Telcos reject banks’ request for SIM swap list




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Telecommunication have rejected demand by the Electronic Forum (NeFF) and banks to submit lists of SIM Swap customers to Nigeria Interbank Settlement (NIBSS) for watchlist against e-, it was learnt on Tuesday.

The Chairman, Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN), Yinka Tiamiyu, said stakeholders have been working with the Nigeria Interbank Settlement (NIBSS) Plc on how to improve the SIM Swap and make the banking safer for e-payment customers.

The Central Bank of Nigeria (CBN) Financial Stability Report showed that reported cases of and forgeries by banks increased to 25,029 from 20, 774 while the total amount involved stood at N18.94 billion.

Tiamiyu said a joint industry committee of the Electronic Forum (NeFF) and the Communication Commission have advised NIBSS Plc and the telcos to develop tools that allow Telcos submit records of SIMs swapped on network to NIBSS to enable the banks access such records online, real-time.

He said all the telcos have not been cooperative in this regard except for MTN.

“ACAEBIN has escalated this matter to the Central Bank of Nigeria (CBN) to intervene. We have also sought the intervention of the Adviser (NSA), pointing the security implication of this action of the Telcos to the security of the nation. The association not be deterred as we continue pushing until we get to desired destination,” he said.


Tiamiyu said the banking industry is creating a lot of digital to keep the running and if you look at the banks of fraud that resulted in the loss of about N2.1 billion, more than 90 per cent of those frauds were perpetrated through technologically driven channels.

He said the knowledge of technology enable internal auditors to identify gaps in Nigeria’s core banking applications, in the and what is needed to be done to bridge the gap.

He said banks and telcos collaboration is needed in the fight against e-fraud given the rise in the use of mobile phones for banking transactions.

He said telcos to step cooperation and collaboration with banks especially in the area of appropriate Know Your Customer (KYC) documentation, noting that the Association has collaborated with all the stakeholders in the industry in achieving all the transformations going on in the industry, especially in the payment systems.

“In fact, because of digitization, we must ensure that the and the Telcos are on the same page with us in realising the payment systems of dreams. The Law Enforcement Agencies have also come to realize the role and support the banks are making in the fight against fraud as such, there is the for cooperation and collaboration,” Tiamiyu said.

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