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.
Other panelists at the conference were Branch Controller, Central Bank of Nigeria, Bariboloka G. Koyor; Chief Conduct and Compliance Officer, Access Bank, Pattison Boleigha; the Chief Information Security Officer, First Bank of Nigeria, Harrison Nnaji and Group Head of Business Operations, NIBSS, Ekeoma Chidi-Ugorji– ably represented Tauhid Abdulkareem.
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.
Bariboloka G. Koyor spoke on the role of the CBN on strengthening payments in Nigeria, “The Central Bank is passionate about payment systems and innovation in Nigeria. The separation of the banking services into two different departments focusing on banking services and payment systems was a starting point. The regulatory sandbox is another major initiative.
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