BusinessDay

Flutterwave, CeBIH hosts annual conference on payment security in Nigeria

In a bid to build an ecosystem with zero tolerance for fraud, Flutterwave has partnered with the Committee of e-Business Industry Heads (CeBIH) to host the annual Conference of CeBIH for 2022, towards growing and securing the payments ecosystem in Nigeria.

According to an official statement, the conference held in Lagos on Friday, December 2, 2022, promises to chart the course for combating payment fraud.

“This collaboration shows a renewed commitment by Flutterwave to support conversations that create a safe and secure digital payments ecosystem for all Nigerians.”

The annual conference, which is the 10th edition, will be a gathering of industry leaders to celebrate the gains, including the giant strides made by CeBIH in the ecosystem.

Celestina Appeal, chairman, CeBIH, said that solving the payment challenges and fraud risks in emerging markets like Nigeria requires collaborative efforts and strategic partnerships.

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“The focus of this year’s conference is very apt considering the menace of the increase in the volume and value of fraud incidents which undermines our collective efforts as an industry.

“The theme also underscores a major focus for the current leadership of CeBIH which is an effective combat against fraud through collaboration with all stakeholders, be it public or private sector,” she said.

Formed in 2008, CeBIH seeks to achieve the primary objective of promoting electronic banking services in line with global practices by serving as a forum for Heads of e-Business/e-Payments in Nigerian deposit-money banks to share ideas and experiences.

“We are excited to be working with CeBIH again as it provides us with the opportunity to showcase our passion for making the payment ecosystem safe and secure for everybody out there,” said, Olugbenga Agboola, Founder and CEO of Flutterwave, while speaking on the partnership.

“It helps us network with key stakeholders and partners in the industry where we are able to foster strategic partnerships and collaborations.”

Agboola further observed, “the trend seen globally is that as companies innovate to improve the technology that makes e-payment seamless for consumers, cybercriminals also improvise their strategies to commit frauds.”

The Nigeria Inter-Bank Settlement Systems (NIBSS) statistics showed that about N3.5 billion was lost to fraud-related incidents between July and September 2020.