Collaboration among the Nigerian card industry stakeholders is key to driving future growth as payments technologies continue to transform the financial services landscape, business leaders say at the CeBIH 2024 Annual Conference.
According to experts, the card industry is not excluded as technological advancements in Nigeria, Africa, and globally are rapidly becoming integral across all sectors.
With a $500 million investment in Africa’s financial inclusion, credit access, and SMEs, as well as a $20 billion funding in Gen AI startups in 2024, the estimated $200 billion global AI investment by 2030 highlights the significance of these developments.
The annual CeBIH conference, held in Lagos from December 4-5, 2024, which focused on the theme “Payment System Vision 2030: Navigating Contemporary Issues in Driving Future Growth,” featured interactive sessions and presentations by business leaders and experts from the payments industry.
The Committee of e-Business Industry Heads (CeBIH), the body says, is constituted of the upper echelon of electronic business industry practitioners in all banks in Nigeria
During one interactive sessions, Vincent Ogbunude, MD, Payment Tokens (Verve) at Interswitch Group, underscores the fast evolving world of payment systems stating that the current method from “card swiping, inserting to possible future payment methods like tapping, scanning, and possibly the think mode where users can just think of payment and it will go.”
To remain essential to the broader digital economy initiatives in emerging markets, drive future growth, and address challenges within the card industry, the CeBIH 2024 panelists discussed potential solutions. These solutions emphasises the need for “huge collaboration”, standardisation, supporting government-led initiatives, and embracing embedded finance.
During one interactive sessions, Vincent Ogbunude, MD, Payment Tokens (Verve) at Interswitch Group, underscores the fast evolving world of payment systems stating that the current method from “card swiping, inserting to possible future payment methods like tapping, scanning, and possibly the think mode where users can just think of payment and it will go.”
For Kemi Okusanya, Chief Executive Officer, Hydrogen Payment Services Company Limited, shares insights on emerging technology trends that the card industry should prioritise in their future planning.
These trends include leveraging remote commerce, embedded finance, AI, and biometrics authentication, and will remain pivotal for players to remain relevant in the evolving landscape, according to the Hydrogen CEO.
Remita MD: Everyone has a role to play in the advancement of PSV 2030
Mr. Deremi Atanda, Managing Director of Remita, whose transformative keynote on “PSV 2030: Driving Actualisation Through Effective Collaboration,” reckons that trust and purposeful partnerships can revolutionise Nigeria’s payment ecosystem.
At the CeBIH 2024 Annual Conference, the MD of Remita, outlines the components of Payment System Vision (PSV) 2030, envisioned as a roadmap for the actualisation of a growth-oriented payment ecosystem in the country.
He emphasises that industry and allied stakeholders must contribute towards enhancing awareness, taking ownership, creating laws, establishing institutions, managing and monitoring implementation, and developing new innovative solutions. This responsibilities, Atanda says, falls on the government, private sector, and citizens alike.
With PSV 2030, the Remita MD says that “we are shaping the future of payments and building a world-class ecosystem for the digital economy.”
The government is tasked with driving policies and investing in infrastructure, while the private sector is responsible for innovating, expanding adoption, and driving progress. On the other hand, he encourages citizens to embrace digital payment systems, and educate others on their benefits.
In underscoring the need for stronger collaboration among fintechs, regulators, and financial institutions, the Remita MD shares an execution framework built around vision socialization, forward-thinking leadership and infrastructure.
Nigeria, Atanda explains, has the opportunity to become a global leader in payments, but this requires a strong regulatory framework and collective drive towards innovation, inclusivity, and growth.
With PSV 2030, the Remita MD says that “we are shaping the future of payments and building a world-class ecosystem for the digital economy.”
Securing payment systems in the age of AI
In light of the alarming $42 billion fraud recorded in 2024 due to fraudulent withdrawals, security measures in the payment system are crucial in the era of the rapid adoption of AI. Service providers must implement measures to ensure a secure digital infrastructure, according to the CeBIH 2024 conference.
To combat the increasing complexity of transactions, the CeBIH 2024 conference recommends that it is essential to continuously secure systems, ensure practical and deliberate attempt to secure systems during a cyber attack or downtime. The systems must be resilient enough to withstand such situations without negatively impacting customers., and have clear inventory of hardware and software to detect any foreign entities instantly. The forum recommends that formalised change management process and a clear strategy and mechanism for roadback and recovery must be implemented.
The CeBIH 2024 conference also pitched support for cross-border payments, unification of payment systems, promotion of SME and financial inclusion, and support for the use of environmentally friendly and recyclable cards to enhance sustainability.
Ajibade Laolu-Adewale, Chairman of CeBIH, announced that the CeBIH Conference 2025 will take place on December 2nd and 3rd, 2025.
The CeBIH Conference 2024 event centered around evaluating the advancements made towards Nigeria’s Payment System Vision 2030. This strategic initiative, spearheaded by the Central Bank of Nigeria (CBN), is designed to enhance financial inclusion, promote payment innovation, and bolster the digital economy. The conference provides valuable insights, foster partnerships, and generate momentum necessary to realise the vision’s objectives.
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