CellTrust says SMS system meets CBN security requirement

CellTrust says SMS system meets CBN security requirements
Ben Uzor Jr
CellTrust Corporation, the world's largest provider of SecureSMS for mobile phones, has announced that its SecureSMS platform meets the new and stringent SecureSMS security requirements of the Central Bank of Nigeria (CBN). With approximately 53 percent of the adult population in Nigeria financially excluded, the CBN has been working feverishly to spur innovation within the financial services sector. As the government of Nigeria launched its FSS 2020 strategy back in 2007 to catapult the country into the ranks of the top 20 global financial systems by 2020, it went about promoting microfinance and more recently secure mobile banking in effort to extend financial products and services to those previously excluded. Since the launch of the FSS 2020, microfinance and SMS banking landscape has witnessed significant growth and adoption throughout Nigeria. In June of this year, the Central Bank of Nigeria released new and significantly more rigorous security and compliance regulations compelling financial service providers and their partners to utilise Secure SMS when transmitting remittance information via SMS. Furthermore, they require a complete audit trail for all levels of the financial transaction including SMS remittance information to be maintained for a minimum of five years.
Sean Moshir, chief executive officer of CellTrust said: “We are pleased to announce that we meet the rigorous mobile security and compliance requirements of the Central Bank of Nigeria. CellTrust SecureSMS helps reduce fraud, lower call center costs, and increase revenue potential while dramatically reaching out to the approximately 60 million un-banked citizens across Nigeria.” He added: “CellTrust of Africa has already begun discussions with municipalities in the region, as well as with enterprises in the healthcare services/banking, education and governmental sector. Prospective SecureSMS user will now be able to optimise the ubiquitous nature of SMS in a secure, reliable and highly confidential environment.” The new CellTrust franchise will operate from its headquarters in Abuja, Nigeria championed by Samuel Ucheaga, managing director; founder of Mavis Computel, a leading provider of wireless network solutions with a well established sales and distribution network in the region. According to Ucheaga, the market for secure mobile applications in Africa is multi-faceted and very promising. “Key industries include mobile healthcare, mobile government and mobile financial services with a special emphasis on mobile money transfer, and mobile micro-credit applications, which are already evoking tremendous change across the continent.”
The company’s customer base will benefit from its award winning SecureSMS Gateway, enabling businesses to exchange critical information with customers using mobile devices in a trusted and secured environment. SecureSMS provides end-to-end privacy on the mobile device via a highly encrypted, tamper-proof process. A remote wipe functionality that ensures users can wipe the handsets if it is lost or stolen adds another critical layer of security. Additional features that will soon be available on CellTrust SecureSMS include a dynamic menu system for mobile banking and mobile payment.