The Chief Executive Officer of Mobile Money Fintech Limited, Shaibu Haruna, has called for stronger collaboration across industries to tackle the growing threat of mobile money and digital fraud.

Speaking on Joy FM’s Super Morning Show on Monday, April 13, Mr Haruna said fraud is no longer limited to financial transactions but has spread widely across the digital space.

“It’s now happening on all rails, especially in the digital space. Once you are using the internet and you are buying services or even consuming services that are not even payment-related, fraud is in that environment,” he said.

He stressed that addressing the challenge requires a united response beyond the traditional financial sector.

“First and foremost, we need to have a much more collaborative effort as an industry to deal with it. It is no longer an issue for just the financial ecosystem, but also even for the e-commerce players,” he said.

Mr Haruna explained that banks, fintech firms and online service providers must work together through shared systems to respond quickly to evolving fraud tactics.

“We need to come together and forge a mutual platform that enables us to promptly deal with some of these typologies,” he said.

He also highlighted the role of technology, particularly artificial intelligence, in addressing the challenge, but cautioned that such solutions must be carefully coordinated.

“A lot of AI innovation can come in here to help us address these issues, but it has to be done in a very integrated manner within a certain framework,” he stated.

According to him, such a framework should enable all stakeholders, including financial institutions and e-commerce platforms, to collaborate effectively.

“It should allow all parties, banks, finance, fintech, and e-commerce providers, to be able to work collaboratively to deal with this menace,” he added.