Obafemi Banigbe, CEO of 9mobile, recently shared his expertise at the Alliance for Innovative Regulation (AIR) virtual conference, tackling the pressing issue of digital payment fraud in West Africa.

His insightful perspectives offered valuable insights into combating identity theft, a major threat to electronic money transfer security across the African continent.

Speaking as a panellist in a session moderated by Nick Cook, Chief Innovation Officer at AIR, Banigbe outlined how telcos play a pivotal role in protecting financial transactions.

“Fraud is fundamentally a human challenge, not just a technological one,” he remarked, emphasising that identity theft remains central to electronic money transfer fraud and requires a community-driven, human-centred approach.

He emphasized the critical role of telecommunications companies as guardians of security in the financial ecosystem. He outlined the proactive measures 9mobile and other telcos are taking to fortify financial systems, focusing on several key areas.

Banigbe highlighted the integration of Know Your Customer (KYC) systems, which leverage collaborations with national ID databases, banking records, and mobile number registries to enhance customer verification.

He also stressed the importance of robust security tools, including SIM registration, Biometric authentication (fingerprint and facial recognition) and One-Time Password (OTP)-based authentication. These measures he said collectively strengthen verification processes, ensuring a more secure financial ecosystem.

Banigbe reiterated the importance of partnerships between financial institutions and payment platforms. These collaborations enable the secure sharing of intelligence, ensuring compliance with data protection laws.

This, in turn, facilitates the detection of suspicious activities while maintaining privacy. He also highlighted the need to address delays in fraud tracking. To achieve this, he advocated for the deployment of real-time blacklisting mechanisms. This would enable swift action on reported incidents, preventing fraudsters from exploiting time gaps.

While highlighting the need for industry-wide collaboration, Banigbe pointed to the cost-effectiveness of shared investments in advanced security architecture. “No single organisation can tackle this alone. A united effort among telcos, financial institutions, and regulators is key to safeguarding our financial systems,” he asserted.

The panel discussion, which featured other notable speakers, including Ikenna Ndugbu (Moniepoint), Sheila Senfuma (Consumers International), and Modupe Ladipo (Prosperar Consulting), explored diverse aspects of combating digital payment fraud.

They discussed the role of robust compliance frameworks and transaction monitoring tools; addressed accessibility challenges for vulnerable populations, including people with disabilities like visual impairment that disallows them from baseline financial literacy; highlighted the specific vulnerabilities faced by women in informal financial systems and advocated for culturally sensitive financial inclusion strategies.

Banigbe further remarked on the need for proper access control within organisations to combat possible internal staff collusion with external fraudsters to make security systems more vulnerable.

“Regulating access will help prevent fraudulent activities within organisations,” he said, pointing to the need for stronger internal controls to safeguard sensitive processes.

He spotlighted the crucial role of telcos in creating a secure and inclusive digital financial ecosystem. Collaboration, Banigbe stressed, is essential to achieving lasting results in the fight against fraud.

“It is an ecosystem, and there should be a joint effort to enlighten the public on digital payment fraud and advocate for victims of fraud,” he concluded, calling for unified action among telcos, financial institutions, and regulators.

With over 100 participants attending the conference, the collective commitment to combat digital payment fraud is evident. Discussions continue to focus on leveraging technology, driving public awareness, and strengthening collaborative frameworks to address the pervasive threat of identity theft.

Professor Adewale Obadare, a renowned cybersecurity expert and the first Professor of Practice in Cybersecurity in Nigeria, shared his valuable insights on how to break into the cybersecurity industry. With over 58 professional certifications and numerous awards, including the Outstanding Digital Trust Leader Award, Obadare’s expertise is unparalleled.

Dr. Obadare Peter Adewale

Speaking at FirstBank’s Cybersecurity Career Webinar that was held over the weekend, Prof. Obadare emphasized that cybersecurity is a field with numerous opportunities, including job security, competitive salaries, and global recognition.

However, he noted that many individuals struggle to break into the industry due to a lack of understanding of their strengths and weaknesses.

To succeed in cybersecurity, Obadare advised individuals to identify their cognitive strengths and choose a career path that aligns with their skills.

He emphasized that there are two primary paths in cybersecurity: technical and governance, risk, and compliance (GRC).

Obadare debunked the myth that certifications are unnecessary, stating that they provide a structured way of learning and are essential for building cognitive competence.

He defined cognitive competence as the acquisition of knowledge and theoretical understanding, which is synonymous with knowledge and mastery of concepts and theoretical knowledge.

Obadare shared a personal anecdote to illustrate the importance of cognitive competence. He recalled a situation where a colleague, who was practically skilled but lacked cognitive competence, deleted a critical system file (NTLDR) while backing up a critical system.

Obadare, who had acquired cognitive competence through certification, knew that deleting the file would prevent the system from booting up. He intervened, recovered the file, and restored the system.

He further emphasized that cognitive competence is essential for making informed decisions and taking effective actions in cybersecurity.

He encouraged individuals to acquire certifications, such as CompTIA Security+, to build their cognitive competence and provide a structured way of learning.

In addition to cognitive competence, Obadare highlighted the importance of functional competence, which is the ability to translate theoretical knowledge into practical skills.

He emphasized that individuals need to strike a balance between cognitive and functional competence to succeed in cybersecurity.

While advising prospective Nigerians seeking to take up career in cybersecurity, Obadare advised them to be humble, open-minded, and willing to learn from others.

According to him, “My advice to individuals seeking to break into cybersecurity is to acquire certifications to build cognitive competence. Cultivate behavioral competence by being humble, open-minded, and willing to learn from others. Continuously learn and self-improve, as cybersecurity education and career is a journey, not a destination”.

In conclusion, Obadare’s insights provided a valuable roadmap for individuals seeking to break into the cybersecurity industry. By acquiring certifications, developing practical skills, and cultivating a positive attitude, individuals can set themselves up for success in this rapidly evolving field.

In order to achieve greater cohesion amongst its Development Institutes and also sustain their proper alignment with the goals and vision of the National Agency for Science and Engineering Infrastructure, NASENI, the Agency is holding a two-day strategic retreat for Overseeing Officers who are managing the institutes.

Participants at the retreat also include Project Managers, Coordinating Directors and some Directors from NASENI headquarters.

The event, held in Abuja, is expected to strengthen leadership skills to achieve strategic alignment of the various Development Institutes’ goals with the overarching vision of NASENI, ensure collaborative synergies with the headquarters to streamline efforts, maximize resource utilization and enhance decision making capabilities.

It will also shift the focus of research and development (R&D) efforts towards solutions that are market-ready, innovative and capable of generating sustainable economic values.

In his welcome address at the opening ceremony, the Executive Vice Chairman/Chief Executive Officer of NASENI, Mr. Khalil Suleiman Halilu, stated that the retreat was not merely about planning, but about creating the blueprint for action, adding that each of the participants hold a unique and pivotal role in translating the vision of NASENI into reality.

“The conversations, strategies, and commitments forged here will determine how effectively we position NASENI to lead Nigeria into a future defined by innovation, self-reliance, and technological advancement, instill a shared commitment to excellence by adopting global best practices in innovation management”, he stressed.

He pointed out that recent assessments have shed light on the need for greater cohesion between the goals of the Development Institutes and NASENI’s renewed vision, highlighting that the retreat was a critical step in the Agency’s transformative journey-a journey anchored in the guiding principles of Creation, Collaboration, and Commercialization (3Cs).

He added that the principles encapsulate the essence of what NASENI stands for: creating cutting-edge solutions that are commercially viable and impacting directly on the lives of Nigerians who sit at the core of the renewed hope agenda of the President.

“Today, we gather not just to deliberate but to lay the groundwork for a stronger, more unified NASENI-one that is poised to drive Nigeria’s technological aspirations to unprecedented heights.

“As an institution saddled with the responsibility of indigenous technology advancement, NASENI has always been a beacon of innovation, a catalyst for progress, and a key driver of sector-specific solutions.

“Across our specialized Development Institutes, I see clearly that remarkable work has been done to push the frontiers of research, foster innovation, and develop solutions that address national and industrial challenges.

“Yet, we recognize that to stay true to our mission in this rapidly evolving world, we must continuously adapt, align, and refocus our efforts”, he affirmed.

The EVC/CEO, therefore urged the top management staff to engage fully, think boldly, and collaborate purposefully. “This is our moment to redefine our collective impact and to reaffirm our dedication to a vision that transcends individual institutes to unite us under the banner of progress for our nation.

“Together, we can and will achieve extraordinary outcomes. Let us move forward with clarity, resolve, and to demonstrate an unyielding commitment to excellence that defines NASENI,” he concluded.