The Electronic Payment Providers Association of Nigeria on Wednesday said that over N30 trillion transactions were carried out yearly on different e-payment channels by businesses and individuals in the country.
The Chief Executive Officer of e-PPAN, Regha Onajite, said in a statement in Lagos that with such huge transactions, there was the need to ensure that e-payment transactions were safe.
Onajite said that there had been worries over cases of e-fraud, which had been discouraging some people of being financially included.
She said the Central Bank of Nigeria and other key stakeholders would in November converge for the annual Payment Systems and Fraud Conference to discuss how to tackle cases of electronic fraud.
Onajite said: “With over N30 trillion transactions carried out on different e-payment channels by businesses and individuals in the country, stakeholders have expressed worries over cases of e-fraud, which has been discouraging some people from financial inclusion.
“According to the Nigerian Interbank Settlements System Plc report, over N4 billion was lost to cases of e-frauds in 2015.”
Onajite said that the conference had been designed to be a veritable rallying ground for the financial industry to deliberate on payment systems and fraud knowledge in West Africa.
She said: “This event will bring together senior level officers of the fintech sector, banking, regulatory bodies and public officers.
“Our core focus on this year’s edition is to tackle fraud in a proactive and top-down approach that involves people, process and technology.
“This will help to create effective combats against the activities of the e-payment fraudsters in Nigeria.”
Onajite added that the conference would address the challenges posed by people’s laxity in divulging and compromising organisational information system to fraudsters.
According to her, it will also re-appraise, reconnect and tackle the processes that compromised the entire system of e-payment hemisphere in Nigeria.
She added that it would fashion out how organisations could invest in and deploy the right technologies to enable the industry to be a step ahead of the criminals.
Onajite added that e-PPAN partners at the year’s event, apart from the CBN, included the Nigerian Electronic Fraud Forum and the Committee of Banking Head.
Others are Committee of Chief Compliance Officers of Banks in Nigeria, Information Security Society of Nigeria and the Association of Chief Audit Executives of Banks in Nigeria among others.