FintechNGR Moves to Safeguard Nigeria’s Digital Financial Landscape

Emma Okonji

Recognising the escalating threat of fraud within Nigeria’s electronic payments ecosystem, FintechNGR CEO’s Committee has unveiled strategic initiative that will help preserve the integrity of the nation’s acclaimed digital infrastructure, built over the past two decades.

The initiative is aimed at combating fraud while respecting the privacy and regulatory concerns surrounding data centralisation and reporting.

In a statement released by FintechNGR CEO’s Committee at the weekend and signed by its Chairman, Mr. Uzoma Dozie, the committee highlighted the gravity of the situation, emphasising that failure to address the challenges could jeopardise the entire digital ecosystem that has garnered international recognition.

“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,” Dozie said.

FintechNGR plans to release the comprehensive framework along with its technical standards by January 2024. The 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, Dozie further said.