Amede who was represented by an executive member of CCISONFI, Mr. Olusola Odediran (also, the Chief Information Security Officer) Nigeria Inter-Bank Settlement System (NIBSS), spoke during his keynote presentation at the maiden edition of Payments Forum Nigeria (PAFON 1.0) held at Oriental Hotel, Lagos on Thursday.

His presentation themed, ‘Payments: Trust, Security and Privacy in AI Era,’ explored the critical aspects of trust, security, and privacy in payments, and provided insights into the challenges, solutions, and future trends in safeguarding transactions in the digital landscape.

The CCISONFI chairman stated that although the payment industry enjoys such regulatory oversights arising from the Nigerian Data Protection Act (NDPA) and Data protection laws, the Payment Card Industry Data Security Standard (PCI DSS), and the compliance requirements for businesses, the industry has balanced security and convenience relying on user experience in payment security, seamless authentication methods, and biometric and tokenized payments.

On how emerging Technologies will impact the payment industry, he disclosed that while Blockchain will be deployed to ensure secure transactions, Artificial Intelligence and Machine Learning will be used in fraud prevention even as privacy-preserving computing impact cannot be underestimated.

Amede called on players in the payment industry to continue to educate consumers by providing them with tips on how to secure online payments, how to recognise phishing attempts, and the importance of keeping software updated.

He listed some of the best practices for businesses including regular security audits and penetration testing; employee training on security protocols; and ensuring collaboration with payment security experts.

Speaking further on the need to build trust in payment systems, Amede, who is also the CISO of Zenith Bank Plc emphasised the importance of trust for consumer adoption, transparency in transactions, and commitment to securing the payment infrastructure.

He stated that the Payment Systems are exposed to such threats and vulnerabilities as Cyber Attacks and Data Breaches, Phishing and Social Engineering, and malware and ransomware.

Ikenna Ndugbu, the chief compliance officer, represented by Isoken Aigbomian, the 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.”

Roosevelt Elias, the 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.

Earlier in his welcome address, Mr. Chike Onwuegbuchi, co-founder of TechCastle Foundation, organisers of the event, while giving insight into why the forum was berthed, said payments are very critical in the economy of every country including Nigeria.

“Last year, before the elections, we witnessed what Nigerians faced in the payments system- ATMs were not working to dispense cash, and at merchant locations, it was difficult to make payments with banks’ PoS thanks to Moniepoint and few others that came to the rescue,” he said.

Onwuegbuchi noted that there had been issues of declined transactions and customers’ accounts debited, in addition to an existing systemic fraud, misinformation and lack of information that have led to customers losing their money to fraudsters.

“After looking at these issues and many more, we at TechCastle Foundation decided to create a platform where stakeholders could discuss these issues with the objective of making our Payments systems better,” he said.

He stated that the essence of the forum was to make the ecosystem better for every Nigerian as operators, regulators and end users are expected to discuss to find a way to make the system better.

He added that trust issues in payments, security and other industry-related issues were to be discussed at the forum by cybersecurity experts who have distinguished themselves in working with money deposit banks to ensure that cybercriminals didn’t steal money in the bank.

The inaugural edition of the Payments Forum Nigeria was a cross-industry platform that focused on addressing issues that require broad cooperation and coordination across many constituents in the payments industry.

PAFON 1.0, sponsored by Moniepoint, Digital Encode Limited, Cybervergent, inq.Digital and Payble with support from the Central Bank of Nigeria (CBN), Fintech Association of Nigeria and Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), provided participants with an inside look at the Payments industry, offering perspectives from key stakeholders, including payment networks, technology innovators, leading merchants, issuers, acquirers, and payment processors.

Kwadwo Dako Botwe, a representative of the 3i Africa summit and member of the Fintech Office of The Bank of Ghana was present to highlight the upcoming 3i Africa summit.

The 3i Africa Summit is a 3-day global symposium aimed at envisioning the future of the African financial landscape and propelling the digital economy.

Under the theme “Unleashing Africa’s fintech and digital economic potential, the summit will convene over 2,000 investors, innovators and policy makers from around the world at the Accra International Conference Center on the 13th to 15th of May, 2024.

It is co-convened by the Bank of Ghana and Development Bank Ghana in collaboration with the Monetary Authority of Singapore, and its subsidiary Elevandi, organizers of the Singapore Fintech Festival.

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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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The Payments Forum Nigeria is a cross-industry platform focused on addressing issues that require broad cooperation and coordination across many constituents in the payments industry.

PAFON 1.0 will provide participants with inside-look at the industry, offering perspectives from key stakeholders, including payment networks, technology innovators, leading merchants, issuers, acquirers and payment processors.

Participation is free; however, preregistration can be done via the link: https://bit.ly/4c4N19H.

Speakers

Mr. Chibuzo Efobi, Director, Payments System Management, Central Bank of Nigeria (CBN) will deliver the keynote address, while Keynote Presentation shall be delivered by Festus Amede, Chairman, Committee of Chief Information Security Officers of Nigerian Financial institutions (CCISONFI).

Other speakers lined up for PAFON 1.0 include: Ikenna Ndugbu, Chief Compliance Officer, Moniepoint MFB; Dr. Adewale Peter Obadare, Chief Visionary Officer (CVO), Digital Encode Limited; Peter Evbota, Sales Director at inq. Digital Nigeria Limited; Gbolabo Awelewa, Chief Solutions Officer, Cybervergent; Roosevelt Elias, founder, Payble, and Fasasi Atanda, National President of AMMBAN, amongst others.

Throughout the years, the finance world has shifted into something much more than just banking and big corporations.

Blockchain and the FinTech society have managed to create a new world that is much more inclusive, and full of opportunities.

Based on a report by Gartner, by 2024, 40% of privacy compliance technology will rely on AI, up from 5% in 2019, and by 2025, 60% of large organizations will use at least one privacy-enhancing computation technique in analytics, business intelligence, or cloud computing, and financial services industry is no exempted.

For instance, effective April 2024, Nigerian financial institutions will be mandated to implement stricter Know Your Customer (KYC) measures, requiring all customers to provide their Bank Verification Number or a national identification number (NIN) for account or wallet opening, following a circular by the Central Bank of Nigeria.

“Our goal is to enable information exchange and knowledge sharing on key industry insights issues amongst key stakeholders, with the objective of ensuring a collaborative and proactive approach to push for policies that enable growth, tackling/mitigating fraud and limiting occurrences and losses”, said Mr. Chike Onwuegbuchi, the co-founder of TechCastle Foundation, organisers of Payment Forum Nigeria (PfN).

He said that the Forum is driven by the reasons to; “educate and inform financial service players and other stakeholders on various issues and trends (both locally and globally); proactively share data/information amongst banks, Fintechs and other service providers, to enable prompt responses to prevent and/or limit (customer-related) losses; and discuss key Payments security trends”.

The forum is organised by TechCastle Foundation and sponsored by: Moniepoint, Digital Encode Limited, Cybervergent, Payble, inq. Digital Nigeria Limited, with support from the Central Bank of Nigeria (CBN).

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inq. Digital Nigeria Limited, a subsidiary of inq. Group is an emerging leading digital and cloud solutions provider that delivers simpler seamless solutions to complex business challenges.

With offices in Lagos, Abuja, Port Harcourt and Kano, inq. provides reliable and affordable Intelligent Connectivity, SDN/NFV, Cloud and Digital services (including Edge –AI) for Nigerian businesses including those in the payment space.

Participation is FREE, however, pre-registration is required: https://bit.ly/4c4N19H.

Speaking ahead of Payments Forum Nigeria [PAFON 1,0] scheduled to take place at Oriental Hotel, Lekki Road, Lagos on Thursday, March 21, 2024 by 9am under the theme: “Payments: Trust, Security and Privacy in AI Era”, Mr. Chike Onwuegbuchi, the co-founder of TechCastle Foundation, the organisers, said the goal is to enable information exchange and knowledge sharing on key industry insights issues amongst key stakeholders, with the objective of ensuring a collaborative and proactive approach to push for policies that enable growth, tackling/mitigating fraud and limiting occurrences and losses.

Speakers

The following speakers are lined up for the Forum: Chibuzo Efobi, Director, Payments System Management, Central Bank of Nigeria (CBN); Festus Amede, Chairman, Committee of Chief Information Security Officers of Nigerian Financial institutions (CCISONFI; Dr. Adewale Peter Obadare, Chief Visionary Officer (CVO), Digital Encode Limited; Adetokunbo Omotosho, Chief Executive Officer, Cybervergent; Roosevelt Elias, Founder, Payble; Ikenna Ndugbu, chief compliance officer, Moniepoint MFB, and Peter Evbota, Sales Director at inq. Digital Nigeria Limited.

Payments Forum Nigeria is organised by TechCastle Foundation and sponsored by: inq. Digital Nigeria Limited, Cybervergent, Moniepoint, Digital Encode Limited, Payble with support from the Central Bank of Nigeria (CBN).

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