The Nigeria Fintech Week is the biggest industry event in Africa which births key innovations, strategic partnerships, and ecosystem transformations. It has been revolutionary in galvanizing and building the FinTech industry across Africa, stimulating indigenous creativity to solve Africa’s tech challenges, removing cross-border barriers to FinTech operations, and fostering collaboration amongst stakeholders.
The MD, of Remita Payment Services Limited, Mr Deremi Atanda opened the floor by talking about the strengths and failures of Remita
The Future of Payment. Reimagining AI was delivered by the MD/CEO, NIBSS who was represented by Mr. Bolanle Enigokan – the Head Enterprise of NIBSS
Speaking on how AI has impacted AI payment in Nigeria and globally, he said that due to the covid, a lot of payment startups began to emerge. Not only that, a lot of people have mobile phones and they make transactions from them, and because of this, Nigeria has a 9% mobility penetration.
He also noted that it has been forecasted that the volume of business in digital will exceed about 24 billion dollars, urging stakeholders in Nigeria to look into this.
Talking about the advantages of AI, he said a lot of companies have benefitted from AI, such as enhanced security for better consumer experience, telemarketing, fraud, relationship management, profiling, regulation, delivery, convenience, and trading.
Diving into the disadvantage of artificial intelligence, he made mention of malicious or misuse of AI and Data quality. This means the data must be useful.
He concluded that open banking is creating a strong case to drive AI, machine learning, and other imagined technologies, adding that the open banking draft has been opened by the CBN and it is an opportunity for all stakeholders to leverage the opportunities and benefits from it.
First Panel Session for the Nigerian Fintech Week
THE FUTURE OF PAYMENT: Reimagining AI – Enhanced Security and Fraud Prevention, Personalized Customer Experiences, Exploring Opportunities in Regtech & Data Protection
Moderator – Joseph Eimunjeze – Partner at Udo Udoma & Belo-Osagie
Tiwa Osazuwa – Partner AELEX
Toba Obaniyi – GM Turaco Nigeria GM, Turaco Nigeria
Gbenga Paseda – Executive Director, VFD Tech
Q1: Does Nigeria have sufficient law or regulatory framework to address issues around AI and the challenges and how to navigate the challenges?
Answering the question, Tiwa said no jurisdiction has a substandard law for AI as we all know, it is a developing area. However, the country has a law in NDPA that can temporarily work in that area. Intellectual property – IP laws are not rooted out.
When asked about the role AI can play or what can be done for the adoption of AI in the insurance sector, one of the panelists noted that Insuretech wants to make insurance products available to people to such a level that it is personalized amidst their individual needs.
AI will help them personalize the needs of people, in which lots of data will be needed, which is very useful. However, it will be limited in the area of privacy as many customers might not be comfortable with it.
Addressing Adoption and Challenges in the Payment Industry for the Nigeria Fintech Week
Speaking on this, Tommy said the challenges facing the payment industry are identity and fraud monitoring. AI has helped in building scripts for alerts however it is manual, reactive, and fraudulent activities that might be too late to notice.
The solution can be to turn the AI into a learning tool and put in a fraud score which can help the company monitor a customer’s transaction and help to make the AI proactive and preventive against fraud.
For Gbenga, preventing fraud, and customer receiving a better customer experience is what should be put in place