Sterling Financial Holdings Company is actively driving collaboration and partnerships with regulators, infrastructure providers, operators, and other financial services providers to bolster the security of the Nigerian consumer and improve the safety of the financial ecosystem.
Olayinka Oni, Executive Director and Group Chief Operating Officer of Sterling Financial Holdings, gave this indication in his commencement speech at the Sterling Thought Leadership Series for Information Technology, which was held recently with the theme, ‘The State of FI Consumer Security.’
The session took place in Lagos and was attended by heads of information technology and security teams from banks, fintechs, consultancy firms, industry infrastructure providers and regulators such as KPMG, NIBSS, Flutterwave, Wema Bank, Uniswitch and other prominent players.
The event featured a keynote speech from KPMG, with two panel sessions on “Predicting The Future – Preparing For The Future of Cybercrime In The Age of AI” and “Securing The Consumer: Strengthening Partnerships Between Operators & Law Enforcement”. The first panel featured the Executive Director of the Nigerian Inter-Bank Settlement System, NIBSS, Aminu Maina, Senior Vice President at Flutterwave, Dotun Adekunle, Mayowa Owolabi of Uniswitch, with founder of AWABAH and renowned media personality, Tunji Andrews anchoring.
In his address, Oni said: “This session, which will be the first of many, will seek to enhance our collective knowledge and inspire collaborative endeavors aimed at fortifying the digital realm, especially as an increasing number of customers turn to digital channels for value delivery.”
He underscored how the platform facilitates the exchange of ideas among thought leaders, challenges traditional norms and charts a course toward a more secure digital environment, further describing the event as a platform to anticipate the evolving threats, adapt strategies, and promote a safer digital world marked by technological advancements and heightened cyber threats.
Oni continued: “This gathering represents a convergence of ideas, experiences, and visions that will drive advancements in securing the digital finance industry as our contributions and eventual decisions will have a direct impact on consumer rights, trust, and the continuity of our businesses.”
He noted that every organization participating directly acknowledges the evolving threats faced by operators and thought leaders in this space, and their presence and contribution showed that they saw themselves as more than just service providers, but custodians of monetary value and trust.
In a keynote address, Mr. John Anyanwu, Partner and Head of the Cyber Unit arm of KPMG Nigeria’s Risk Consulting, focused on “Strengthening the Customer and Preparing for the Emerging Digital World” and noted that disruptive technologies were already more prevalent and rapidly transforming every aspect of the world.
Anyanwu pointed out that this transformation was driven by the imperative to meet customer expectations, provide personalized and empathetic experiences, offer a unified integrated experience and anticipate issues before they arise, underscoring how these developments ultimately added value by increasing revenue, enabling faster onboarding and activation, personalizing pricing, improving customer acquisition, enhancing customer experience and loyalty, optimizing distribution and servicing channels and fostering the growth of new products and services.
However, he cautioned that despite the numerous benefits of adopting the latest technologies, it also brought risks and concerns, including infrastructure vulnerabilities, data privacy, fraud risks, third-party risks and the need for education and awareness.
He emphasized the need for collaborative efforts among operators to address these concerns through initiatives such as cyber security education and awareness, cyber resilience, third-party risk management and safeguarding customer data privacy.
Outcomes of the session will include a communique that captures the submissions of the panelists and participants which will serve as the basis for the continued engagement with key stakeholders and shape policy for the delivery of service through digital channels for the financial services sector.
