A Financial Technology (FinTech) expert, Mr Agada Apochi, on Tuesday, stressed the need for finalcial transaction operators to build public confidence to grow the electronic payment industry.

Apochi, the Managing Director of Unified Payment Services Ltd, said this during the Annual Payment Systems and Fraud Conference organised by Electronic Payment Providers Association of Nigeria (E-PPAN) in Lagos.

The E-PPAN conference was aimed at bringing industry stakeholders together to discuss current trends in payment fraud and learn strategies to manage risk and prevent fraud.

The focus is on “FinTech: Tackling the Challenges of Innovations in Payment; What the Industry Needs to do in Securing Access Point, Going Beyond Intelligence Gathering in Payment Fraud Investigations.”

He said that the FinTech industry was rapidly growing, as there were many players in the industry.

According to him, the rapid growth in the electronic payment industry is good, as it provides innovation and job opportunities in the country.

He added that “as many people join the industry, we have to pay attention to fraud. The industry can grow only when there is public confidence.

“If there is sufficient fear in the minds of the public, they will keep away from electronic payment system.”

Apochi said that in the last two years, the payment industry in Nigeria had been driven by payment cards, automated machines, which might not be the future of electronic payment.

He added that operators in the industry had to prepare for the future of electronic payment by adopting the required technology.

“It is not enough to talk of disruption. Disruption comes with new orientation, hence, we must pay attention to new ways of evolving technology.

“The digital space is not the same with the physical space, therefore, FinTech operators should do things differently.

“There are different technologies that we can use and we have to embrace them. Players should share ideas toward building the industry.”  (NAN)

– Nov. 6, 2018 @ 16:49 GMT |