FSI promotes innovative payment solutions to curb fraud


The Financial Services Innovators (FSI) has expressed its commitment towards deepening financial inclusion in the country by providing safe innovative payment and identity solutions in order to prevent fraudulent activities within the banking space. 

The company, during its maiden Hackaton competition, which is currently taking place in various regions of the country, said that the initiative was born from the idea of people being able to identify an individual with a unique identifier whenever and wherever they want to transact. 

This, it explained, would enhance the level of trust when consumers are transacting with their banks, or merchants, or third-party service providers.

The Chairman, Financial Services Innovators, Iyinoluwa Aboyeji, while speaking with journalists midway into the programme, themed “How would you innovate payment and identity systems to prevent fraud and keep people safe with payments,” stated that the firm was prepared to make payment processes much more seamless and simplified in order to make it inclusive for everyone. 

According to him, one of the goals of the company is to ensure Nigeria emerges as the financial technology service provider of the world, “which can be achieved by leveraging the infrastructure and financial institutions that we have.”

Aboyeji said, “Also, we have awarded the team that emerged as the winner the sum of N3m; the second-placed team got N2m; and then the third-placed team with N1m, respectively. 

“In addition to this, we are going to be providing mentorship schemes in order to support them and upscale their innovations and solutions.” 

He added, “We are also working towards engaging the regulators in order to help them understand the practical challenges innovators and customers are facing when it comes to financial inclusion in order for them to generate and implement policies that would drive financial inclusion.”

The Executive Director, Financial Services Innovators, Aituaz Kola-Oladejo, said, “We led the initiative to enhance financial inclusion in Nigeria because we believe that we have a large volume of talents in Nigeria.

“So, we are dedicated towards creating and driving innovations, thus this Hackathon is aimed at giving opportunities to the youth and delightfully, we have 20 teams competing for the top place.”

On her part, the Head of Innovation, Enhancing Financial Innovation and Access, Dayo Ademola, said, “This initiative would help bring thousands of hackers from around the world together in order to tackle a particular identified problem around identity and payment transactions. 

“The hackathon initiative is important because it helps the financial sector to develop ideas from broader scope of people because solutions can come from anywhere. 

“By tackling identity issues, we are able to develop products and services that are safer for people at the bottom of the financial pyramid and the mass market are enabled to engage in the payment infrastructure.”

Meanwhile, the Director, Payments System Management Department, Central Bank of Nigeria, Musa Jimoh, said, “The journey towards redefining the financial technology space has got to the stage where it is being redefined and enhanced with modern approaches.”

Represented by the Assistant Director, Payments System Management Department, CBN, he said, “We are looking forward to the financial technology sector experiencing innovative drastic change in regards to consumer payment behaviour, enhance the market confidence and encourage the use of digital financial services in Nigeria.  

“The opportunity for the sector is very enormous, considering that till date many Nigerians are yet to have their first contact with formal financial services.”

The CBN director added, “However, the industry thus far has experienced immense growth and development. The major driver has been technology. 

“It has introduced initiatives such as USSD payments systems, which made various financial transactions simpler and more effective.”

Popular posts from this blog

Shiite Muslim's Protest turns bloody in Abuja leaving two policemen dead, others injured

Image
PHOTOS: Viewers discretion adviced!  An unplanned protest by Shiite Muslims in Abuja today has left two policemen dead, others injured with ten of the protesters gunned down by the police.  The attack which occurred around the Zone 7 police command at Zone 3 Wuse left lots of panic amongst residents and the nearby Wuse market, which was later shutdown as a result of the incident.  The remains of those killed in the course of the attack have been taken to the Wuse General Hospital while some others in critical condition were rushed to National Hospital Abuja.  So far no statement has been issued by either the Force Public Relations Officer or the group that carried out the attack.  The Supreme Leader of the Shiite group, known as the Islamic Movement in Nigeria, (IMN), Sheikh Ibraheem Zakzaky have been behind some key protests in the North.  After spending five months receiving medical treatment in Iran, Zakzaky and his wife Zeenah returned to Abuja early th...
Read more

EEDC ANNOUNCES GENERAL SYSTEM COLLAPSE

Image
The Enugu Electricity Distribution Company PLC (EEDC) has informed it's esteemed customers of a general system collapse that occurred at 18:48 hours today, 14th October, 2024.  According to a statement issued by EEDC Head, Corporate Communication, Emeka Eze, the collapse has resulted in the loss of supply currently being experienced across EEDC network. Consequently, due to this development, all our according to him "interface TCN stations are out of supply, and we are unable to provide services to our customers in Abia, Anambra,  Ebonyi,  Enugu, and Imo States". "We are on standby awaiting detailed information of the collapse and restoration of supply from the National Control Centre (NCC), Osogbo. 
Read more

Unbearable Cost: Table, sachet water producers shut down production in Enugu

Image
  The Association of Table Water Producers (ATWAP) says it will shut down and suspend production in all water producing factories in Enugu State due to unbearable high cost of production. This is contained in a statement issued by the Chairman of ATWAP,  Enugu State Chapter, Tony Edike and its State Secretary, Sir Clems Nwamadi, on Sunday in Enugu. The statement was issued after members of ATWAP Enugu State Chapter held an emergency meeting in Enugu on Feb.8, 2024, on challenges confronting all members of the association. It said from Monday, Feb. 12 to Thursday, Feb.15, 2024 all Table Water Producers in Enugu State including Sachets and Pet Bottles are required to down tools and suspend all production. According to the statement, "this is to enable us to seek a workable solution to the many challenges being faced by our members". “The current harsh economic situation in the country especially as it affects materials and other logistics for the productio...
Read more