TECHDIGEST – Experts and stakeholders in Nigeria’s payment industry have called for concerted efforts to mitigate the growing menace of digital frauds.

They submitted that cyber fraud has been evolving, with attacks growing in sophistication and scope, making securing payments and preventing fraud a top priority.

The experts, who gathered at the forum organised by Businessday Media, tagged ‘Future of Payment and Fraud Conference 2022,’ in Lagos, also spoke on the evolution of payment technology, existing payment trends, future of payments, and recurring fraud issues. They also deliberated on relevant solutions.

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Speaking on the ‘Role of Law in Mitigating Fraud in the Digital Payments System,’ Prof. Kareem Olatoye of the Faculty of Law, Lagos State University (LASU), Ojo, said the digital payment system is vulnerable to fraud and evidence of this abound everywhere, with cybercrimes such as cyberstalking, cybersquatting, phishing, among others, leading the pack.

Olatoye said the report had it that identity fraud global losses totaled $52 billion in 2021, stressing that there are, however, a plethora of existing Nigerian laws having provisions capable of helping to mitigate fraud.

According to him, these include Cybercrime (Prohibition, Prevention) Act 2015; Central Bank of Nigeria Act; Economic and Financial Crime Commission Act 2004; Money Laundering (Prohibition) Act 2012; the Advanced Free Fraud and Other Fraud Related Offences Act 2006; the Communications Act 2003; Nigeria Deposit Insurance Corporation Act; Evidence Act 2011; Criminal Code Act 1990; the Penal Code 1990; Companies and Allied Matters Act 2020.

Others are the Constitution of the Federal Republic of Nigeria 1999; the Trademarks Act 2004; Anti-Corruption Act; Bank Employees, etc (Declaration of Asset) Act; National Drug Law Enforcement Agency Act and Special Tribunal (Miscellaneous Offences) Act.

The Law Professor said law could be used to proffer solutions, stressing that effective regulation is required. He said registration/licensing of e-payment platforms/the Fintechs and effectively regulating them; KYC requirement/supervision, S.37 cyber crime Act 2015.

Olatoye said data protection must be robust; stressing that S.6 NITDA Act enables regulating electronic data interchange.

According to him, under the NDPR, a data controller company must appoint a Data protection officer who must ensure the organisation complies with data protection laws and regulations.

Olatoye said regulation of crypto-currency is required, stressing that the SEC is currently working with CBN on crypto trading regulation.

Mitigating the impacts, the Law Professor recommended that there is a need for law mandating payment software developers/owners to ensure security of the payment system against hacking and other abuses that could result in financial loss to users. He said there should be digital payment risk insurance in Nigeria as seen in the USA, adding that online safety law is also required as seen the United Kingdom online safety bill (s.36), which imposes duty of care to offer protection where criminals impersonate to steal people’s personal data or break into bank accounts.

He said there is a need to place and enforce the legal burden on anyone carrying on business using Internet enabled platforms to take responsibility for the safety of customers making digital payments.

“Adequate punishment for cybercrime and effective implementation. Digital Infrastructure needs to be robust. Online policing /monitoring of financial transactions, international cooperation are needed,” he stressed.

Speaking on the topic, ‘Contactless as the future of Payment in Africa,’ Country Manager of Visa Nigeria, Andrew Uaboi, said that contactless payment is the next frontier in the Nigerian Fintech and payment ecosystem.

Contactless payment is a means of payment that does not require cash or even swiping a card. It requires tapping or holding the contactless card or smartphone near a compatible card reader while checking out.

According to him, the innovation will enable the growth of small businesses and also assist individual businesses thrive.
He revealed that Nigerians are expected to tap the full potential of the coming innovation, which will bring more merchants into the financial ecosystem.

“There has been a significant increase in contactless payment since the COVID-19 era. In the U.S for example, one in six people testified that they carried out their first contactless payment during the COVID-19 last year . We’ve also seen a 40 per cent year on year growth of contactless payment, and all of this payment is also enabling small businesses. It enables the growth of individual businesses as well as economies,” Andrew said.

He urged Nigerians to leverage the opportunity that is coming in changing their business and the economy at large.
Uaboi further explained that Visa is working with the Nigerian government, Central bank and other partners to build a framework for which contactless will come in and thrive in Nigeria.

In a separate remark, the Managing Director of Interswitch, Hakeem Lawal, said that while support from overseas is important for payment penetration in Africa, the development of Africa’s payment system is largely in the hands of Africans via participation, policies and tailor-made solutions to address the needs. He said it was evident in the penetration of Mobile Money in Sub-Saharan Africa and the wide spread of online real-time funds transfer in Nigeria.

Source: Guardian.ng

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TECHDIGEST – Mr. Babajide Sanwo-Olu, Lagos State governor recently said plans were in top gear to establish two additional universities of technology and education in the State.

Similarly, the Governor said he would not interfere with the ongoing selection process that would lead to the appointment of the substantive Vice Chancellor of the state-owned Lagos State University (LASU).

Governor Sanwo-Olu made the statement while receiving members of the Committee of Vice Chancellors of Nigerian Universities (CVCNU) led by its chairman, Prof. Samuel Edoumiekumo, who paid him a courtesy visit at the Lagos House, Ikeja on Tuesday.

The Governor said he does not have personal interest in who becomes the next Vice Chancellor of LASU and therefore has no intention to influence the process, adding that due process would be followed in the appointment.

“The process for the appointment of the substantive Vice Chancellor of the Lagos State University (LASU) is ongoing and I can assure you that all the laws and due process that would lead to the appointment of the vice chancellor would be fully adhered to.

“I have no intention to interfere or have any interest in the choice of who would be vice chancellor. We have put in the committee men and women of impeccable character that have distinguished themselves and are willing to do for us a good job,” he said.

Governor Sanwo-Olu, who promised adequate and continuous funding for state-owned tertiary institutions in Lagos State, said plans were in top gear to establish two additional universities of technology and education in the State.

The Governor also promised to assist the Committee of Vice Chancellors of Nigerian Universities to get back the title documents of its property situated at Idowu Taylor Street, Victoria Island in Lagos, saying the property would be released to the Committee at no cost.

He said Lagos State Government will support the Committee on its forthcoming 60th anniversary celebration holding next year.

Speaking earlier, Prof. Edoumiekumo commended Governor Sanwo-Olu for rising to the occasion when COVID-19 pandemic ravaged the state and for delivering dividends of democracy to the people of Lagos State in different sectors.

He said the ongoing metro rail system and the proposed 38 kilometres long Fourth Mainland bridge project, which according to him is one of the single most significant infrastructure projects undertaken by a state government in Nigeria, are testimonies of a thoroughly focused government.

The Chairman of CVCNU said Governor Sanwo-Olu’s support as the Visitor to the Lagos State University is commendable and called for the Lagos State Government’s support for the forthcoming 60th anniversary of the Committee of Vice Chancellors of Nigerian Universities.

“As Nigeria’s economic and social powerhouse, Lagos is arguably a mini-Nigeria and leader in its federation of states. Lagos sets the agenda and leads other states to emulate in economic development, innovation, good governance and education,” he said.

Prof. Edoumiekumo said the Committee of Vice Chancellors of Nigerian Universities is desirous of working with key stakeholders to improve the Nigeria University system and therefore seek for mutually rewarded partnership with Lagos State Government and the people in that regard.

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TECH DIGEST – Lagos Establishes Artificial Intelligence Centre, Offers Automatic Employment-Scholarship to LASU’s Best Graduate

Governor Offers Automatic Employment To Valedictorian, Gifts N5 Million Cash Reward To Best Master’s Student

For finishing with the Cumulative Grade Point Average (CGPA) of 4.95 on a scale of 5.0, Oladimeji Shotunde, the best graduating student of the Lagos State University (LASU), has won a post-graduate scholarship to any university in the world and a N5 million cash prize.

All thanks to Governor Babajide Sanwo-Olu, who rewarded the excellence attained by the valedictorian at the 24th convocation of the university.

Shotunde, a 22-year-old, who finished from the Department of Business Administration in the Faculty of Management Science, also got an offer of automatic employment into the State’s public service.

Besides, the Governor awarded a cash prize of N5 million to the Best Master’s Degree student of the school, Sola Olabanjo, who finished his Master’s Degree in Computer Science with the Grade Point of 5.0.

Sanwo-Olu, who is still on self-isolation after contracting Coronavirus (COVID-19), joined the event virtually from the State House, Marina. He is the Visitor to the University.

The Governor said Shotunde’s record-breaking feat had set a new academic standard for the school, stressing that cash reward was his personal effort at promoting academic excellence and honouring brilliance. He promised that his Government would continue to provide students with the best educational experience that will make them relevant locally and outside of Nigeria.

In his address, Sanwo-Olu disclosed that Lagos has started to brace itself for the opportunities in manufacturing driven by application of technology and artificial intelligence to raise the sector’s capacity and output.

He said the State Government had already set off the process of transforming the local manufacturing sector, with its collaboration with University of Pittsburg in the United State (U.S.) to establish manufacturing assistance centres across Lagos to train young people in modern manufacturing skills, using technology and knowledge of artificial intelligence.

The partnership, the Governor said, will overhaul education ecosystem through hands-on machining skills and mechanical engineering principles, thereby preparing trainees for immediate employment in manufacturing sector.

Sanwo-Olu said his administration’s education investment was to assist students in the Government-owned tertiary institutions across the State to harness their potential and talents for promoting excellence in industries, entrepreneurship and self-sustenance.

The Governor also said the State Government had donated a building and a piece of land in Victoria Island for the takeoff of an Executive Collaborative Programme to be run by LASU in partnership with Cornell University in New York, adding that his administration had expanded the capacity of School Jobs Initiative to accommodate the needs of students in eight tertiary institutions in Lagos.

He said: “As a Government, we have decided to raise our State’s manufacturing capacity by promoting and providing manufacturing education and training. We are prepared to overhaul our education ecosystem through machining and mechanical engineering principles that will prepare our graduates for immediate employment. This is being done in collaboration with partners like the University of Pittsburgh, USA. Our goal is to establish manufacturing assistance centres across the State for the purpose of improving our manufacturing capacity.

“We have also donated a building and a piece of land in Victoria Island for the LASU/Cornell University Executive Collaborative Programme, which will be ready in the next 18 months. In this fast-paced world, we cannot continue to bask in the euphoria of yesterday’s successes; if we do not step up our game, others will catch up with us and even overtake us. We, therefore, expect these programmes to further transform the economy of our State in the nearest future, since the majority of young people who will undertake the programme will end up as professionals, entrepreneurs and also become employers of labour. It is common knowledge that sound education is pivotal to economic growth.”

As part of the move to create conducive environment for learning, Sanwo-Olu approved the construction of a world-class Faculty of Education edifice for LASU, which will begin in 2021. This is in addition to the construction of 8,230-bed space hostel for students through Public Private Partnership (PPP).

The Governor acknowledged LASU’s recently-attained recognition by World Bank as the Best African Center of Excellence for Innovative and Transformative Science, Technology, Engineering and Mathematics (STEM) Education, and its ranking as the Second Best University in Nigeria by Times Higher Education World University Rankings 2020.

Sanwo-Olu applauded the feats, but urged the school management not to rest on its oars until LASU becomes the best in Africa.

He said: “With the limitless opportunities provided by technology, nothing stops the LASU from becoming renowned for competitive academic research, innovative breakthroughs, and seminal creativity that will put the institution at par with some of the world’s best universities. This administration will immediately set up a visitation panel for the school in line with statutory stipulations.”

“Like other State-owned institutions, I promise you that LASU will not be neglected. As we position the university to compete on the global stage, we will continue to make the needed investments to sustain the institution. With education as the third most critical component of our THEMES Agenda, we will strategically tackle all issues related to the growth of the education sector, while creating the enabling environment for our students, graduates, and youths to thrive and manifest their inherent greatness.”

Sanwo-Olu congratulated the graduands for their academic achievements, noting that their sterling performances in course of their programmes and zest for academic success had put LASU on an enviable pedestal.

Having been awarded certificates in their respective disciplines, the Governor said the onus was on the graduands to apply their knowledge and make positive differences.

The school graduated 6,197 students for first degree programmes, 916 for Post-graduate Diploma 916, 825 for Academic Master’s 825, 1,089 Professional Master’s and 47 for doctoral degrees.

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