TrustDecision and OpenFactor Lead Financial Security Discussions in Nigeria

TrustDecision and OpenFactor Technology Group recently hosted a critical financial security conference in Nigeria, addressing the pressing challenges of digital fraud and the need for advanced credit risk management.

April 19, 2024

4 minutes

Yuqi Chen

TrustDecision, in collaboration with OpenFactor Technology Group, hosted a pivotal financial security conference in Nigeria on April 19th. This session marked the continuation of our commitment to addressing the complexities of the rapidly transforming financial landscape in Nigeria, characterized by a sharp increase in digital fraud, which surged over 277% in the third quarter of 2023. The conference also addressed the growing need for sophisticated credit assessment procedures and adaptive lending practices.

The event convened top industry experts and leaders to discuss practical solutions for combating these challenges. Focus was placed on enhancing fraud detection and credit risk management through the deployment of advanced tools such as KYC++, Application Fraud Detection, and Credit Data Insight. These discussions aimed to set a roadmap for improving the future of financial security in Nigeria.

We were honored by the participation of distinguished financial institutions including PremiumTrust Bank, LemFi, Sparkle Nigeria, Flutterwave, MoMo Payment Service Bank, and Baines Credit MicroFinance Bank LTD. Their insights and contributions were invaluable to the discourse, helping to shape strategic directions for securing Nigeria’s financial sector.

Special thanks are extended to Ademola Babalola, Aviraj Guha, and Vasundhara Chatterjee from OpenFactor, whose continuous support has been crucial. Additionally, our appreciation goes to Tariq Beg, TrustDecision’s regional director, whose leadership was instrumental in steering the discussions.

TrustDecision encourages ongoing engagement as we tackle the evolving challenges within Nigeria's financial sector. We are committed to fostering a resilient financial landscape, ensuring that the sector remains robust and secure against emerging threats. Follow TrustDecision for more updates and insights as we continue this important work.

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