the country, Femi Adeoti, the Group Managing Director of Routelink Group has said.
Adeoti, in a statement said that the introduction of MVNOs will result in lower costs, increased service options, and improved quality of service for subscribers.
The Nigerian Communications Commission implemented the MVNOs licence as a means to promote competition and offer more choices for telecom consumers.
MVNOs are carriers that do not own their own wireless network but instead depend on another carrier’s platform for coverage via their cell phone plans.
Adeoti pointed out the importance of incorporating robust security measures, such as encryption, two-factor authentication, and tokenisation, to safeguard confidential financial data. These measures play a vital role in preventing unauthorized access to accounts and thwarting fraudulent activities.
Moreover, he highlighted the value of leveraging data analytics and similar tools to constantly monitor transactions for any signs of suspicious behavior or potential fraud. These tools can identify and flag irregularities, enhancing the security of financial systems.
Additionally, Adeoti emphasized the significance of utilizing identity verification and biometric authentication techniques to verify the identity of users before granting them access to accounts or allowing them to conduct transactions. These techniques serve as a reliable means of confirming users’ identities effectively.
Adeoti stated, “Employees should be educated and trained on the importance of fraud prevention and how to detect and prevent fraud. This can help ensure that there is a primary focus on fraud prevention in the entire company.”
“Then, it is important to stay up to date on the latest fraud prevention techniques. Fraudsters are constantly finding new ways to commit fraud. So, the payment landscape needs to stay on top of the latest digital
