PAYMENTS FORUM NIGERIA [PAFON1.0] HOLDS TOMORROW
All preparations are in place for the inaugural edition of the Payments Forum Nigeria (PAFON 1.0) which will take place tomorrow, Thursday, March 21, 2024, at Oriental Hotel, Lekki, Lagos State, beginning at 9am.
The Payments Forum Nigeria serves as a cross-industry platform focused on addressing issues that demand broad cooperation and coordination across numerous stakeholders in the payments sector.
PAFON 1.0 will offer participants an inside look at the industry, providing insights from key stakeholders, including payment networks, technology innovators, prominent merchants, issuers, acquirers, and payment processors.
Mr. Chibuzo Efobi, Director of Payments System Management at the Central Bank of Nigeria (CBN), will deliver the keynote address, while Festus Amede, Chairman of the Committee of Chief Information Security Officers of Nigerian Financial Institutions (CCISONFI), will deliver the keynote presentation.
Additional speakers for PAFON 1.0 include Ikenna Ndugbu, Chief Compliance Officer of Moniepoint MFB; Dr. Adewale Peter Obadare, Chief Visionary Officer (CVO) of Digital Encode Limited; Peter Evbota, Sales Director at inq. Digital Nigeria Limited; Gbolabo Awelewa, Chief Solutions Officer of Cybervergent; Roosevelt Elias, Founder of Payble; and Fasasi Atanda, National President of AMMBAN, amongst others.
Over time, the financial landscape has transformed into something more than just traditional banking and large corporations.
Blockchain and Fintech have pioneered a new world that is highly inclusive and rife with opportunities.
According to a Gartner report, by 2024, 40% of privacy compliance technology will rely on AI, up from 5% in 2019, and by 2025, 60% of large organizations will utilize at least one privacy-enhancing computation technique in analytics, business intelligence, or cloud computing, with the financial services industry being no exception.
For example, starting in April 2024, Nigerian financial institutions will be required to implement stricter Know Your Customer (KYC) measures, mandating all customers to provide either their Bank Verification Number or a national identification number (NIN) for account or wallet opening, following a circular from the Central Bank of Nigeria.
“Our aim is to facilitate information exchange and knowledge sharing on key industry insights amongst various stakeholders, with the goal of promoting a collaborative and proactive approach to advocate for policies that enable growth, address fraud, and minimize losses,” said Mr. Chike Onwuegbuchi, the co-founder of TechCastle Foundation, organizers of Payment Forum Nigeria (PFN).
He noted that the forum is motivated by the desire 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 minimize (customer-related) losses; and discuss key payments security trends.”
The forum is organized 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).
Source: Techeconomy
