According to him in a statement, MVNOs would ultimately translate into lower costs, more service options, and better quality of service for subscribers.

The Nigerian Communications Commission recently introduced the MVNOs licence in its bid to engender competition and provide choices for telecom consumers.

According to the commission, MVNOs are carriers that don’t have their own wireless network but instead piggyback off another carrier’s platform for coverage through their cell phone plans.

Adeoti also noted that implementing strong security measures using technologies like encryption, two-factor authentication, and tokenisation to protect sensitive financial information could prevent unauthorised access to accounts and prevent fraud.

He said that data analytics and other tools could be used to monitor transactions for suspicious activity and flag potential fraud, while identity verification and biometric authentication could be used to confirm the identity of users before allowing them to access accounts or complete transactions.

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 payment trends and techniques in fraud prevention to stay one step ahead. And customers should be kept informed. Periodic publications and messages should be sent to customers to inform them of the need to be security conscious.”

He explained that security was at the heart of e-payment and that protecting customers should be a key decision for operators.

He urged operators to enhance connections in the payment space, providing solutions and infrastructure that would make payment possible and available without hassles, and drive digital payment transformation in a changing and demanding world, thereby, building more trust in digital payments.