Mobile money: Association reiterates safety of customers’ funds

The Association of Mobile Money and Bank Agents in Nigeria (AMMABN) has restated its commitment to the safety of customers’ funds.

The chairman of the National Organising Committee of AMMABN’s seventh annual conference, Mr Yusuf Adeyemo, said this in an interview with newsmen on Tuesday in Lagos.

Adeyemo said the association was committed to the safety of customers’ funds in all mobile banking apps and platforms in spite of the smear campaigns against mobile money agents.

“Mobile money is relatively new to Nigeria, and it began with the agents who have successfully used it to transact business in billions of Naira.

“With the success rate in mobile money banking, we can sell it to the customers as a safe means of business transaction.

“In cases where we see smear campaigns on mobile banking agents or wallet accounts, it is when customers’ compromise their security pins to fraudsters that they lose their money,” Adeyemo said.

Adeyemi said the association would continue to educate customers activities of scammers and fraudsters to keep abreast of digital financial security.

“What we do as an association is to create awareness and to educate customers on digital usage of our platforms.

“Most customers do not have digital knowledge of the mobile money platforms.

“We let them know the importance of keeping their pins safe, the need for a strong password, and why they should not respond to fraudsters.

“Scammers and fraudsters are the reasons some customers lose their money and not the mobile money platforms,” the expert said.

He also stressed AMMABN’s commitment in ensuring proposer regulation of the sector for customers’ safety.

“AMMABN is also engaging the government on regulatory measures and more policies for the sector.

“We engage stakeholders and policy makers on boosting the chances of mobile money banking services.

“That is why we are hosting our conference to engage stakeholders in the sector, government and even customers for the growth of the sector.

“We also call for standardisation and certification of mobile money banking agents by the CBN at affordable rates and that is renewable.

“This will in turn help us fish out the fraudsters among us and keep the customers’ money safe,” he said.

AMMABN was set up in 2017 for the interest of all mobile money banking agents business and their customers in Nigeria.

It coordinates and serves as a voice for all providers of digital financial services in Nigeria.