Digital Trust and Innovation Key to Nigeria's Payment Infrastructure

During the Payment Forum Nigeria (PAFON) conference held in Lagos, the necessity for digital trust and ongoing innovation in the payment industry was underscored. Keynote speaker Prof.

Aderemi Peter Obadar, Chief Visionary Officer at Digital Encode, discussed the vulnerabilities within the payment sector and the critical need for digital trust. He emphasized that continuous innovation, coupled with improved regulation, is essential to promote cybersecurity awareness.

Obadar noted that the payment infrastructure has been under attack, with structured attacks accounting for 20% and unstructured attacks for 80%. He warned that the recent surge in cybercrime has made Nigeria's cyberspace increasingly vulnerable.

Dr. Jameelah Sherrief Ayedu and Mr.

Chinedu Anya also contributed to discussions on utilizing credit data to enhance financial inclusion. The conference highlighted that without reliable digital payment systems, financial inclusion remains elusive.