Dennis Ajalie, the chief executive officer of TeamApt Limited, has said that there is a need for industry collaboration to fight fraud in the payment space.
He said, “If we can all share information and collaborate seamlessly, we’ll find out that it becomes disinteresting for these bad-faith individuals to use the collective technology commonwealth that we have all built to commit nefarious activities.
Ajalie disclosed this while speaking at a panel session at the annual conference of the Committee of e-Business Industry Heads (CeBIH) conference in Lagos with the theme, “Payment System Vision 2030: Navigating Contemporary Issues in Driving Future Growth.”
He explained that collaboration among fintechs, banks, NFIU, infrastructure providers, telecommunications, and switches is crucial to defeat fraud.
The CEO added that the Central Bank of Nigeria (CBN) has set apart the roles each entity should play and how they should function to create a successful payment ecosystem that protects consumers and enables businesses.
Speaking on the imperative of borderless transactions and the solutions for implementation for the framework, Ajalie noted, “Borderless transactions have to happen because we’re becoming more interconnected by the day. We still have a lot of siloed implementations among key stakeholders and unless we recalibrate our systems, borderless remains beyond our reach and a mirage.
“There’s the fierce urgency of now that demands that we find solid ways to interconnect, and once we’re able to interconnect within ourselves, and reconcile properly, especially on the local front, then we can present a single, unified front that will enable us to push transactions and receive transactions from outside. We cannot go forward without fixing these internal challenges.”