The FintechNGR in recognizing the escalating threat of fraud within Nigeria’s electronic payments ecosystem, is taking decisive action to preserve the integrity of the nation’s acclaimed digital infrastructure, meticulously built over the past two decades.
Acknowledging the pressing need for a solution, the FintechNGN Committee is unveiling a groundbreaking initiative aimed at combating fraud while respecting the privacy and regulatory concerns surrounding data centralization and reporting.
In a statement, the Committee highlighted the gravity of the situation, emphasizing that failure to address these challenges could jeopardize 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,” commented Uzoma Dozie, Chairman, Chief Executive Officer (CEO) Committee.
Following extensive consultations, the Committee says it 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.
FintechNGR plans to release the comprehensive framework along with its technical standards by January 2024. This 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.
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