The Chairman of the Committee of Chief Information Security Officers of Nigerian Financial Institutions, Festus Amede, has identified data minimisation principles, user consent, and control as important elements in protecting privacy in payments.
Amede, who was represented by an executive member of CCISONFI, Olusola Odediran, who is also the Chief Information Security Officer of the Nigeria Inter-Bank Settlement System, spoke during his keynote presentation at the maiden edition of Payments Forum Nigeria in Lagos recently.
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.
According to the CCISONFI chairman, the compliance requirements for businesses in the industry have balanced security and convenience, relying on user experience in payment security, seamless authentication methods, and biometric and tokenised payments.
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 were exposed to such threats and vulnerabilities as cyberattacks and data breaches, phishing and social engineering, and malware and ransomware.
The Chief Compliance Officer, Ikenna Ndugbu, represented by the Regional Sales Manager of Moniepoint, Isoken Aigbomian, highlighted the evolution of Moniepoint into a leading payment processor.
He said, “We started 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.”
Ndugbu emphasised 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.”