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.

Financial industry experts are warming up for the first edition of PAFON, scheduled to take place at Oriental Hotel, Lekki Road, Lagos on Thursday March 21, 2024, by 9am.

The Forum aims at providing an inside-look at the industry, offering perspectives from key stakeholders, including payment networks, technology innovators, leading merchants, issuers, acquirers and payment processors.

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

Speaking ahead of the star-studded PAFON 1.0, with the theme: “Payments: Trust, Security and Privacy in AI Era”, Dr. Adewale Peter Obadare, the Chief Visionary Officer [CVO], Digital Encode Limited, said that customers want to be assured that their sensitive information, such as credit card numbers and personal details, is treated with utmost care hence security has become paramount in the payments industry.

“Secure payment processing ensures that data breaches are minimized, instilling confidence in customers to keep coming back. Nigerian financial institutions reported ₦159 billion ($201.5 million) lost to fraud cases since 2020, according to the Financial Institutions Training Centre (FITC). This is what the experts must tackle and customer awareness is key too”, he said.

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.

On the other hand, Roosevelt Elias, the co-founder of Payble, described PAFON as a ‘must-attend’ Forum due to the ‘issues listed to be discussed are germane and require critical attention.

For instance, building financial inclusive products requires a mix of technology and illiteracy. The industry can’t achieve this by working in silos; we just have to unite to achieve the set target on financial inclusion, particularly for the rural dwellers.

Digital Encode Limited (a leading consulting and integration that specializes in the design, management, and security of business-critical architecture); Cybervergent (a company dedicated to helping protect business sensitive data from cyber-attacks, including customer information, financial records and intellectual property); Payble (a fintech startup that modernises local government payments such as creating citizen-centric payment experiences, delivering flexible billing and simplified rate collection, will be joined at PAFON 1.0 by Inlaks, an IT company that offers core banking, fraud management, cybersecurity, cloud, data center, enterprise risk management, amongst other industry players.

“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 (PAFON).

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”.

“Speakers will be drawn among industry players such as banks, Fintechs, mobile money operators, blockchain experts, Cybersecurity, etc., as we expect attendees from the Central Bank of Nigeria (CBN); e-Banking Heads; Chief Compliance Officers of banks in Nigeria; Chief Internal Auditors of banks in Nigeria; Office of The National Security Adviser; Switching companies; the Economic and Financial Crimes Commission; Licensed Mobile Payment Operators; Electronic Payments Providers; Information Security Experts; Consumer Protection; Financial Policy and Regulation; Information Technology; Legal Services; Banking Supervision; Corporate Communication; Shared Services Office; Blockchain Security Experts, etc”, he added.

Participation:

Participation is free; however, you are required to pre-register using the link here.

For sponsorship, please contact: Mr. Chike Onwuegbuchi via: 08123355522 or Peter Oluka: 08184346261 or email: africaTechAllianceForum@gmail.com.

This time, it is the management of TechCastle Foundation, who saw him worthy of the recognition at this year’s Africa Tech Alliance Excellence (ATAEx) Awards, which was organized in partnership with Techeconomy.

The award was the highlight of the Africa Tech Alliance Forum (AfriTECH 3.0) with the theme: “Technology-as-a-Service (TaaS) in Emerging Economy”, held in Ikeja-Lagos last week.

“This award is a great approval rating for you in recognition of your innovations, contributions and commitments to the growth of data centre sub-sector in Africa’s region,” said Chike Onwuegbuchi, Co-Founder of TechCastle Foundation, while presenting the award to Princess Isreal, Key Account Manager at Africa Data Centres on behalf of Dr. Krishnan Ranganath.

Meanwhile, in a telephone conversation, Dr. Krish acknowledged that the award is coming at a time the data centre ecosystem in Africa is beginning to experience patronage from both local and international organisations, owing to the advocacy for local content hosting.

“It gladdens my heart that the effort some of us have put into the data centre ecosystem is gradually yielding results and contributing to the industry, which presently accounts for 17.47 percent of Nigeria’s total GDP, amounting to ₦3.1 trillion ($6.7 billion) in the first quarter of 2023 according to the Nigerian Bureau of Statistics (NBS),” he said.

He disclosed that Africa Data Centres in Lagos is adding more capacity to cater for the local requirements needed to attract more organisations to host their content and data in Nigeria and indeed Africa.

Industry veterans’ recognition of Dr. Krish’s contributions to the African data centre ecosystem and promoting local content across Africa and to the world did not start today.  Recalled, he was also crowned the ‘Man of the Year’ at Africa’s Beacon of Information and Communications Technology Merit and Leadership Award 2023.

Dr. Krishnan Ranganath is a Senior Executive with over three decades of experience in global markets mechanics with diverse Multinationals across Emerging Markets.

He has worked with numerous IT/ITES and Telecommunications players for a range of large and very elaborate projects.

Dr. Krish has managed multi-million-dollar projects, land large and disparate teams across various regions and time zones.

And he is a key stakeholder in the initiation and management of multiple networks & data centres across geographies.

Similarly, voting has commenced for the Africa Tech Alliance Excellence (ATAEx) awards through the: https://vote.africatechallianceforum.africa/.

Today, the boundary between hardware and software is blurring. Software is infiltrating more and more technology products that used to function only by mechanical rules and analog signals.

Different models of driverless cars are navigating themselves with sensors and software. This trend is not stopping. Hardware-based technology companies often find themselves falling behind their innovative software counterparts in identifying new value for customers.

In more dramatic cases categories of hardware technology got replaced by software. No one still buys radio or CD players anymore.

Thus, software is threatening to replace hardware-based networking. The “commoditization trap” for hardware seems impossible to escape without a product strategy backed by software innovation hence over 70% of the world economy has become services, and this percentage continues to grow worldwide.

As of 2020 the United States produced 79% of its GDP in services. Majority of the companies in Africa are strategizing to compete primarily on a service basis.

This approach referred to as Technology-as-a-Service (TaaS), which is the rising future for technology sectors, will be discussed at AfriTECH 3.0.

Hosted by TechCastle Foundation in collaboration with Techeconomy and partners, AfriTECH 3.0 is a unique engagement platform for global thought leaders, regulators, and other stakeholders to discuss and collaborate on contemporary strategies for accelerating technology ecosystem in the African continent and globally.

Key topics to be explored include TaaS-driven last mile solutions, leveraging big data and artificial intelligence, inclusive product innovation, Driving ‘TaaS’ Model through infrastructure deployment, leveraging subscription model to survive tough economic times, cloud computing, omnichannel communications for improved CX, Consumer protection, fraud and data privacy, etc.

The past editions of AfriTECH were well attended by C-Suite executives, investors, innovators, senior government officials from within and outside the Continent. With over 1,500 participants and feedback on the events overwhelmingly positive, the 2023 edition is much anticipated.

Overall, AfriTECH 3.0 promises to be an insightful and engaging platform for networking with a vibrant and globally diverse community and an eclectic mix of offerings to enrich participants’ in-person and/or virtual experience.

 “Africa Tech Alliance Forum Excellence Award (ATAEx Award) recognises the pivotal role of the technology ecosystem in the development of Africa’s economy. ATAEx award is merit centric for organisations and individuals that have contributed to the growth and development of the ICT industry in Africa”, Chike Onweuegbuchi, the co-founder of TechCastle Foundation said, who called on tech enthusiasts to vote through the link. 

“In its 3rd edition, this edition we are introducing an online voting process for stakeholders in the sector to select who deserves to be awarded in each category”.

Despite this growth, we still have a lot to do to attain global competition. That’s why at the Africa Tech Alliance Forum 2.0, stakeholders who have been there and done that, will share their experiences in the best way possible. 

They will delve into ways in which Africa and technology can continually be in sync, ultimately leading to the betterment of our future as a continent, with less dependence on other countries, but rather, putting full collaborations and partnerships into play.

The Africa Tech Alliance Forum 2.0 is an event that is going to be very different from previous forums. Themed “Sustainability & The Company of The Future”, the conference aims to unite stakeholders in order to work together towards building a sustainable and prosperous Africa through digital transformation. 

The agenda for this event has been crafted by bringing together leading digital pioneers from across Africa who are active today in creating solutions for the African market. 

They will broaden aspects such as “Harnessing Digital Identity for Digital Economy Agenda’; ‘Creating Sustainable Future through Connectivity’; ‘Blockchain & Cryptocurrency – The Future of Money’; and ‘Cloud Computing in 5G Era – Everything-As-A-Service’. They will further emphasize on ways in which 5G networks, artificial intelligence (AI), blockchain/cryptocurrency, digital identity, and the Internet of Things (IoT) will shape the future of Africa’s development.

Not limited to the speakers, all participants will have the opportunity to share ideas on how best we can scale up innovation in Africa using Digital Transformation as our toolset.

The Africa Tech Alliance Forum is a gathering of leaders, influencers and experts from across Africa who will be discussing the future of technology in Africa. The forum will inspire and equip participants with the knowledge necessary to harness the potential of digital innovation for social good.

The event will also be an opportunity for participants to network with one another, as well as make new connections that can help them develop their businesses, create jobs and contribute to the growth of their communities.

“In this era of incremental change, where Africa’s growing youth population is being denied the opportunity to live up to their potential, it is important that we think big on digital development.”

Africa needs to think big when it comes to digital development. The continent needs to catch up with other technologically developed regions in the world, and a lot of the drag in growth has to do with our present social and economic structures.

The Africa Tech Alliance is dedicated to helping companies, governments, and people on the continent build successful businesses by promoting entrepreneurship, innovation, and technology. 

Sustainability is the very thing that can help us get out of the rut we’re in now and focused on this, experts will discuss what kind of companies we want to see in 10 or 20 years’ time.

The technology sector is an important part of any country’s economy, and the Africa Tech Alliance aims to make sure that Africa is at the forefront of this area.

The programme begins with an expert panel discussion, followed by a workshop led by the speakers themselves. The event will also feature a networking event with refreshments. So if you’re interested in attending, sign up today!

If you have ever had the desire to travel to Africa, you know what it’s like. The landscape is beautiful, the people are friendly, and the food tastes amazing—but there’s something missing.

You’re in Africa and you just can’t figure out why people aren’t doing more to help this continent grow.

That’s where we come in. We’re TechEconomy.ng, and we’re here to help you figure out how to take action on your passion for global development!

In partnership with TechCastle Foundation, we’ll be hosting the Africa Tech Alliance Forum on November 9th, 2022, at Oriental Hotel, Lekki, Lagos.

You’ll get to hear from some of the brightest minds in the world about how they see their work impacting real change around the world—and even get up close with some of them as they share their stories with us! It promises to be an incredible event, so don’t miss out!

How to register 

Tap the link to preserve your seat today or email: Meet@africatechallianceforum.africa.

AfriTECH 2.0 scheduled to hold at Oriental Hotel, Lekki Road, is focused on ‘Sustainability and The Company of the Future’, as the central theme.

According to the organisers from TechCastle Foundation and TechEconomy.ng, AfriTECH 2.0 will convene Business leaders/CEOs of Companies and Organisations, Innovators, Government Representatives, International Organizations, Diplomats, Investors, Academia, Start-ups and Entrepreneurs in their numbers.

The array of industry leaders, and tech-entrepreneurs, decision-makers, and tech ecosystem players from across the continent, will unpack the various challenges, scenarios, and mind-blowing economic opportunities in ‘Harnessing Digital Identity for Digital Economy Agenda’; ‘Creating Sustainable Future through Connectivity’; ‘Blockchain & Cryptocurrency – The Future of Money’; and ‘Cloud Computing in 5G Era – Everything-As-A-Service’.

According to Statista, 97% of respondents to a digital transformation survey stated that the COVID-19 pandemic, for instance, sped up digital transformation processes in their respective organisations.

Global spending on digital transformation is projected to reach $1.78 trillion in 2022. But in what ways will this transformation manifest?

The answer lies in trends that will shape the businesses of tomorrow. The case is no different for the Government: The current, incremental pace of economic and social advancement shows too many of Africa’s expanding youth population will be denied the opportunity to live up to their potential. Therefore, Africa should think big on digital development.

“Digital technologies offer a chance to disrupt this trajectory – unlocking new pathways for rapid economic growth, innovation, job creation and access to services which would have been unimaginable only a decade ago.

“Yet there is also a growing ‘digital divide’, and increased cyber risks, which need urgent and coordinated action to mitigate. Access to the internet remains out of reach for many citizens in the continent. Too few citizens have digital IDs or transaction accounts – locking them out of access to critical services and e-commerce”, said Mr. Chike Onwuegbuchi, the co-Convener AfriTECH 2.0 and Co-Founder of TechCastle Foundation.

Continuing, he said, “Digital startups seek more funding and ‘traditional’ businesses are only slowly adopting digital technologies and platforms to boost productivity and sales. Few governments are investing strategically and systematically in developing digital infrastructure, services, skills and entrepreneurship.

“To become tomorrow’s innovators, entrepreneurs and leaders, Africa’s youth need to be empowered with the digital skills and access to technology and markets that are essential to thrive in an increasingly digitized global economy. The time for action is now! Join us at AfriTECH 2.0.

On his part, Peter Oluka, the Editor of TechEconomy.ng, said that AfriTECH 2.0 will be a consolidation on the first edition with massive publicity and industry participation, adding that delegates should expect issue-based Forum through Keynotes, Panel Discussions, Exhibitions, Innovation Management Workshops, and AfriTECH AWARDS 2022.

“Africa Tech Alliance Forum 2022 will culminate in awards ceremony which aims to celebrate and reward companies and individuals on the African continent that have demonstrated excellence in the areas of innovative product/service development, policy/regulations, amongst other areas”.

“We are very excited about the feedbacks so far with regards potential speakers, panellists and even the potential awardees.

Delegates will be exposed to unique insights into the different ways 5G networks, artificial intelligence (AI), blockchain/cryptocurrency, digital identity, and the Internet of Things (IoT) will shape the future of Africa’s development.

Participation:

AfriTECH 2.0 is open for public participation, however interested attendees are encouraged to secure their spot by going to AfriTECH 2.0 or email: Meet@africatechallianceforum.africa.