USING INFORMATION TECHNOLOGY AND ETHICAL ARTIFICIAL INTELLIGENCE TO TACKLE INADEQUATE WASTE MANAGEMENT IN AFRICA AND ENHANCE ECONOMIC GROWTH

Financial industry experts are preparing for the inaugural edition of Payments Forum Nigeria (PAFON), scheduled for the first quarter of this year.

Payments Forum Nigeria (PAFON) is a cross-industry platform dedicated to addressing issues that demand broad cooperation and coordination across many stakeholders in the payments industry.

Payments Forum Nigeria, set to occur at Oriental Hotel, Lekki Road, Lagos on Thursday, March 21, 2024, starting at 9 am, aims to provide an insider’s view of the industry, offering perspectives from key stakeholders, including payment networks, technology innovators, leading merchants, issuers, acquirers, and payment processors.

Over the years, the finance world has evolved into more than just banking and large corporations.

Blockchain and the FinTech community have created a new world that is more inclusive and filled with opportunities.

According to a report by Gartner, by 2024, 40% of privacy compliance technology will rely on AI, up from 5% in 2019. By 2025, 60% of large organizations will utilize at least one privacy-enhancing computation technique in analytics, business intelligence, or cloud computing, and the financial services industry is not exempt.

For instance, effective April 2024, Nigerian financial institutions will be required to implement stricter Know Your Customer (KYC) measures, mandating 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 facilitate information exchange and knowledge sharing on key industry insights 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, organizers of Payment Forum Nigeria (PAFON).