E-Financial
PAFON 1.0: Experts Harp on Stricter Data Privacy Measures in Payments Ecosystem in AI Era
Mr. Festus Amede, Chairman of the Committee of Chief Information Security Officers of Nigerian Financial Institutions (CCISONFI) has identified Data Minimization Principles, User Consent and Control, as well as Compliance with Privacy Regulations as important elements in protecting privacy in payments.
L-R: Olusola Odediran, Chief Information Security Officer, NIBSS/representative of Chairman, Committee of Chief Information Security Officers of Nigerian Financial Institutions; Chike Onwuegbuchi, co-founder, TechCastle Foundation; Adekunle Ajayi, Product Manager, Cloud and Digital Solutions, inq. Digital Nigeria Ltd; Abidemi Akinola, Chief Compliance Officer, Remita; Efemena Ogie, Head, Partnership, Monipoint Inc., and Peter Oluka, Editor, Techeconomy, during, the Payments Forum Nigeria (PAFON 1.0) event on, ‘Payments: Trust, Security and Privacy in AI era’ held in Lagos recently.
Amede who was represented by an executive member of CCISONFI, Mr. Olusola Odediran (also, the Chief Information Security Officer) Nigeria Inter-Bank Settlement System (NIBSS), spoke during his keynote presentation at the maiden edition of Payments Forum Nigeria (PAFON 1.0) held at Oriental Hotel, Lagos on Thursday.
His presentation themed, ‘Payments: Trust, Security and Privacy in the AI Era,’ explored the critical aspects of trust, security, and privacy in payments, and provided insights into the challenges, solutions, and future trends in safeguarding transactions in the digital landscape.
The CCISONFI chairman stated that although the payment industry enjoys such regulatory oversights arising from the Nigerian Data Protection Act (NDPA) and Data protection laws, the Payment Card Industry Data Security Standard (PCI DSS), and the compliance requirements for businesses, the industry has balanced security and convenience relying on user experience in payment security, seamless authentication methods, and biometric and tokenized payments.
On how emerging Technologies will impact the payment industry, he disclosed that while Blockchain will be deployed to ensure secure transactions, Artificial Intelligence and Machine Learning will be used in fraud prevention even as privacy-preserving computing impact cannot be underestimated.
Amede called on players in the payment industry to continue to educate consumers by providing them with tips on how to secure online payments, how to recognise phishing attempts, and the importance of keeping software updated.
He listed some of the best practices for businesses including regular security audits and penetration testing; employee training on security protocols; and ensuring collaboration with payment security experts.
Speaking further on the need to build trust in payment systems, Amede, who is also the CISO of Zenith Bank Plc emphasised the importance of trust for consumer adoption, transparency in transactions, and commitment to securing the payment infrastructure.
He stated that the Payment Systems are exposed to such threats and vulnerabilities as Cyber Attacks and Data Breaches, Phishing and Social Engineering, and malware and ransomware.
Ikenna Ndugbu, the chief compliance officer, represented by Isoken Aigbomian, the regional sales Manager, Moniepoint, highlighted the evolution of Moniepoint into a leading payment processor, stating, “We started off with a virtual account service where we automated payments or transfers, allowing customers and businesses to make and receive payments seamlessly through transfers. This was what catapulted and was modified into the limelight and household name that seems to be.”
Aigbomian emphasized the company’s focus on providing flexible payment options to businesses across various sectors, stating, “Today, Moniepoint offers a wide variety of payment options to businesses. There is an online payment platform, in-person payments option and then there are the cash payments via our ATM network, which is almost, I think, one of the largest, as well.”
She explained how Moniepoint MFB identified the need for a seamless payment experience and developed innovative solutions to address it. “So, what we did was we looked inward, and we said the most popular means of payment in Nigeria is transfer. So we worked with our engineers and were able to build an infrastructure.”
Roosevelt Elias, the founder of Payble, noted the importance of data privacy and security in the age of digital payments, stating, “It is essential to preserve the details of such trusted transactions, as they often hold significant importance for the company’s outcomes and operations.”
He endorsed cautious use of data and highlighted the need for AI encryption and compliance-based companies to protect user privacy and ensure regulatory compliance.
On the other hand, Peter Evbota, sales director at inq. Digital Nigeria Limited, spoke on artificial intelligence (AI) and its ability to transform sectors, particularly in data analytics and security.
He emphasized the power of AI in processing both structured and unstructured data, highlighting its ability to detect patterns and provide valuable insights.
Earlier in his welcome address, Mr. Chike Onwuegbuchi, co-founder of TechCastle Foundation, organisers of the event, while giving insight into why the forum was berthed, said payments are very critical in the economy of every country including Nigeria.
“Last year, before the elections, we witnessed what Nigerians faced in the payments system- ATMs were not working to dispense cash, and at merchant locations, it was difficult to make payments with banks’ PoS thanks to Moniepoint and few others that came to the rescue,” he said.
Onwuegbuchi noted that there had been issues of declined transactions and customers’ accounts debited, in addition to an existing systemic fraud, misinformation and lack of information that have led to customers losing their money to fraudsters.
“After looking at these issues and many more, we at TechCastle Foundation decided to create a platform where stakeholders could discuss these issues with the objective of making our Payments systems better,” he said.
He stated that the essence of the forum was to make the ecosystem better for every Nigerian as operators, regulators and end users are expected to discuss to find a way to make the system better.
He added that trust issues in payments, security and other industry-related issues were to be discussed at the forum by cybersecurity experts who have distinguished themselves in working with money deposit banks to ensure that cybercriminals didn’t steal money in the bank.
The inaugural edition of the Payments Forum Nigeria was a cross-industry platform that focused on addressing issues that require broad cooperation and coordination across many constituents in the payments industry.
PAFON 1.0, sponsored by Moniepoint, Digital Encode Limited, Cybervergent, inq.Digital and Payble with support from the Central Bank of Nigeria (CBN), provided participants with an inside look at the Payments industry, offering perspectives from key stakeholders, including payment networks, technology innovators, leading merchants, issuers, acquirers, and payment processors.
Central Bank of Nigeria (CBN) has assured Nigerians that the ongoing banking sector recapitalisation exercise will not affect customer deposits, insisting that the financial system remains stable and fully secure.
The apex bank gave the reassurance amid growing public anxiety and misinformation ahead of the March 31, 2026, deadline set for banks to meet new capital requirements.
In a series of advisories issued via its official communication channels, the CBN emphasised that the deadline applies strictly to banks and not to customers, stressing that there is no cause for panic.
“The deadline is a timeline for banks, not customers,” the bank stated, adding that routine banking activities would continue without disruption.
Addressing widespread fears over the safety of deposits, the CBN said all customer funds remain protected, urging Nigerians not to engage in panic withdrawals or close their accounts.
“Your accounts and funds are unaffected. Banking products and services continue as normal,” the bank said, reiterating that recapitalisation is designed to strengthen, not weaken, financial institutions.
The regulator further dismissed claims circulating on social media suggesting that banks could freeze accounts as part of the exercise, describing such reports as false and misleading.
“No, this is false. Banks will not freeze customer accounts. Please ignore unverified social media rumours,” the CBN said.
The recapitalisation programme, according to the apex bank, is a routine regulatory measure aimed at increasing banks’ capital base to enhance resilience, improve risk absorption capacity, and position the sector to better support economic growth.
On concerns that recapitalisation could lead to higher banking charges or reduced access to services, the CBN maintained that there would be no adverse impact on customers.
Federal government has announced that it is ramping up efforts with the 36 state governments to participate in the $500 million World Bank-assisted loan facility under the HOPE Governance Programme.
This was disclosed in a statement on Thursday by Joe Mutah, spokesperson for the scheme.
Commenting on the program, Dr Deborah Odoh, permanent secretary of the Federal Ministry of Budget and Economic Planning, stated that the ministry is collaborating closely with the Federal Ministry of Finance to ensure that all 36 states of the Federation sign the Subsidiary Loan Agreement that would enable them to participate in and benefit from the World Bank-assisted HOPE Governance Program.
Odoh made these remarks in Abuja on Wednesday when she received the HOPE Governance Team from the World Bank on a courtesy visit to her office.
“We have been strategizing with the Federal Ministry of Finance with the involvement of our Honourable Minister Sen. Abubakar Atiku Bagudu. We will put in extra efforts to make it happen even faster given the time constraints. We have a timeline drawn up recently to achieve this,” she said.
The permanent secretary pledged to provide all the necessary institutional support to ensure that HOPE Governance delivers significant impact across the country.
“I’m glad we are having this meeting, which is long overdue, and certainly we are here all the time. We expect to see more tangible results and impact shortly,” she said.
Ikechukwu Nweje, leader, World Bank Task Team, HOPE Governance Programme, had earlier appealed to the permanent secretary to utilize all available channels within the Ministry to engage state governments and secure the signing of the Agreement, thereby enabling them to access funds under the Program upon verification of the Disbursement-Linked Results.
“However you can help us to fast track these processes, this will really be appreciated to get this program up and running in terms of disbursement,” he said.
He stressed that governance remains a key challenge to improved service delivery in the basic education and primary healthcare sectors, which is why the federal government, in collaboration with the World Bank, has initiated the HOPE Governance Program to address the issue.
“If the governance part fails, we will continue to have the same problems we are having on the sectoral side. That is why the ministers prioritized governance because they found out that governance is the issue in the two sectors that will help to unlock the ability to deliver results,” he stated.
Earlier, Dr. Assad Hassan, national coordinator of the HOPE Governance Programme, stated that the meeting was convened with the World Bank to apprise the Permanent Secretary of the milestones recorded and the challenges encountered in the implementation of the program so far.
MoneyMaster Payment Service Bank has introduced a refreshed mobile banking experience designed to make purchasing airtime and data more convenient and straightforward for customers.
As part of the rollout, customers will enjoy added value on their transactions. Airtime purchases on the Glo network come with a 100 percent bonus, while data purchases attract a 10 percent bonus, giving users amazing rewards on each purchase.
With this revamp, the app is now much easier to use, especially for airtime purchases. From selecting accounts to choosing amounts, the process is more seamless, with clearer options and fewer steps. Data plans are now neatly organized into categories such as daily, weekly, and monthly, making it easier for users to find what they need without endless scrolling.
Beyond the improved layout, customers now have more flexibility in how they recharge. Lower airtime denominations have been introduced, giving users the freedom to choose amounts that better suit their needs, while navigation has been adjusted to be quicker and more intuitive.
Speaking on the update, the bank’s Head of Business, Tajudeen Omokhide, explained that the goal is to make payments as simple and seamless as possible. According to him, customers expect speed, clarity, and affordability, and these improvements are part of the bank’s ongoing effort to meet those expectations. He also encouraged both existing and new users to get the latest version of the app.
These updates are a testament to MoneyMaster’s broader mission of developing practical, relevant products for everyday life. Promoted by Globacom and licensed by the Central Bank of Nigeria, the bank offers mobile wallets, savings accounts, individual current accounts, and business banking services.
MoneyMaster continues to position itself as a flexible, customer-centric platform, enabling over 4,000 individual and business billers to manage payments, access financial services, and stay connected with ease.
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