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ISSAN Confab: CBN to Collaborate with Stakeholders to Check Rising Cyber Attacks

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Information Security Society of Africa Nigeria - (SSAN
L-r: Basil Udotai, Managing Partner, Technology Advisors LLP; Dr. Adewale Obadare, Co-founder/Chief Visionary Officer, Digital Encode; Mrs Rakiya Mohammed, Director, IT Department, Central Bank of Nigeria; Dr. David Isiavwe, President, Information Security Society of Africa – Nigeria (ISSAN) & General Manager, Ecobank; Musa Jimoh, Director, Payments System Management Department, Central Bank of Nigeria; Eduje Ighoakpo, CISO, Heritage Bank of Nigeria Ltd, and Laja Sorunke, 1st Vice President, ISSAN, at ISSAN Annual Cybersecurity Conference in Lagos last week

The Central Bank of Nigeria has assured information security stakeholders and the general public of its collaboration to check the rising cases of cyber-attacks within the Nigeria cyberspace.

Mr. Musa Jimoh, Director, Payments System Management Department of the CBN, in his keynote address at the annual Information Security Society of Africa – Nigeria (ISSAN) Cybersecurity Conference in Lagos, stated that the apex bank was firmly committed to building a sustainable payments ecosystem in the country.

He commended ISSAN for organizing the event, stressing that CBN will continue to collaborate with organisations that are committed to addressing the rising activities of cyber-attacks.

Also speaking, President of FinTech Association of Nigeria (FinTechNGR), Ade Bajomo said to adequately address the rising rate of cyber-attacks, organizations should embrace collaboration and information sharing on cyber breaches.

According to him, keeping silence on the part of organizations that had been attacked would not help others, stressing that full disclosure, synergy and information sharing on reported cyber-attacks and how it was managed would guide other organizations to put preventive and counter measures in place.

He called on organizations to constantly upgrade their technology to counter cyber-attacks, urging them to have data backup.

Dr. Adewale Peter Obadare, the Co-founder/Chief Visionary Officer of Digital Encode, while expressing his views at the panel session, made case for collaboration amongst stakeholders, noting the need to strike the balance between the investments in people, technology, and processes to fight cyber-attack and fraud.

He further stated the need to build cybersecurity intelligence quotient, which will comprise of Augmented Intelligence to check what is happening on the system real time, Anticipatory Intelligence to analyse what could happen, and Assistive Intelligence to determine what needs to be done.

He recommended that digitization, digitalization and digital transformation should be addressed.

Earlier in his welcome address, Dr. David Isiavwe ISSAN President, said the conference was devoted to further expose the new threats and trends in the cyber security space and also offer practical steps on what businesses and individuals need to know and do to check the rising tide of the activities of cyber-criminals.

He observed that cyber attackers are getting more sophisticated globally, which is an aftermath of Covid 19 pandemic, stressing that greater awareness must be created to minimize attacks on businesses that may result in losses by various organizations.

Further, Dr. Isiavwe who is also General Manager at Ecobank made case for customer awareness as well as collaboration by all stakeholders.

Other speakers at the conference include Managing Director/Chief Executive Officer, Digital Jewels Limited, Mrs Adedoyin Odunfa; Founder & CEO, Mint FT Innovative, Mr. Similolu Akinnusi; Chief Information Security Officer, First Bank of Nigeria, Mr. Harrison Nnaji and Managing Partner, Technology Advisors LLP, Basil Udotai, Esq; Others are Group Head, Customer Fulfillment Center, UBA, Mr. Prince Ayewoh; Chief Executive, Stanbic IBTC Financial Services Limited, Mr. Stanley Jacob; Sales Director (Africa), OneSpan Europe, Mr. Nicholas Poire and Field CTO, OneSpan Europe, Mr. Dan Mcloughin.

ISSAN is a not-for-profit organization dedicated to the protection of Nigeria’s cyberspace specifically and the entire cyberspace in Africa, generally.

GrassRoots.ng is on a critical mission; to objectively and honestly represent the voice of ‘grassrooters’ in International, Federal, State and Local Government fora; heralding the achievements of political and other leaders and investors alike, without discrimination. This daily, digital news publication platform serves as the leading source of up-to-date information on how people and events reflect on the global community. The pragmatic articles reflect on the life of the community people, covering news/current affairs, business, technology, culture and fashion, entertainment, sports, State, National and International issues that directly impact the locals.

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Nigeria Doesn’t Need Applause—It Needs Access

By Abidemi Adebamiwa

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Naira

The International Monetary Fund has urged Nigeria to revise its ₦54.99 trillion 2025 budget downward in response to weakening oil revenues.

It also recommends continued tight monetary policy and high interest rates until inflation further slows.

These suggestions may appear sound within orthodox economic models, but for most Nigerians, they are a recipe for deeper suffering.

Yes, inflation has decelerated—from an average of 31% in 2024 to 22.97% by May 2025. But that improvement hasn’t reached the dinner table.

Food prices remain brutal. Over 33% of Nigerians are officially unemployed, and more than 130 million people live in multidimensional poverty.

Behind every number is a family skipping meals, a child pulled out of school, or a shopkeeper forced to shutter their store.

One of the most damaging constraints in today’s economy isn’t the lack of money—it’s the inability to access it. Most banks avoid lending to those who need credit most.

When they do, they slap on interest rates of 27% to 30% and demand collateral far exceeding the value of the loan. It’s a system that locks out the very people who could drive recovery.

Credit is the oxygen of an economy. Without it, farmers don’t plant, factories sit idle, and markets shrink.

Former U.S. Federal Reserve Chair Ben Bernanke—an expert on financial crises—once observed that the core problem isn’t always overspending, but when capable people can’t borrow. Nigeria is falling squarely into that trap.

There is a way out. By reallocating just 3% of the national budget—₦1.65 trillion—the government could establish a national loan guarantee fund.

This fund would cover the first ₦10 million in loan risk per borrower, giving commercial banks the confidence to extend credit to those who actually produce.

With an average loan size of ₦1 million, such a move could unlock financing for 1.65 million small-scale farmers, cooperatives, and traders. Even if just two-thirds of those efforts succeed, that’s over a million new jobs.

The revenue return is clear. Increased employment expands the tax base. New businesses generate more goods, services, and local demand. Social safety nets face less pressure. That ₦1.65 trillion doesn’t vanish—it circulates, stimulates, and ultimately strengthens the economy.

Meanwhile, the IMF’s warning about Nigeria’s fiscal deficit possibly rising from 4.1% to 4.7% of GDP amounts to a difference of roughly ₦660 billion. That figure is modest compared to the trillions lost annually to inefficiencies and leakages.

It’s also less than what a single thriving sector—such as agriculture, construction, or telecoms—can contribute if properly enabled.

If austerity deepens poverty and chokes productivity, then even those advocating restraint today will soon label the country “unstable” tomorrow. But the burden won’t fall on spreadsheets. It will fall on people.

Nigeria doesn’t need to blindly follow rigid templates drawn up in distant boardrooms. It needs a tailored approach that empowers its own citizens.

The economy cannot grow if credit is frozen. The people cannot thrive without opportunity. And the nation cannot progress on fiscal neatness alone.

We don’t need applause from global observers. We need access—for those ready to build, employ, feed, and innovate. Let’s open the gates, not seal them.

Abidemi Adebamiwa is the Managing Editor @ Newspot Nigeria

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PAFON 2.0: Experts Highlight Ingredients for Accelerated Financial Inclusion in Nigeria

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PAFON 2.0
L-r: Peter Oluka, co-convener, Payments Forum Nigeria (PAFON); Ibirogba Oluwagunwa, chairman, Lagos State Chapter of the Association of Mobile Money & Bank Agents in Nigeria (AMMBAN); Mrs. Uche Uzoebo, MD/CEO, Shared Agent Network Expansion Facilities Limited (SANEF) Limited; Chika Nwosu, managing director of PalmPay; Happiness Ohioha, CEO, Tizel Cybersecurity, and Chike Onwuegbuchi, co-convener, Payments Forum Nigeria (PAFON), at PAFON 2.0 held in Lagos, recently.

Improved efforts at collaboration among financial service providers, telecommunication operators, and tech Startups, with conscious effort geared at consumer awareness, have been proffered as key remedies to the challenge of financial inclusion in the country.

This is the viewpoint of stakeholders that gathered for the second edition of Payment Forum Nigeria (PAFON 2.0) held recently in Lagos.

PAFON 2.0
L-r: Munachi Duru, Head of Innovation and partnership at AfriGoPay Financial Services Limited; Oluwabunmi Ogunyemi, customer support lead at Moniepoint MFB; Chika Nwosu, managing director of PalmPay, and Mrs. Uche Uzoebo, MD/CEO, Shared Agent Network Expansion Facilities Limited (SANEF) Limited, at PAFON 2.0 held in Lagos, recently.

Delivering a keynote address on the theme, “Bridging the Customer Experience Gap for Financial Inclusion Using AI”, Ebehijie Momoh (Mrs.), the managing director and chief executive officer of AfriGoPay Financial Services Limited, said that with 64% of Nigerian adults being financial included the country has made immense progress in that regards.

She said that between 2012 till date, the country has recorded robust regulatory reforms, especially the launch of the Bank Verification Number (BVN) in 2014 making it easier to identify and track customers across different banks.

“This initiative enhanced the credibility of the financial sector and increased confidence in formal banking systems.

The growth in adoption of smartphones has also helped the financial sector to leapfrog financial inclusion. Nigeria has 142.16 mobile internet subscriptions with an average consumption of ~7.04GB / month as of January 2025. If you juxtapose it to the 15.9% decline in shipments of feature phones to 18.8 million units in Africa as at Q1 2024, you will understand that the uptake in smartphones has helped us a great deal.

Mrs. Momoh who spoke through Mr. Munachi Duru, the head of Innovation and Strategic Partnership at AfriGoPay, said the adoption of artificial intelligence banking gave birth to solutions like smile identity, a leading KYC verification provider launches facial recognition capabilities in Nigeria as neobanks and commercial banks are deploying AI-based KYC verification tools, enabling cheaper and efficient customer acquisition and servicing.

In her goodwill message, Mrs. Uche Uzoebo, MD/CEO, Shared Agent Network Expansion Facilities Limited (SANEF) Limited said that with progress made in accelerating financial inclusion to unbanked and underbanked communities in Nigeria, SANEF has leveraged Artificial Intelligence (AI) as the next step to advancement in financial services in the country.

She noted that as technology evolves rapidly within the financial ecosystem, Financial Inclusion must continue to be at the center of the nation’s progress.

PAFON 2.0
L-r: Peter Oluka, co-convener, Payments Forum Nigeria (PAFON); Ibirogba Oluwagunwa, chairman, Lagos State Chapter of the Association of Mobile Money & Bank Agents in Nigeria (AMMBAN); Mrs. Uche Uzoebo, MD/CEO, Shared Agent Network Expansion Facilities Limited (SANEF) Limited; Chika Nwosu, managing director of PalmPay; Happiness Ohioha, CEO, Tizel Cybersecurity, and Chike Onwuegbuchi, co-convener, Payments Forum Nigeria (PAFON), at PAFON 2.0 held in Lagos, recently.

According to her, agent banking has been a game-changer in expanding financial inclusion across Nigeria. “By deploying agents in underserved areas, we have brought financial services and banking products such as account opening, cash in, cash out, bill payment, transfers and other services closer to the unbanked and underserved.”

Speaking during a panel session, Mr. Ibirogba Oluwagunwa, chairman, Lagos State Chapter of the Association of Mobile Money & Bank Agents in Nigeria (AMMBAN), spoke of lack of collaboration and slow institutional drive towards AI as key barriers hindering digital inclusion.

He harped on the need for information sharing among fintech operators, and improved free flow of information to consumers. “The human barrier angle needs to be addressed. Fintechs need to be pushed to move forward, AI cannot operate itself.”

In his contribution, Mr. Chika Nwosu, managing director of PalmPay, reiterated the need to reach the consumers with simple format communication and education style.

He said operators should create awareness and design consumer​-centric approach in developing any products. This will not only draw the consumers towards the product, but also generate trust and ease the use of such products.

Focusing on the use of AI to ensure reach, inclusion and security, Azure Application and AI Specialist at Microsoft UK, Olusoji Solomon Adeyemo, spoke on the need for AI and Blockchain in the bid to extend services to rural communities and the unbanked.

PAFON 2.0
PANELISTS: L-r: Chike Onwuegbuchi, co-convener, Payments Forum Nigeria (PAFON); Chika Nwosu, managing director of PalmPay; Oluwabunmi Ogunyemi, customer support lead at Moniepoint MFB; Mrs. Uche Uzoebo, MD/CEO, Shared Agent Network Expansion Facilities Limited (SANEF) Limited; Ibirogba Oluwagunwa, chairman, Lagos State Chapter of the Association of Mobile Money & Bank Agents in Nigeria (AMMBAN),and Joan Aimuengheuwa, assistant editor, Techeconomy; Virtual panelsts: Olusoji Solomon Adeyemo, Azure Application and AI Specialist, Microsoft UK, and Olusegun Gabriel Afolabi, co-founder and chief innovation architect, Face Technologies UK Ltd., at PAFON 2.0 held in Lagos, recently.

According to him, “AI, Blockchain and CBDs are shaping the future of payment, and there is a serious need for education. We need to align with global trends in new tech adoption.”

While noting that AI can ensure reach, Adeyomo said blockchain will also create digital identity that is exclusive and will promote digital financial inclusion.

In her position, Oluwabunmi Ogunyemi, the customer support lead at Moniepoint MFB, proffered physical and digital meet with customers, even in rural areas, as a viable means of inclusivity.

Also speaking, Olusegun Afolabi, the co-founder of Face Technologies UK Ltd., called for improved collaborations among stakeholders in the financial sector.

According to him, the fintech companies must also embrace effective identification solutions, focusing on biometrics and card technologies to ensure topnotch security for users.

Earlier in his opening remarks, Mr. Peter Oluka, co-Convener of the Forum, noted that the financial inclusion journey in the country has come to a crucial juncture where over 30 million adults are still financially excluded, many of whom reside in rural areas or belong to vulnerable demographics.

He noted that despite 12% growth in access to formal financial services between 2020 and 2023, as recorded by the EFInA Access to Financial Services Survey 2023, challenges still exist that hinders the unlocking of the potentials of digital payments to drive inclusive growth in Nigeria.

He further posited: “As digital infrastructure grows and fintech innovation accelerates, we must channel these advancements toward building a more inclusive, secure, and trusted financial ecosystem. This is not just about transactions — it’s about empowerment, opportunity, and economic participation for all.

Payments Forum Nigeria
Panel session led by Chukwuemeka Mbaebie, convener of Lagos Blockchain Week.

Nodding in agreement, Mr. Chike Onwuegbuchi, co-Convener, PAFON, reiterated the need for all stakeholders in the financial payment industry, including regulators, to participate in forums as PAFON, to map out, growth strategies with consumers and other strata of the ecosystem.

PAFON 2.0
A cross section of participants at Payments Forum Nigeria – PAFON 2.0 held in Lagos, recently.

He promised to invite security stakeholders, such as the EFCC and others in subsequent editions of the event. This will help give insight into security concerns in deployment of products and services in rural and unbanked communities.

Payments Forum Nigeria (PAFON) is a platform dedicated to shaping the future of digital payments and financial services in our country.

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Flutterwave Powers Local Businesses in Ghana Through Pay With Bank Transfer

Reporter: Ikenna Ugwu

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Flutterwave Ghana
Flutterwave Ghana

Flutterwave, a leading payments technology company in Africa, has broadened its reach in Ghana through the integration of Pay With Bank Transfer, done in partnership with Affinity Bank.

With over 115 million bank transfer payments recorded in Ghana in 2023, this move will ensure that Flutterwave businesses in Ghana can now receive payments seamlessly and securely through a rapidly growing payment method. While Mobile Money leads as the preferred payment type for everyday transactions in Ghana, the recent growth in transactions for Pay With Bank Transfer symbolizes the expanding payment options available for Ghanaian businesses.  

Flutterwave has a track record of driving innovation in the African finance ecosystem, and this new development promises versatility, thereby expanding the pool of customers available to businesses. As a preferred payment method, it also promises faster payments while providing access to a more secure process of transacting which benefits both the sender and the receiver (business).

We are excited to extend our services to the Ghanaian market” says Olugbenga Agboola, Flutterwave Founder & CEOAt Flutterwave, we are driven by the vision of building Africa’s economy. By making payment options like Pay With Bank Transfer available for everyday use, we are expanding access to payments and enabling local businesses to thrive in the economy”

By establishing this strategic partnership,  Flutterwave aims to drive the adoption of the Pay With Bank Transfer option in Ghana, using virtual accounts to allow for secure and transparent payments. This will provide enterprises and small businesses with a simpler way to receive payments and give their customers a seamless process of making payments.

Geoffrey Fiador, Manager, Country Operations and Partnerships, at Flutterwave stated: “By delivering essential payment options like Pay With Bank Transfer for businesses in Ghana, we’re providing an easy way for them to increase their revenue opportunities to grow their businesses. ”

This announcement comes at the heels of Flutterwave’s recent approval by the Bank of Ghana to provide inward remittance services. With a track record of success across Africa, Flutterwave continues to be a trusted partner for businesses in over 34 countries, providing the tools and expertise necessary for success in the dynamic African market.

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