Unlocking the Future of AI: Trust, Security, and Privacy in Nigeria's Payments Industry

Unlocking the Future of AI: Trust, Security, and Privacy in Nigeria’s Payments Industry

In a recent report by Gartner, it has been predicted that by 2026, 80 per cent of enterprises will have used generative Artificial Intelligence (AI) or developed their own. This forecast comes at an opportune time as Nigerian financial industry experts are preparing to delve into the important topics of trust, security, and privacy in the era of AI. At the maiden edition of Payments Forum Nigeria (PAFON), scheduled for the first quarter of this year, key stakeholders in the industry will address these issues and more.

The Payments Forum Nigeria aims to be a cross-industry platform that fosters cooperation and coordination among various constituents within the payments industry. By bringing together payment networks, technology innovators, merchants, issuers, acquirers, and payment processors, the forum aims to provide crucial insights into the industry and facilitate information exchange. It offers a unique opportunity to discuss policies that promote growth, tackle fraud, and limit occurrences and losses.

According to Mr. Chike Onwuegbuchi, co-founder of TechCastle Foundation and organizer of Payment Forum Nigeria (PAFON), the goal is to promote a collaborative and proactive approach. “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”, he said.

The forum will attract a diverse range of speakers drawn from different industry players such as banks, Fintechs, mobile money operators, blockchain experts, cybersecurity professionals, and more. It is anticipated that attendees will include representatives from the Central Bank of Nigeria (CBN), e-Banking Heads, Chief Compliance Officers, Chief Internal Auditors of banks in Nigeria, the 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, and more.

This unprecedented gathering of industry experts and stakeholders highlights the significance of trust, security, and privacy in the rapidly evolving landscape of AI in Nigeria’s payments industry. As AI continues to advance and become increasingly prevalent, the need for robust systems and practices to safeguard sensitive information and maintain trust becomes paramount.

Speaking on the importance of trust and security in the payments industry, Mr. Onwuegbuchi emphasized the forum’s role in educating and informing financial service players and other stakeholders on various issues and trends, both locally and globally. He also emphasized the need for prompt responses to prevent or limit customer-related losses by proactively sharing data and information among banks, Fintechs, and other service providers. Furthermore, the forum will provide a platform for in-depth discussions on key trends in payments security, ensuring that industry players are well-equipped to navigate the evolving landscape.

With the rise of AI, the payments industry in Nigeria must stay ahead of the curve to ensure the safety, security, and privacy of transactions. The Payments Forum Nigeria serves as a crucial stepping stone in unlocking the future of AI in the country, fostering collaboration, and shaping policies that will enable sustainable growth while safeguarding against potential risks.

As we approach the first quarter of this year, the anticipation for the inaugural Payments Forum Nigeria builds. The gathering of key stakeholders and industry experts promises to ignite meaningful conversations and pave the way for a future where AI, trust, security, and privacy coexist harmoniously in Nigeria’s payments industry.