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PAFON 3.0: Obadare Urges Fintech Players to Prioritise Trust over Speed as Cyber Threats Rise
Nigeria’s fast-growing digital payments ecosystem is increasingly vulnerable to cyber threats, with cybersecurity expert and Chief Visionary Officer of Digital Encode, Prof. Adewale Peter Obadare, warning innovators and financial technology operators that neglecting cybersecurity in pursuit of rapid market expansion could undermine financial inclusion and public trust.
Prof. Adewale Peter Obadare
Presenting a keynote address at the third edition of the Payments Forum Nigeria (PAFON 3.0) held last weekend, Obadare stressed that cybersecurity regulation should not be viewed as an obstacle to innovation but as a critical enabler of sustainable digital growth, particularly in Nigeria’s payment infrastructure where electronic fraud and cybercrime remain major threats.
According to him, many fintech operators mistakenly prioritize infrastructure deployment while postponing security implementation, a strategy he described as fundamentally flawed.
“Innovators want to build infrastructure first and secure it later, but it doesn’t work like that,” he said, insisting that cybersecurity must be integrated from the outset.
Obadare, whose keynote was themed “Focus on Cybersecurity Infrastructure For Fair Payments,” noted that Nigeria’s cyberspace has witnessed heightened attacks in recent weeks, describing the nation’s payment systems as a prime target because “this is where the money is,” and argued that many of these attacks are not highly sophisticated but are often the result of organizations failing to implement basic cybersecurity measures.
“Most of the attacks we are seeing are because the basic stuff is not being done,” he said. “A lot of payment infrastructures have weak immunity on the internet, and when immunity is low, opportunistic attacks become inevitable.”
Drawing comparisons between physical and digital security, the cybersecurity specialist likened unsecured payment systems to leaving one’s home or car unlocked in a public environment, emphasising that cyberspace is inherently exposed, requiring constant vigilance and robust safeguards.
Obadare, the first professor of practice in Cybersecurity in Nigeria, identified cybersecurity threats and electronic fraud as the “big elephant in the room” for Nigeria’s financial ecosystem, warning that without trust, digital financial inclusion efforts could stall. “Payment is sensitive because it involves people’s money. Once trust is lost, adoption suffers,” he said.
He also highlighted how regulatory interventions have historically strengthened Nigeria’s payment ecosystem, citing the migration from magnetic stripe cards to chip-and-PIN technology as a successful example.
While explaining that such regulations significantly reduced card cloning and fraud, proving that effective cybersecurity policies enhance rather than hinder innovation, Obadare stated: “Regulation helped solve a major fraud problem. That’s what good cybersecurity regulation does—it protects innovation from collapse.”
The cybersecurity expert warned, however, that cybercriminals are continuously evolving, leveraging artificial intelligence and new technologies to exploit vulnerabilities faster and at greater scale, noting that AI has effectively placed more advanced cyberattack tools in the hands of criminals, increasing the urgency for organizations to proactively strengthen defences.
“AI is now fuelling cybercrime at an unprecedented level,” Obadare cautioned. “Cybercriminals are innovating too.”
The professor further criticized organizations that invest heavily in product development but resist spending on security architecture, describing cybersecurity as an investment rather than a cost centre. He argued that reactive crisis spending after security breaches is far more expensive than proactive protection.
“Cybersecurity is not a cost; it is an enabler,” he said. “If you fail to secure your systems, you will pay for it eventually, often at a much higher price.”
Obadare called for a strategic, architectural, and delivery-focused approach to digital payment systems, urging innovators to consistently ask whether they are “doing the right thing, doing it the right way, and getting it done well.”
He noted that building digital trust requires sustained investment in people, processes, and technology, emphasizing that trust-driven systems naturally attract adoption more effectively than aggressive marketing.
“Digital trust is hard work. It is not a one-time achievement but a continuous journey,” he said. “When trust is strong, financial inclusion becomes a pull system, not a push system.”
MENXTT TECH NG, a Lagos-based technology company, has launched an initiative to make quality Dell laptops more affordable for Nigerians through flexible payment plans and extended warranty support.
The company said the initiative was aimed at helping students, entrepreneurs, professionals and small businesses acquire reliable computing devices despite rising technology costs.
According to the company, customers can now purchase premium pre-owned Dell Latitude, Dell Precision and Dell Inspiron laptops at competitive prices, with selected models available under staggered payment arrangements.
The laptops, it said, are designed to meet the needs of users ranging from students and office workers to architects, engineers, software developers, graphic designers and video editors.
Speaking on the initiative, the Co-Founder of MENXTT TECH NG, Mr Anthony Emeka Nwosu, said access to quality technology should not be limited by financial constraints.
“A laptop is no longer a luxury; it is an essential tool for education, business and career development.
“Unfortunately, many people are forced to settle for unreliable devices because of the high cost of new laptops.
“At MENXTT TECH NG, we want to bridge that gap by providing durable Dell business laptops at affordable prices, backed by a full one-year warranty and flexible payment plans.
“We want every student, entrepreneur, freelancer and business owner to have access to technology that helps them succeed,” he said.
Nwosu explained that every laptop undergoes comprehensive testing before delivery and comes with a one-year warranty, an original charger, a complimentary laptop bag, Windows 11 operating system and Microsoft Office Suite pre-installed.
He added that the company, an authorised Bitdefender Antivirus reseller in Nigeria, also installs genuine Bitdefender security software on every system to protect customers against cyber threats.
According to him, customers requiring additional productivity tools can also have licensed Foxit PDF software installed on their devices.
Nwosu said the flexible payment option was introduced in response to prevailing economic realities, enabling customers to spread payments over an agreed period.
He noted that the arrangement would make it easier for students, startups and growing businesses to acquire quality computers without placing excessive pressure on their finances.
Beyond laptop sales, the company provides information technology consultancy, computer repairs, software licensing, cybersecurity solutions and digital transformation services to organisations across Nigeria.
He reaffirmed the company’s commitment to supporting Nigeria’s digital economy by making dependable computing devices and enterprise technology solutions more accessible to individuals and businesses.
According to him, the initiative reflects MENXTT TECH NG’s vision of combining affordability, quality products and professional after-sales support to help more Nigerians participate in the country’s expanding digital ecosystem. (NAN)
African ministers responsible for Information and Communication Technology (ICT) have adopted the 2026 Abuja Declaration on Meaningful Connectivity for Africa, committing member states to accelerate internet access in rural, remote and underserved communities across the continent.
The declaration was adopted at the Seventh Ordinary Session of the Conference of Plenipotentiaries of the African Telecommunications Union (ATU), held in Abuja.
The agreement seeks to address Africa’s widening digital divide by promoting policies and investments that will improve digital infrastructure, stimulate demand for internet services and ensure equitable access to digital opportunities.
In a statement endorsed by the participating member states, the ministers noted that Africa continues to lag behind other regions of the world in internet connectivity despite rapid global digital expansion.
The declaration, signed by Nigeria’s Minister of Communications, Innovation and Digital Economy, Dr Bosun Tijani, who assumed the role of Chairperson of the conference, highlighted the urgency of expanding digital inclusion across the continent.
According to the statement, global internet usage has reached about 68 per cent, rising to as much as 94 per cent in high-income countries, while internet penetration in Africa remains slightly above 38 per cent, the lowest among all regions of the International Telecommunication Union (ITU).
The ministers expressed concern that the disparity continues to limit socio-economic development, innovation, education, healthcare delivery and access to digital public services for millions of Africans.
They agreed that closing the connectivity gap, particularly in underserved communities, should become a continental priority requiring coordinated action by governments, regulators, development partners and the private sector.
The declaration establishes a framework centred on expanding digital infrastructure, increasing broadband adoption, stimulating demand for digital services and promoting equitable access to connectivity.
It also encourages member states to implement policies that will improve affordability, strengthen digital skills and create an enabling environment for sustainable investment in telecommunications infrastructure.
“Affirming that closing Africa’s connectivity and usage gap, particularly in rural, remote and underserved communities, is an urgent continental priority,” the declaration stated.
The conference further called on international development partners, industry stakeholders and civil society organisations to align their investments and programmes with the African Union’s Agenda 2063 and the Digital Transformation Strategy for Africa.
The ministers expressed optimism that stronger regional collaboration would accelerate digital transformation, foster inclusive economic growth and ensure that more Africans benefit from opportunities created by the digital economy.
Clydestone Ghana Plc has filed a writ of summons and statement of claim against MTN Ghana, MTN Group Limited and Mobile Money Fintech Limited, alleging unauthorized use of its intellectual property.
The company announced the court action at the Ghana Stock Exchange, confirming proceedings in the Commercial Division of the High Court of Ghana.
The case relates to work commissioned in 2007 that Clydestone alleges was later used without authorisation or compensation.
Clydestone said the claim involves proprietary intellectual property, confidential commercial information and operational methodology developed during the engagement. The company is seeking declarations, damages and equitable remedies.
In a statement, Clydestone said MTN Ghana engaged it in 2007 to develop a commercial and operational framework for a mobile money business.
“The work was developed and delivered by the company’s founder and Group CEO, Paul Jacquaye, and included a full mobile money ecosystem covering the commercial model, operational architecture, implementation methodology and business case.”
Clydestone said the work was commissioned on the understanding that a non-disclosure agreement and memorandum of understanding would be signed.
It alleges these agreements were not finalised despite repeated requests.
The company further alleges MTN Ghana later used its proprietary work and methodology without authorisation or compensation, including in MTN Mobile Money Ghana and other markets.
Clydestone said the alleged use has continued since the launch of MTN Mobile Money Ghana in 2009.
“The wrongful use of that work has been ongoing since 2009. What has changed is the availability of independently verifiable information that documents its scale and commercial significance,” the company said.
It cited the GSMA State of the Industry Report on Mobile Money 2026 and MTN Ghana’s 2025 annual report as evidence of the platform’s scale.
According to Clydestone, the reports show approximately 19.3 million active users and annual revenue of about GHS 6.0 billion ($516m).
The company said it reviewed its records following these publications and concluded there were sufficient grounds to initiate legal proceedings.
It added that it has received no payment or acknowledgement for the work since December 2007, and that pre-action correspondence in 2026 received no substantive response.
“The Board of Directors has unanimously authorised the commencement of these proceedings,” the company said.
Jacquaye said: “This case is about accountability for commissioned intellectual property.
“When independent publications in 2025 and 2026 revealed the scale of the mobile money business, we reviewed all documentation relating to the original engagement and concluded these proceedings were necessary.”
MTN Group Limited, named as a defendant, had not commented at the time of publication.
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