Financial technology companies, or fintechs, in Nigeria are working together to tackle e-payment fraud. The Fintech Association of Nigeria (FintechNGR) plans to release a framework for fraud reporting in 2024. The framework aims to address fraud while respecting data privacy and regulatory concerns. FintechNGR stated that failure to address these challenges could harm the entire digital ecosystem. The association is set to release the comprehensive framework and technical standards in January 2024. This initiative has gained support from various financial institutions and fintech companies in Nigeria.
The issue of e-payment fraud in Nigeria is a growing concern, with three Nigerian fintech companies losing over N5 billion to hackers in the first eight months of a year. The association has recognized that an attack could compromise a well-secured platform through another connected platform with poor cybersecurity systems. The framework aims to combat such fraudulent activities while ensuring regulatory compliance and privacy.
