Obadare whose presentation titled “Navigating The Future of Technology In Africa: The Intersection of AI, Blockchain, Cryptocurrency and Cybersecurity,” examined adoption trends, industry impact, and the key challenges across these technologies.

Taking an overview of Emerging Technologies in Africa, Obadare who was represented by Oluwakayode Olatunji, CISO and Group Head of Information Security at Digital Encode Limited stated that Africa’s digital transformation is accelerating in key sectors like fintech, healthtech, and agritech that are adopting cutting-edge technologies such as AI, blockchain, and cryptocurrencies.

According to him, whereas mobile penetration, cloud computing, and increasing internet access are driving the growth of these technologies, these innovations come with risks and threats associated with cyberattacks, fraud, and data breaches and cautioned that a robust cybersecurity framework is crucial for sustainable digital transformation.

While acknowledging that Artificial Intelligence is revolutionising industries in Africa especially in such areas as healthcare, agriculture, and fintech, Obadare noted that such revolution comes with its challenges including data privacy breach, bias in algorithms as well as limited AI talent.

The cybersecurity expert posited that blockchain is a path to transparency and efficiency as it has been proved that the technology can create transparent, immutable records for elections, land registries, and public services, provide access to financial services for the unbanked and underbanked populations, as well as enhance transparency in the movement of goods, tracking provenance, and preventing fraud.

He however, identified two major challenges mitigating against the seamless adoption of blockchain technology in Africa to include regulatory ambiguity, where governments are still crafting policies around blockchain’s use, which creates a barrier to widespread adoption; and the issue of interoperability evident in the lack of integration with legacy systems.

“AI adoption in Africa spans sectors like finance, healthcare, agriculture, and retail, though progress is slowed by limited infrastructure and data privacy concerns. Blockchain shows potential in fintech, supply chain, and governance, yet faces regulatory ambiguity and legacy system integration challenges,” he said.

Obadare stated that Cryptocurrency is gaining popularity in such African countries like Nigeria, South Africa, and Kenya, who belong to the group of countries with the highest cryptocurrency adoption rates globally.

He listed some opportunities in the adoption of cryptocurrency to include the reduction in the cost and time of cross-border remittances, which are a vital part of African economies; enablement of individuals to circumvent inflationary pressure and capital control restrictions; and boosting entrepreneurship by affording Startups and SMEs the opportunity to raise capital through Initial Coin Offerings (ICOs) and Decentralised Finance (DeFi) platforms.

He however, pointed out that cryptocurrency has its own challenges including financial volatility, regulatory policies that have seen several African countries ban or heavily restrict cryptocurrency use due to concerns about fraud and money laundering; and rampant Ponzi scams and crypto-related frauds leading to loss of trust.

In his words,

“Cryptocurrency, especially in Nigeria, is seeing rapid adoption in remittances, investment, and payments, despite volatility and government restrictions. Meanwhile, cybersecurity remains vital as cybercrime escalates across banking, telecom, and government sectors, demanding robust frameworks to protect against evolving threats.”

Obadare, a professor of practice at Miva Open University, Abuja stated that adopting emerging technologies like AI, Blockchain, Cryptocurrency and IoT is associated with emerging cybersecurity threats and challenges noting that global cybercrime costs are expected to rise significantly, driven by more frequent and sophisticated attacks like ransomware and APTs.

“The rapid pace of technological advancements has transformed the way we live, work, and interact with each other. From cloud computing to artificial intelligence, new technologies are being adopted at an unprecedented rate. However, this increased reliance on technology has also introduced new cybersecurity threats and challenges.

“Healthcare, financial services, and cloud providers remain prime targets, with attacks on critical infrastructure and IoT expected to intensify. AI, quantum computing, and supply chain vulnerabilities will dominate cyber risks,” he said.

On the future of cybersecurity, he said that the cybersecurity landscape is rapidly evolving, and financial sectors must stay ahead of the curve by adopting the latest trends and innovations, noting that,

“The future of cybersecurity is uncertain, but one thing is clear: AI-powered cybersecurity, cloud security, DevSecOps, IoT security, and quantum computing-resistant cryptography will play a critical role in protecting financial sectors systems, data, and customers from emerging threats.”

Cybersecurity experts he said, play a pivotal role in identifying and mitigating cyber risks through proactive measures and robust security protocols and underscored the need for a security-first culture even as he advocated for government, business, and academic partnerships to create secure, scalable systems for Africa’s digital future.

“In today’s digitally driven world, cybersecurity threats are becoming increasingly common and sophisticated. As a result, teams must prioritize security to protect their organizations from these threats. Fostering a security-first culture within teams is crucial to enhance resilience and prevent cyber-attacks,” Obadare concluded.

Some Key takeaways from the presentation include;

1. Security First As a Culture: This must be adopted by both individuals and businesses through consistent awareness.
2. Opportunities Abound: AI, blockchain, and cryptocurrency present unparalleled opportunities for economic growth and social development in Africa.
3. Security is Paramount for Tech Adoption: Cybersecurity must be at the heart of any technological adoption strategy to safeguard progress.
4. Collaboration is Key: Governments, businesses, and academia must collaborate to create secure, scalable frameworks for emerging technologies.

The campaign, aimed at creating public awareness about cybersecurity, brought together high-profile dignitaries from both the public and private sectors to champion the cause, with Broda Shaggi, the popular Nigerian Comedian, being the brand Ambassador to simplify awareness, making the initiative as inclusive as possible. 

The distinguished gathering witnessed an insightful address by Festus Amede, Chairman of the Committee of Chief Information Security Officers of Nigeria Financial Industry (CCISONFI), who set the tone for the event. His welcome speech resonated with the essence of the “NoGoFallMaga, Confam Am Again” campaign, emphasizing the critical role of strategic partnerships with entities such as the Central Bank of Nigeria, Bankers’ Committee, CCISONFI, The Hook Creative Agency and the Cybersafe Foundation in the fight against cybercrime and financial fraud.

“The Financial industry has witnessed an increased adoption of digital/technology platforms in responding to CBN financial inclusion initiatives and post Covid-19 pandemic crisis which in no thanks led digital innovation globally. This increased innovation and use of digital platforms has greatly transformed the cyber & technology landscape thereby giving rise to new risks, especially with sustaining trust and confidence in customers’ ability to communicate, and transact securely within the financial ecosystem.

A loss of such trust and confidence could undermine the benefits of the CBN’s financial Inclusion & cashless economy or the ability to continually leverage technology as an enabler of social and economic development. Hence there is a need to constantly address the related challenges of ensuring continuous cybersecurity and data privacy,” Amede stated.

The Committee of Chief Information Security Officers of Nigerian Financial Institutions (CCISONFI), established to guide and provide advisory services related to Cyber, Data, and Information Security across the Nigerian Financial & Payment Ecosystem, has been a key force in addressing the evolving cyber threat landscape.

Peter Obadare, Chairman of the Cybersafe Foundation, and Sam Ochonma, MD of The Hook Creative Agency, elaborated the importance of building the human firewall through enhanced cybersecurity awareness among the Nigerian populace. 

This sentiment was echoed by Igboa Abumere, Chairman of CCISONFI, who highlighted the need to capture and combat various tactics employed by cybercriminals, thus empowering individuals to protect themselves against cyber threats.

Favour Femi-Oyewole, Group CISO at Access Bank Plc, underscored the goal of reaching the unbanked and underserved, and stressed the importance of collective efforts in the fight against cybercrime.

In her words: “Many people are still falling victim every day, divulging their sensitive information that they will still use to defraud them. Oftentimes, people ignorantly fall victim. We all are fighting the same course and we cannot do it alone.”

The event culminated with a poignant closing remark by Bayo Adeyinka, representing the Financial Literacy and Public Enlightenment Sub-Committee, emphasizing the commitment to dispelling ignorance surrounding cybercrime and fostering a well-informed community.

The “NoGoFallMaga, Confam Am Again” campaign seeks to reach over 40 million customers in its first two years, transcending language barriers with its content available in major Nigerian languages, including Pidgin English.

The public applauds the initiative taken by the Cybersafe Foundation and its partners to create a safer digital landscape for Nigerians. Through collaborative efforts and strategic partnerships, the campaign is poised to empower individuals with the knowledge and tools necessary to protect themselves against cyber threats.

The training, which was at the instance of Dr. Vincent Olatunji, the National Commissioner of NDPB, was facilitated by Dr. Obadare Peter Adewale, arguable the most “Credentialed” PAN-African CyberSecurity & GRC Thought Leader.

Dr Obadare is the co-founder of Digital Encode, a leading consulting and integration firm founded in 2003 that specializes in the design, management, and security of business – critical networks, telecommunications environments and other Information Technology (IT) infrastructures.

He is a Fellow of the British Computer Society (FBCS), Fellow Institute of Management Consultants (FIMC), Fellow Institute of Information Management (FIIM), Fellow Enterprise Security Risk Management (FESRM), Fellow Institute of Brand Management (FIBM), Chartered Information Technology Professional (CITP), The First PECB Certified Data Protection Officer  (CDPO) in Nigeria, The First Ec-Council Licensed Penetration Tester (LPT) in Africa , First Ec-Council Certified Blockchain in Africa, Second COBIT 5 Certified Assessor in Africa  Payment Card Industry Data Security Standard Qualified Security Assessor (PCI DSS QSA), among other credentials.

He is an official member of the Forbes Technology Council  and  also a distinguished alumnus of executive education at Harvard Business School, Harvard School of Government, MIT Sloan School of Management, MIT Professional Education and Oxford University – Said Business School.

NDPB:

Since its establishment, the Bureau led by Dr. Olatunji has been exploring areas of making data privacy a cornerstone of sustainable digital economy; through collaboration in capacity building, law enforcement and the vast prospect of data governance as a crucial strategy for conservation of law and order in the society at large.

Dr Olatunji had at different fora conveyed the need to take the issue of data privacy seriously both in the public and private sectors, particularly as the Federal Government of Nigeria makes efforts towards attaining a paperless system by 2030.

Therefore, the the training was geared towards acquainting the staff of NDPB with the imperative strategies in Privacy Information Management System (PIMS).

PIM is prelude standard to ISO 27701 certification. The standard shows you how to design, set up, manage and continually improve a Privacy Information Management System (PIMS). It gives you a lot of flexibility in how you create and run your PIMS. ISO 27701’s flexibility will help you follow any relevant local PII regulations too.