NIGERIA.‘How Nigeria Can Drive Payment Tech Economy’

NIGERIA.‘How Nigeria Can Drive Payment Tech Economy’

Experts have identified strong digital identity and cyber-security backbones as critical factors required to drive the emerging payment technology economy in Nigeria.

This was the summation of discussions by stakeholders in Nigeria’s finance and identity sectors, at the Future of Payment Conference organised by BusinessDay Media, in Lagos recently.

Co-founder/CEO of VerifyMe Nigeria, Esigie Aguele, said having robust identity protocols not only enables, but also secures payment. Citing Amazon as an instance, he said the global e-commerce giant now requests for the National Identity Number (NIN) before importing goods to customers in Nigeria.

“So, it is using identity to process payments and we are expecting to see trends like facial recognition increasingly play a leading role in the new era of PayTech,” he added.

Whilst assuring that the ecosystem is expanding beyond individual identity to device identity verification, he assured that VerifyMe is going to be at the critical layer of supporting FinTech companies to minimise fraud across PayTech transactions as well as minimise leakages from exposing data to people who shouldn’t have access to it.

The Director, Account Management, West Africa at MasterCard, Stanley Jacob, stressed the need for increased attention to digital identity given the accelerated shift from physical and traditional payment systems to contactless pay technology.

“There needs to be a corresponding infrastructure to harness this opportunity and preserve the integrity of the transactions. This is where digital identity and cyber security will come into play.”

مصدر: daily trust

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