The Fintech Association of Nigeria (FintechNGR) is planning to address e-payment fraud in the country through the release of a framework for fraud reporting in 2024. The CEO’s Committee of the Association stated that failure to address these challenges could jeopardize the entire digital ecosystem. The framework is designed to combat fraud while respecting privacy and regulatory concerns. The comprehensive framework and technical standards will be released by FintechNGR in January 2024. This initiative has garnered support from financial institutions and fintech companies, reflecting a collective commitment to enhancing the security of the banking and fintech communities.
Fraud concerns have been rising in Nigeria’s fintech sector, with three fintechs losing over N5 billion to hackers in the first eight months of this year. Some of these cases involved fintech employees. Fintech companies are also concerned that an attack on one platform could compromise another connected platform with weak cybersecurity systems. This fear prompted a commercial bank to temporarily disconnect several fintechs from its platform, preventing customers from sending money to affected fintechs.
