Cybersecurity expert Chukwuemeka Ujam has called on Nigeria’s FinTech industry to adopt proactive security measures to tackle the rising tide of fraud. Speaking in Lagos, Ujam emphasized the importance of investing in robust architectural solutions and comprehensive staff training to strengthen defenses against cyber threats, urging FinTech companies to make security a priority over cost-saving measures.

Ujam, CEO of technology solutions firm Nina Jojer, highlighted a critical gap between technological advancements and regulatory frameworks. He recommended a temporary pause on Artificial Intelligence development, allowing policymakers to address privacy and security concerns more effectively. “If we could pause AI development and let policy catch up, we could mitigate concerns around privacy and security issues. The regulatory framework needs to evolve in tandem with technological advancements to safeguard financial activities effectively,” Ujam stated.

As a former House of Representatives member, Ujam pointed out that aligning policy with technological innovations, particularly in AI, is essential for tackling modern security concerns. He warned against the reliance on generic, off-the-shelf solutions, which may not be fully vetted for security, citing recent incidents of fraud on FinTech platforms, including a WhatsApp scam affecting users due to inadequate safeguards.

“People within the tech ecosystem often want to cut costs, but security should not be compromised. Investing in approved solutions and constantly assessing vulnerabilities is essential to protecting both individuals and companies from falling prey to fraudulent activities,” Ujam stressed.

This push for regulatory and security improvements underscores the urgent need for Nigeria’s FinTech sector to prioritize fraud prevention and consumer protection as digital finance expands rapidly.