NCC urges Stakeholders to protect Consumers from Financial Losses

The Nigerian Communications Commission NCC has called on all the stakeholders in the digital finance sector to protect consumers from financial losses.

The Executive Vice Chairman (EVC) of NCC, Professor Umar Danbatta stated this at the 2022 World Consumer Rights Day, celebrated in Abuja with the theme: “Fair Digital Finance”.

Danbatta emphasised on the theme as announced by Consumer International and urged stakeholders to do more in protecting consumers and keeping them informed.

He said this is necessary because “more people are signing up for digital financial services like banking, insurance, and investment management. However, some of these consumers must cope with vulnerabilities in using digital financial services. These challenges of adapting to digital platforms for transactions are further worsened by unscrupulous people that exploit consumer vulnerabilities for illicit gains. All stakeholders have the responsibility to protect consumers against losses on account of their adopting digital platforms; they should enjoy the protection as obtained on the legacy platforms.”

Access to digital platforms
The EVC also noted that despite the challenges faced by the commission in protecting digital finance consumers, the Commission is also working hard to bring in those who lack access to digital platforms for now.

“As we address the threat and challenges to those that are already connected to digital finance, the Commission is mindful of those that are yet to be connected because of coverage issues. As many as 35 million Nigerians are yet to have access to telecommunications services and by implication, they lack access to digital financial services,” he said

According to Danbatta, the situation denies these Nigerians access to digital financial inclusion. It is a challenge that is attributable to the inadequacy of both wireless and fibre connectivity infrastructure.

“The fact remains that more citizens will embrace the digital financial culture when they have access to telecom services in the distant, isolated and underserved communities where they dwell,” he emphasised

He assured that an increase in infrastructure will increase digital inclusion and enable the country to achieve its 80% digital inclusion in the next four years.

“We are therefore conscious of the urgency of increasing investment in both fixed and wireless infrastructure. This will make the target of at least 80 percent level of financial inclusion in about four years possible,” he said.

Consumer assistance desks
The EVC said that the commission will establish telecom consumer assistance desks at strategic locations across the country.

“The Commission has finalized arrangements to establish the Telecom Consumer Assistance, Resolution and Enquiries (TELCARE) Desk, at strategic locations across the country to provide information to telecom consumers,” he added.

The Chairman Board of the NCC, Professor Adeolu Akande while emphasising  on the theme: “Fair Digital Finance”, said it was apt because the increasingly high speed of digitalisation of financial services has thrown up many challenges for consumers as they navigate the “new” financial services landscape.

He said “on the other hand, the theme is appropriate because now is the time to address issues that would make access to, and usage of digital financial services safer for the consumer. The annual commemoration of World Consumer Rights Day is, therefore, a catalyst for the Commission to scale up what it is already doing to protect, inform and educate the telecom consumer.”

The Country Director of Save the Consumer, Aliyu Ilias commended the NCC and also called on the Commission, CBN, NITDA and other regulators to come up with regulations to check and investigate the activities of online loan providers nationwide.

President, National Disability Empowerment Forum (NADEF) Dr. Christopher Nwanoro applauded the NCC towards its effort in the social inclusion of persons with disabilities in Nigeria and also sought the Commission’s support to produce user-friendly telecom manuals especially in the form of Braille to assist consumers living with disabilities.

The Director Consumer Affairs Bureau, Mr. Efosa Idehen explained that the Consumer Day reiterates the motto of the Bureau to the telecom consumer which is “take advantage of us so that no one can take advantage of you” in your digital financial transactions.

The event also featured debates for secondary schools and road walk to enlighten consumers across the country.

Nneka Ukachukwu