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Maida Highlights Benefits of using Robust ICT in the Fight Against Financial Crimes

NCC's Boss

Dr. Aminu Maida, Executive Vice Chairman and CEO of the Nigerian Communications Commission (NCC), has underscored the pivotal role of Information and Communication Technology (ICT) in combatting financial crimes.

He noted that financial crimes, ranging from money laundering to cyber fraud, pose significant threats not only to economic stability but also to the security and trustworthiness of entities and individuals.

Dr. Maida noted this during his presentation at the 11th Anniversary Lecture Series of RealNews Magazine.

He emphasized the profound impact of these crimes on both a national and global scale, necessitating innovative approaches for effective prevention and intervention.

Dr. Maida underscored the critical role of robust ICT systems in preventing, investigating, and mitigating the risks associated with financial crimes. With the rise of digital technologies, the scope of these crimes has broadened, requiring sophisticated solutions. “ICT facilitates real-time monitoring, tracing, and analysis of digital transactions, supported by advanced data analytics, artificial intelligence, and machine learning.

He further highlighted specific ICT applications, including the use of blockchain, instant payments, artificial intelligence, machine learning, data analytics, and automated procedures.

He said the significance of partnerships with financial institutions, utilizing advanced data analytics to identify suspicious patterns and proactively prevent criminal activities.

While acknowledging the transformative power of ICT, Dr. Maida also addressed potential concerns associated with its use in combating financial crimes. These concerns ranged from threats to cybersecurity and algorithmic biases to human capacity issues and regulatory compliance challenges. The importance of continuous adaptation, collaboration, and international cooperation to address these concerns was underscored.

He further discussed the imperative of addressing inclusion and the digital divide, ensuring equal access to ICT services.

He highlighted NCC’s commitment to closing the digital gap through projects aimed at providing affordable and accessible ICT services to underprivileged communities.

“Collaboration among regulatory authorities, continuous improvement and adaptation, and international cooperation are key strategies for effectively tackling financial crimes”, he said.

Dr. Aminu Maida emphasized that while ICT plays a crucial role in combating financial crimes, it is essential to strike a balance between crime prevention and data privacy. Ongoing investment in ICT solutions, a multi-stakeholder approach involving technology specialists, legal professionals, and legislators, and public education on internet safety were highlighted as crucial components in the fight against emerging criminal methods.

He called for continued collaboration and international cooperation to effectively address the evolving landscape of financial crimes.

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