E-Financial
Fight Against eFraud Demands ‘Hardened’ Technology Platforms- Isiavwe
Technology platforms must be hardened with layered security; encryption and tokenization to ensure that the payments systems are safe, said David Isiavwe, President, Information Security Society of Africa Nigeria (ISSAN), adding that organizations must have adequate firewalls and end-point security to ensure enterprise wide protection.
The global economy loses USD455Bn annually. Juniper research recently predicted that the rapid digitization of consumers’ lives and enterprise records will increase the cost of data breaches astronomically to $2.1 trillion globally by 2019, increasing to almost four times the estimated cost of breaches in 2015.
Isiavwe made the remark during his presentation titled: Addressing ePayment Fraud: Exploiting the Technology, at the 7th Annual Payment Systems & Fraud Conference 2016 organised by E-PPAN in Lagos on Tuesday, stressing that frauds are expected to increase – “as cyber criminals will follow the money in an integrated manner onto the ePayments space”.
He warned delegates at the conference that fraudsters constantly rehash old fraud schemes with a little variation in their modus operandi to carry out their attacks on unsuspecting users, with the results leading to surge in Card Skimming; Phishing Sites; DDoS attacks; Ransomeware; Third Party Payment Application Compromise; Rogue Mobile Applications and System Abuse by Rogue Merchants.
He listed current disturbing issues with regards efrauds in the ecosystem to include: “On Friday 21st October, a DDoS attack on Dyn Inc, an internet domain directory, took major sites like Amazon, Twitter, Netflix and Paypal offline. New World Hackers have claimed responsibility for the attack which they said was in the magnitude of 1.2 terabits per second, which is double the strength of the attack which took down kerbsonsecurity.com last month;
“In an essay titled ‘Someone Is Learning How to Take Down the Internet,’ security expert Bruce Schneier said last month that major internet infrastructure companies were seeing a series of worrying denial-of-service attacks. He said, ‘Someone is extensively testing the core defensive capabilities of the companies that provide critical internet services,’ and “in Q2 2016, attacks continued to become more frequent, persistent, and complex”’.
He said that hence mobile has become the primary means of internet access for the majority of Nigerians online as confirmed in a GSMA ‘The Mobile Economy Africa 2016 report, ‘the number of mobile internet subscribers tripled in the last five years to 300 million by the end of 2015, with an additional 250 million expected by 2020; the use of mobile applications, SMS, USSD and most recently, QR codes for transactions have become common place in the Nigerian epayment space, therefore, “securing the technology is imperative to ensure the continued growth of the use of mobile. The service providers have to ensure end to end encryption of data and more reliable and user friendly authentication”
The ISSAN President said, “With the increase in the use of mobile devices in the ePayment space, there has been an increase in the proliferation of malware targeting smart phones
According to Ars Technica Google Play was recently found to be hosting more than 400 apps that turned infected phones into listening posts that could siphon sensitive data out of the protected networks they connected to’. According to Fortune.com ‘For a ten week period, Bit9 + Carbon Black researchers analyzed over 1,400 malware samples that targeted the Apple operating system.
“They found that 948 of the samples appeared in 2015 compared to 180 samples that were traced back to 2010 through 2014.’ A recent report on iOS malware attacks by the security firm Bit9 + Carbon Black found that more malware affected iOS devices in 2015 than the previous five years combined. Bringing this all home, we need to develop capabilities to identity and if possible block the spread of identified malware. Encryption, Tokenization and Smart authentication need to be employed in the development and deployment of our offerings in the ePayment space”.
According to him, resilient systems have to be deployed for ePayment transaction processing to achieve 99.99% uptime, as these include call center technology as well as intelligent fraud detection and prevention systems to accurately analyze customer behavior and spending patterns with minimal false positives.
Referring to ‘Digital Payment Strategies: Online, Mobile & Contactless 2014-2019 Report’ by Juniper Research, he said that financial industry expects activities in the ePayments space to grow significantly in the next few years as new products are expected to be developed. Indeed, the annual transaction value of online and mobile payments is predicted to hit $4.7 trillion by 2019.
“Experts have also predicted that traditional banks (as we know them today) may not be alive in the next 20 years as the ePayments space would revolutionize banking and take over the financial services space”.
To this end, Isiavwe called for increased smart systems in place for continuous monitoring and incident prevention, detection as well as swift response mechanisms to provide round the clock protection.
“The key is to leverage on technology to ensure that the e-business platforms are safe, reliable and always available to the average consumer”.
Earlier, Onajite Regha, CEO of E-PPAN, said that the risk of e-payments fraud are real and multiplying daily in the country as consumers’ preference continue to shift toward e-payment options for daily transactions activities.
She added that the annual payment systems and fraud conference is designed to be a veritable rallying ground, for all stakeholders in the e-payment value chain to deliberate on payment systems and fraud knowledge.
The annual event is attended by senior level executives across industries such as banking & finance, telecommunication, judiciary, government agencies, healthcare, retail, SMEs and others, who network and brainstorm on the latest trends in technology innovations in electronic payment and learn winning strategies to manage risks and prevent fraud.
When people and businesses gain genuine access to financial services, they gain the ability to transact securely, build savings, and access credit. That access creates the conditions for progress: more stable revenues, better business decisions, and the capacity to grow. Progress, sustained over time, is what produces financial happiness. This framework is how Moniepoint measures its impact.
According to Moniepoint 2025 Impact Report, titled creating financial happiness; “Financial happiness is the feeling of confidence and ease that comes with financial freedom and well-being. It is a condition that develops over time and requires a specific set of enablers to take hold.
For millions of people and businesses across Nigeria, those enablers, like tools and solutions to manage their finances, have historically been out of reach. Moniepoint was built to change that, and this change, for us, begins with inclusion”.
Across the world, access to digital tools is a key driver of financial inclusion. The World Bank’s Global Findex 2025 report finds that more than 60% of adults in low- and middle income economies now make or receive digital payments. In Nigeria, this figure is around 54%. Moniepoint has been a key driver in expanding this access with its POS terminals. “Our terminals also drive financial inclusion for individuals.
The report stated that, in 2025, Moniepoint enabled 100 million people to make payments via their POS terminals across the country. For customers in communities where bank branches are scarce or non-existent, a Moniepoint terminal at their local shop, market stall, or fuel station provides reliable access to digital financial services.
They can make purchases, withdraw cash, and manage their money without travelling long distances or depending solely on physical currency. Critically, customers without cards can complete transactions through direct bank transfers to the terminal’s account.
Beyond practical benefits, Moniepoint terminals have also introduced a new layer of trust to everyday commerce. “When network issues make it unclear if a payment went through, the Moniepoint terminal’s loud beep provides instant confirmation for everyone, building trust in digital payments with every transaction”.
Moniepoint POS terminals operate across all 774 local governments in Nigeria, ensuring that small sellers and large stores can accept payments reliably, regardless of location.
In 2025, millions of Nigerians, businesses and individuals alike, accessed Moniepoint services through its mobile app. Top among them are groups like women and low-income earners, who have historically been excluded from formal banking. Inclusion of women is particularly important, as they typically manage household spending and informal savings but are frequently left out of structured financial systems. “Through our app, they are gaining financial independence and greater control over their economic decisions,” the report added.
For millions of Nigerians, debit cards represent a move away from the limits of cash transactions. They enable safer, more reliable everyday payments, particularly as more local businesses begin to accept digital payments.
Moniepoint debit cards are designed to meet this need. In 2025, Moniepoint customers completed over 300 million card transactions at physical locations, largely driven by essential, food-related purchases. Most of this spending took place at neighbourhood provision shops where households buy everyday items such as rice, cooking oil, and soap.
“We’ve made access to our cards intentionally simple. Customers can get a Moniepoint debit card by requesting it within their mobile app or from neighbourhood agents, without lengthy paperwork or waiting periods. By lowering these barriers, more people are able to access financial tools and participate in the formal financial system.
“Our cards also safeguard our customers’ financial information. They don’t carry special markings or any identifiers that could expose our customers or put their financial security at risk. In the event of loss, this reduces the likelihood of targeted fraud or misuse.
“When people can pay with their debit cards at their neighbourhood stores, they can manage their spending, reduce cash handling, and transact more securely. Merchants also benefit, recording higher transaction volumes and more consistent customer activity.
“Moniepoint helps millions of businesses and individuals across Nigeria access seamless payments and banking, every day. The widespread adoption of our tools and services, as highlighted, demonstrates our critical role in expanding financial access, supporting everyday commerce, and enabling more Nigerians to participate safely and consistently in the digital economy,” the report noted.
ChatPay has launched Africa’s conversational banking platform, enabling individuals and businesses to access financial services through WhatsApp.
The Lagos-based fintech startup, is in controlled rollout, connecting WhatsApp to linked-bank management, airtime and supported electricity payments through simple conversations.
The company said the platform is designed to enable users to send money, pay bills, buy airtime and manage business transactions within WhatsApp conversations, subject to the completion of regulatory approvals and integration with licensed banking partners.
According to ChatPay, the platform is operated by CP Technology Limited and is currently undergoing a phased rollout ahead of its planned public launch.
The company said the initiative is intended to simplify access to financial services by leveraging WhatsApp, which it estimates is used by more than 50 million Nigerians monthly.
Speaking on the idea behind the platform, Adeoluwasubomi Odebunmi, product lead and co-founder, said the concept emerged while she was studying Software Engineering at Babcock University.
“I saw the gap while I was still in school—how much friction there was just to move money. I didn’t want to just study the problem. I wanted to help fix it,” she said.
Odebunmi said she had previously worked on software solutions spanning e-commerce, real estate management, school administration and artificial intelligence applications before co-founding ChatPay.
Aseoluwa Siyanbola, growth lead and co-founder, said his experience managing Nigerian bank accounts while studying abroad highlighted some of the challenges users face with digital banking services.
According to him, difficulties such as one-time password (OTP) failures and inconsistent banking applications inspired the team to explore conversational banking solutions.
“We each encountered similar challenges and came together to build a solution that simplifies everyday financial transactions,” he said.
cAbraham William, tech lead and co-founder, said the company is focused on improving access to financial services through a platform that many Nigerians already use daily.
“We want to make financial services easier to access by allowing people to carry out transactions through a familiar messaging platform,” he said.
William said he oversees the company’s engineering, technology strategy and system architecture.
ChatPay said its services will be introduced in phases as regulatory requirements are met and integrations with banking partners are completed.
The company added that its newly launched “Founding 2,500” programme will enable selected early users to test features, provide feedback and participate in product development before the platform’s wider rollout.
According to the company, interested users can register for the waitlist and the Founding 2,500 programme through its website.
Founded by Odebunmi, Siyanbola and William, ChatPay said its long-term goal is to expand conversational banking services beyond Nigeria into other African markets after its domestic rollout.
United Bank for Africa (UBA) Plc has been named Nigeria’s Best Bank for Retail Banking and Best Bank for Sustainability Leadership (ESG) at the 2026 Euromoney Awards for Excellence, reinforcing its position as one of Africa’s leading financial institutions.
The awards were presented on July 17 at The Peninsula London in the United Kingdom, recognising financial institutions that have demonstrated outstanding performance, innovation, customer impact and sustainable banking practices.
The double recognition highlights UBA’s growing influence in retail banking and its commitment to advancing environmental, social and governance (ESG) principles across its operations.
According to Euromoney, UBA distinguished itself through a series of sustainability initiatives, including the introduction of a Green Financing Facility designed to support households and businesses transitioning to renewable energy.
The publication also cited the bank’s ₦5 billion financing programme, implemented in partnership with the Bank of Industry (BOI), to provide funding for women-owned businesses.
Euromoney further recognised UBA’s commitment to achieving net-zero carbon emissions by 2050, describing it as a demonstration of the bank’s long-term sustainability strategy.
The publication also highlighted the bank’s efforts to integrate sustainability into its operations through the deployment of solar-powered energy solutions across 50 branches and comprehensive ESG capacity-building programmes that have trained more than 16,000 employees across the UBA Group.
In the retail banking category, Euromoney noted that UBA continued to consolidate its position as one of Africa’s largest retail banking institutions.
According to the publication, the bank expanded its customer base to more than 37 million by the end of 2025, while retail banking revenue increased more than fourfold to ₦429.5 billion.
The awards also recognised UBA’s continued investment in digital banking innovation, particularly enhancements to its artificial intelligence-powered chatbot, LEO.
Euromoney noted that LEO became Africa’s first AI-powered banking platform to facilitate cross-border money transfers in local currencies through the Pan-African Payment and Settlement System (PAPSS).
Commenting on the awards, UBA’s Group Managing Director and Chief Executive Officer, Mr Oliver Alawuba, described the recognition as a validation of the bank’s commitment to delivering value to customers while promoting sustainable development across Africa.
“To be recognised as Nigeria’s Best Bank for both ESG and Retail Banking in the same year sends a powerful message that sustainable banking and commercial success are mutually reinforcing.
“At UBA, we are committed to financing Africa’s future, supporting businesses and communities, promoting financial inclusion, and delivering innovative banking solutions that improve lives.
“These awards belong to our customers for their confidence in us and to every member of the UBA family whose dedication continues to make our vision a reality,” he said.
Also speaking, UBA’s Group Head, Marketing, Brand and Corporate Communications, Mrs Alero Ladipo, said the awards reflected the bank’s unwavering commitment to putting customers at the centre of its operations.
According to her, every innovation, investment and banking solution introduced by UBA is aimed at creating exceptional value for customers while expanding access to financial services.
“These awards are a powerful affirmation of our Customer First philosophy.
“Whether it is supporting entrepreneurs with access to finance, enabling seamless digital payments, advancing clean energy financing or expanding financial inclusion across Africa, UBA remains focused on delivering meaningful impact.
“We are honoured that one of the world’s most respected financial publications has recognised these efforts,” she said.
UBA currently operates in 20 African countries, as well as the United Kingdom, United States, France and the United Arab Emirates, serving more than 45 million customers through a combination of digital banking platforms and physical branch networks.
The bank said it remains committed to strengthening financial inclusion, driving innovation and supporting sustainable economic development across Africa and beyond.
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