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FintechNGR Chief Executive Officer’s Committee is taking decisive action to preserve the integrity of the country’s digital infrastructure, meticulously built over the past two decades.
Acknowledging the pressing need for a solution, the Committee is unveiling an initiative aimed at combating fraud while respecting the privacy and regulatory concerns surrounding data centralisation and reporting.
In a statement, the Committee highlighted the gravity of the situation, emphasising that failure to address these challenges could jeopardize the entire digital ecosystem that has garnered international recognition.
Chairman of CEO’s Committee, Uzoma Dozie, said: “We understand the delicate balance between safeguarding against fraudulent activities and respecting the privacy and regulatory frameworks that govern our industry. It’s not a trivial challenge, and the implications of missteps are significant.”
Following extensive consultations, the Committee is delighted to announce the identification of a robust framework for fraud reporting and risk mitigation. This innovative approach addresses the foundational issue of thwarting malicious actors without compromising privacy and regulatory compliance.
FintechNGR plans to release the comprehensive framework along with its technical standards by January 2024. This initiative has garnered strong support from numerous financial institutions and fintech companies, and other related parties demonstrating a collective commitment to fortifying the security of the entire banking and fintech communities.
The establishment of the Fraud Prevention and Risk Management Sub-association marks a significant milestone in the ongoing efforts to uphold the trust and security of Nigeria’s digital financial landscape.
Meanwhile, the year 2023 witnessed the growth of several Fintech companies that came up with different solutions, which brought about innovation across different sectors of the Nigerian economy.
At the sixth edition of the Nigeria Fintech Week, which in Lagos this year, organised by FinTechNGR, in partnership with Jackson, Etti & Edu; MainOne; and infobip, the FinTech players present, made renewed promises to use emerging technology solutions to further drive technology innovation, resilience and diversification in the financial technology space.
According to the Chief Operating Officer of FinTechNGR, Dr. Babatunde Obrimah, there was a need for resilience in the areas of governance, structure, compliance, and risk management.”
Participants stressed the need for organisations to invest in young talents that are technology savvy and willing to learn new technology skills.
Speaking during one of the panel sessions, the Country Manager and Area Business Head of West Africa at Mastercard, Ebehije Momoh, stressed the need for organisations to invest in young talents that are technology savvy. According to her, Mastercard as an organisation has continued to invest in people to raise talent among Fintechs.
In his opening remarks, the President, FinTechNGR, Ade Bajomo, spoke on issues around the theme of this year’s Nigeria Fintech Week: ‘Fintech-Resilience, Innovation and Diversification’.
U.S. Consulate General in Lagos, Williams Stevenes, in his goodwill message, said the United States government remained interested in developing technology skills and trade in Nigeria. According to him, trade and investment are key priority areas for the U.S. government in developing the Nigerian economy, and pledged the support of the U.S. government for the Nigerian Fintech Week.
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