The Payments Forum Nigeria (PAFON 1.0), which took place on March 21, 2024, at the Oriental Hotel, Lagos, Nigeria, was a gathering of industry experts who discussed the theme, “Payments: Trust, Security, and Privacy in the AI Era”.
The event brought together thought leaders and professionals from various sectors of the payment sector, offering insights, strategies, and solutions to the challenges faced in an increasingly digitized financial industry.
Setting the ball rolling in his keynote presentation, Mr. Festus Amede, chairman of the Committee of Chief Information Security Officers of Nigerian Financial Institutions (CCISONFI), outlined the importance of implementing robust security measures to protect sensitive financial data in the face of emerging threats.
Amede, who doubles as the chief information security officer of Zenith Bank was represented by Mr. Olusola Adediran, a member of CCISONFI and the chief information security officer of Nigeria Inter-Bank Settlement System (NIBSS), noted, “When discussing topics like security and privacy in business, it’s essential to shift our focus towards events that emphasize trust, security, and privacy.”
He further delved into the complexities of online transactions, emphasizing the need for continuous adaptation and innovation to mitigate risks.
Amede also explained the role of technology in enhancing security protocols and safeguarding against fraudulent activities.
A well-recognized solution in the financial sector is Moniepoint MFB, the key sponsor of PAFON 1.0.
Ikenna Ndugbu, chief compliance officer, represented by Isoken Aigbomian, regional sales Manager, Moniepoint, highlighted the evolution of Moniepoint into a leading payment processor, stating, “We started off with a virtual account service where we automated payments or transfers, allowing customers and businesses to make and receive payments seamlessly through transfers. This was what catapulted and was modified into the limelight and household name that seems to be.”
Aigbomian emphasized the company’s focus on providing flexible payment options to businesses across various sectors, stating, “Today, Moniepoint offers a wide variety of payment options to businesses. There is an online payment platform, in-person payments option and then there are the cash payments via our ATM network, which is almost, I think, one of the largest, as well.”
She explained how Moniepoint MFB identified the need for a seamless payment experience and developed innovative solutions to address it. “So what we did was we looked inward, and we said the most popular means of payment in Nigeria is transfer. So we worked with our engineers and were able to build an infrastructure.”
She concluded by highlighting the company’s reliability and commitment to customer satisfaction, “Beyond being highly reliable, we have the experience of less than 1% failure rate meaning entrusting us with your payment services will ensure a 99.9% success trust so simple transaction at any point in time and because selection becomes smoother, your business operations become smoother and it’s basically the best for any business to date.”
PAFON 1.0 featured discussions on various entangled topics ranging from AI-driven payment solutions to the challenges brought by cyber threats.
Speakers highlighted the importance of consumer trust, data privacy, and regulatory compliance in facilitating a secure payment ecosystem.
The need for collaboration among industry stakeholders to address emerging challenges effectively was emphasized.
Roosevelt Elias, Founder of Payble, noted the importance of data privacy and security in the age of digital payments, stating, “It is essential to preserve the details of such trusted transactions, as they often hold significant importance for the company’s outcomes and operations.”
He endorsed for cautious use of data and highlighted the need for AI encryption and compliance-based companies to protect user privacy and ensure regulatory compliance.
On the other hand, Peter Evbota, sales director at inq. Digital Nigeria Limited, spoke on artificial intelligence (AI) and its ability to transform sectors, particularly in data analytics and security.
He emphasized the power of AI in processing both structured and unstructured data, highlighting its ability to detect patterns and provide valuable insights.
However, he also warned of the security risks associated with AI, stressing the need for strong security measures and regulatory compliance in the financial sector.
In a goodwill message, Mr. Lucas Ajanaku, vice chairman of the Nigeria Information Technology Reporters Association (NITRA), represented by Chidiebere Nwankwo, NITRA Secretary, emphasized the significance of security in his goodwill message. He stressed the need for collaboration and dissemination of accurate information to safeguard consumers’ interests.
Earlier in a welcome address, Mr. Chike Onwuegbuchi, co-founder of TechCastle Foundation, the program’s organizers, highlighted the necessity of addressing ongoing issues within Nigeria’s payment systems.
He emphasized the importance of interoperability among banks and platforms to facilitate seamless transactions.
Mr. Onwuegbuchi stated, “We looked at the payment system in Nigeria and we found out that there have been conversations around payment and there have been unresolved issues.”
Onwuegbuchi further touched upon the prevalence of misinformation regarding payment methods, urging for clarity and education to combat false information. He stated, “When people tell you that you cannot use a particular service or individual based on what somebody else said, merely tapping your finger on the monitor, it’s not true.”
Key Takeaways from PAFON 1.0 Panel Session
During the Panel Session, moderated by Peter Oluka, Chief Editor, Techeconomy, experts delved into important aspects of payment systems in Nigeria, engaging in discussions that spanned execution, investments, protection technologies, and awareness.
One of the central themes addressed was the intersection of trust and security as regards artificial intelligence (AI) integration into payment systems.
Panellists emphasized the imperative of ensuring solid trust and security mechanisms as AI becomes increasingly intertwined with payment ecosystems, safeguarding against potential vulnerabilities and threats.
Infrastructure’s key role in underpinning the security and integrity of payment systems was a relevant aspect of the discussion. Cloud service providers were particularly highlighted for their contributions, both in advancing AI technologies and also in bolstering security measures.
Panellists emphasized the multifaceted nature of security technology implementation, acknowledging challenges such as cost implications, complexity, and the necessity of ongoing investment to fortify defences against evolving threats and fraudulent activities.
Regulatory policies and their efficacy in mitigating risks and ensuring compliance were explored, with a focus on potential limitations and barriers to effective implementation.
While Nigeria has robust regulatory frameworks, the importance of alignment with international standards and the need for continuous investment in compliance measures to enhance security and privacy protections were noted.
The imperative of customer awareness and education in combating fraud and phishing attacks was emphasized throughout the session.
Panellists at PAFON 1.0 outlined initiatives aimed at educating customers, leveraging offline distribution networks for outreach, and deploying advanced technologies to detect and prevent fraudulent activities effectively.
Collaboration was another central tenet pointed out for addressing security challenges comprehensively.
The interconnected nature of the payment ecosystem was stressed and advocated for collective efforts among stakeholders to enhance security measures and foster customer trust.
The session also highlighted the need for cohesive collaboration and ecosystem support to ensure payment systems thrive effectively.
These, as mentioned, will ensure a safe, resilient, and inclusive payment infrastructure for all stakeholders.
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