Head of Risk, Africa, Emmanuel Efenure, has said that despite the pandemic-driven growth recorded by the Fintech industry across Africa, there’s still more opportunity for growth in the continent. He advocated for innovative contactless services as a major way to break the dominance of cash in Africa and drive growth in the sector.
NBCS is an annual conference that brings together players in the banking and financial industry across Nigeria to examine the changing dynamics of the Central Bank’s regulatory and payment system in Nigeria. The event which was held at Civic Centre on 19th November, 2022 is organized by the Central Bank of Nigeria as part of its effort to engage the private sector.
In response, Emmanuel Efenure noted that cash-based transactions still dominate the Nigerian payment ecosystem but pointed to the emerging potential of digital payments innovations like tokenization.tokenization is a key initiative that could reduce risk of fraud and help gain consumer trustReacting to the moderator’s remark on adopting e-cheque and including USSD while maintaining security of funds. Harrison Nnaji cautioned that e-cheque is not a mass-market solution.
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