MACRA engage financial service regulators in digital financial service security
Malawi Communications Regulatory Authority, (MACRA) says as a telecommunications regulator it is crucial to work closely with the financial service regulator which is the reserve bank of Malawi in ensuring that they strengthen security within digital financial services.
MACRA director general, Daudi Sulemani says as the world is progressing in digital terms Malawi is also fast adopting in digital financial services as almost all the banks in Malawi are providing mobile banking as well as we have two major mobile money networks which is airtel money and Tnm mpamba but the more the people are enganging in this the more the risk it may be so it is much important for MACRA to raise confidence into this digtalization for more Malawians to embrace.
He made these sentiments during the digital financial services security workshop organized in Lilongwe, as different players within financial service regulation converge to get insights on how they can address security risks to digital finance ecosystem.
“The gap that we are getting now is about digital literacy, this issue cuts across to people that have PDH and those that have never been at school because digital space is a new space which everyone is being exposed to, we have been seeing cases of bosses being scammed with an SMS by someone else, so you can see that the level of understanding on digital surfaces and digtalization it hasn’t been deepened across the board, so the biggest risk we are seeing is poor digital literacy that has been entreached among us, ” Sulemani said.
He also added that as MACRA they are working tirelessly to efforce a regulation whereby one person is entitled to access only ten simcards in order to minimize issues of fraud within the digital space and that they are working into a new technology known as Central Equipment Identity Register (C. E. I. R) as this will also give a great direction in eliminating these issues of fraud as well as cybercrime.
This is coming at a time MACRA is also hosting the International Telecommunications Union workshop as member states globally as well as various industry players from Malawi including mobile network provides are sharing knowledge in order to fix gaps within the digital space.
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