On Thursday March 21, 2024, the Payment Forum Nigeria (PAFON) 1.0 convened in Lagos, attracting notable figures from the financial technology sector. Themed “Payments: Trust, Security, and Privacy in the AI Era,” the event, organized by TechCastle Foundation, aimed to foster dialogue and collaboration among industry stakeholders to address pressing issues surrounding payments.
The event commenced with the rendition of the National Anthem, followed by a warm welcome from Chike Onwuegbuchi, the co-founder of TechCastle Foundation. Onwuegbuchi emphasized the significance of information exchange and knowledge sharing in addressing industry challenges, particularly in ensuring trust, security, and privacy in payments amidst the rise of artificial intelligence.
“There have been conversations and issues around payment, misinformation, failed transactions and the issue of security”, he said.
“This Forum is to discuss the various issues surrounding payments”, he added.
During his welcome address, Mr. Chidebere Nwakwo, the General Secretary of the Nigeria Information Technology Reporters Association (NITRA), kept his remarks succinct yet impactful.
“I don’t have much to say but to sell NITRA to everyone and what we are here to discuss today is very important,” he affirmed.
Nwakwo proceeded to underscore PAFON’s core objectives, emphasizing its role as intermediaries in addressing security concerns within the technology ecosystem.
“We are here today to discuss the security issues and how to tackle them,” he asserted.
Additionally, Nwakwo highlighted the imperative of safeguarding individuals’ security in the era of artificial intelligence.
“While we talk about security, there are other issues we need to tackle which is the security of the people using AI,” he elaborated, underscoring the multifaceted nature of security discussions within the technological landscape.
In a gesture of goodwill, Mr. Fasisi Atanda, the National President of the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), conveyed a message of support to the attendees of the event.
As the event unfolded, distinguished figures from the fintech industry took to the stage to deliver their keynote speeches. Among them was Mr. Festus Amede, the Chairman of the Committee of Chief Information Security Officers of Nigerian Financial Institutions (CCISONFI), who was represented by Mr. Olushola Odediran, the Chief Information Security Officer.
Odediran shed light on the essence of PAFON, stressing the necessity for collaborative efforts to combat the pervasive issues of fraud and insecurity in the financial sector.
“We need to collaborate to fight the menace of fraud,” he emphasized, highlighting the importance of unity in addressing common challenges.
Subsequent to these keynote addresses, esteemed individuals delivered insightful presentations. Dr. Obadare Adewale, the Chief Visionary Officer of Digital Encode Limited, representing CCISONFI, offered valuable insights into the objectives of PAFON. His presentation, delivered by Mr. Femi Obadare, delved into pertinent issues surrounding the payment, enriching the discourse with valuable perspectives.
Roosevelt Elias, the founder of Payble, delivered a virtual presentation all the way from the United States, focusing on privacy, data protection, and the potential misuse of artificial intelligence (AI).
“People trust their data with us, and it is crucial that we maintain its safety and integrity,” Elias emphasized, underlining the responsibility of companies to protect users’ data.
In his presentation, Elias urged the government to establish more robust rules and guidelines concerning encryption and biometric security measures.
“The government should create more comprehensive guidelines on these topics,” he stressed, highlighting the importance of regulatory frameworks in safeguarding data and privacy.
Expressing personal concerns, Elias underscored the multifaceted nature of AI, acknowledging its benefits while cautioning against potential misuse.
“AI is undoubtedly beneficial, but it necessitates a multifaceted approach,” he noted, emphasizing the need for careful consideration and regulation.
Concluding his presentation, Elias posed a thought-provoking question: “Is Africa truly prepared for AI?”
His inquiry prompted reflection on the continent’s readiness to embrace the opportunities and challenges posed by advancing technologies.
During the event, Mr. Peter Evbota, Sales Director at Inq. Nigeria, took to the stage to provide insights into the data analytics pyramid, shedding light on its intricacies and significance in the realm of financial security.
Isoken Aigbomian, representing Ikenna Ndugbu, the Chief Compliance Officer of Moniepoint, shed light on the evolution of the company into a prominent payment processor. Moniepoint, initially known for its virtual account service, has now emerged as a household name in the payment processing industry, offering seamless payment solutions for both customers and businesses.
Aigbomian highlighted Moniepoint’s journey, 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.”
The regional sales manager emphasized the company’s dedication to providing flexible payment options across various sectors.
“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 stated.
Aigbomian elaborated on Moniepoint Microfinance Bank’s initiative to enhance the payment experience by developing innovative solutions.
“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 said.
She concluded by underscoring Moniepoint’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,” She concluded.
The panel session was moderated by Mr. Peter Oluka, Editor of Techeconomy. The panelists were Mr. Efemena Ogie, Head of Partnership at Moniepoint, Mr. Bidemi Akinola, Chief Compliance Officer at Remita Payment Service Ltd, Mr. Adekunle Ajayi, Manager of Product Portfolio at Inq. Edge Nigeria and Mr. Olushola Odediran, Chief Information Security Officer at CCISONFI. This esteemed panel brought together diverse expertise and discussions on pressing issues surrounding payments within the field. The panel session provided valuable insights into the evolving landscape of AI adoption, challenges in payments, and the paramount importance of security in Africa’s financial sector.
Panel Discussion Highlights: Exploring AI’s Role in Africa’s Financial Sector
Peter Oluka: Is Africa really ready for AI in the financial sector?
Mr. Olushola: Yes, Africa is showing promising signs of readiness. However, it’s imperative that we remain vigilant against the potential misuse of AI for malicious purposes.
Peter Oluka: How can AI give us what we want?
Mr. Bidemi: AI has the potential to revolutionize the financial sector by streamlining processes, enhancing decision-making, and improving customer experiences. Through advanced algorithms and predictive analytics, AI can provide personalized services, optimize resource allocation, and detect fraudulent activities more efficiently.
Peter Oluka: What are the major challenges you have faced in payments?
Mr. Efemena: As a bank, we encounter various challenges in payments, with security being paramount. Our primary responsibility is to safeguard our customers’ funds and data from unauthorized access and fraudulent activities. We continually invest in robust security measures and employ advanced technologies to mitigate risks and ensure the integrity of our payment systems.
Peter Oluka: What has been your experience in terms of security?
Mr. Adekunle Ajayi: Security remains a top priority for us in the financial sector. We have encountered diverse security threats, ranging from cyberattacks to data breaches. However, through proactive monitoring, stringent authentication protocols, and ongoing security assessments, we strive to maintain the highest standards of security and protect our customers’ assets and information.
Mr. Sobowala, an attendee of the Payments Forum Nigeria (PAFON), shared his insights and experiences as a point-of-sale (POS) merchant regarding security and privacy concerns. His contributions added valuable perspectives to the discourse surrounding these critical issues.
The event drew to a close with a closing remark from Mr. Peter Oluka, expressing gratitude to all participants for their contributions and active involvement in PAFON 1.0. His words of appreciation marked the conclusion of a successful and enlightening gathering.
Payments Forum Nigeria is organized by the TechCastle Foundation and proudly sponsored by inq. Digital Nigeria Limited, Cybervergent, Moniepoint, Digital Encode Limited, and Payble, with support from the Central Bank of Nigeria (CBN). This collaborative effort underscores the commitment of various stakeholders to foster innovation, collaboration, and progress in the Nigerian fintech landscape.
