Telecom Networks Capable of Massive Digital Banking, Not to be Blamed For Failed Transactions– NCC

The Nigerian Communications Commission, NCC has assured citizens of the capacity of Telecommunication companies in the country to deliver hitch-free digital banking services.

This is as the NCC stated that telecommunication networks should not be blamed for failed bank transactions and difficulties in electronic payment encountered by bank customers.

Investors King gathered that bank users and experts have complained about the slow online banking services and failed transactions, holding telecom networks responsible for the hitches amidst the current cash crunch bedeviling the nation.

The Vice Chairman, NCC, Prof. Umar Danbatta, during an event to commemorate the ‘2023 World Consumer Rights Day’ in Abuja on Wednesday, noted that Nigeria’s telecommunication companies can operate effectively regardless of the rise in the use of online banking systems since the last quarter of 2022.

Danbatta said the NCC has enforced more policies in tune with the enhancement of access to broadband connectivity across the country.

He stated that the commission’s Computer Security Incident Response Team has been effective in drawing the attention of consumers to cyber threats and bullying which could have made them expose their financial details into wrong hands.

Speaking on the benefits of the 5G network, Prof. Danbatta said the 5G will attract more telecommunication infrastructure and resources which will in turn cause a rise in the demand and use of data services. 

He added that the increased demand in data services will improve the rate of energy consumption for the telecommunication network infrastructure.

“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.” Danbatta said.