The guest speaker, Mr. Kayode Akomolafe, the Chief Executive Officer of Shams Mobile Limited, provided a detailed overview of the payment industry in Nigeria. He delved into the complexities and prospects within this domain, with a strong focus on the critical role of identity management in ensuring secure transactions. Akomolafe also traced the historical evolution of payments, from barter systems to the digital age. During his talk, he underscored the hurdles posed by fraud and identity verification in today’s landscape, particularly the challenges associated with reconciling data from various sources.

Mr. Akomolafe underscored the critical role of identity management in ensuring secure financial transactions. He traced the historical evolution of payment methods, from barter systems to contemporary digital transactions. Additionally, he shed light on the prevailing issues concerning fraud and identity verification, particularly the complexities of aligning data from diverse sources.

The challenges faced by the Nigerian payment industry with respect to identity management were thoroughly addressed by Mr. Akomolafe. These challenges encompassed the difficulties associated with obtaining documents like driver’s licenses, international passports, and utility bills. He also delved into the hurdles of performing Know Your Customer checks and address verification. Notably, he stressed the necessity of establishing a robust framework for identity management in Nigeria to enhance financial inclusion. He proposed innovative solutions, including using phone numbers as identification and creating a secure digital identity verification system to unlock opportunities for fintech services.

The discussion that ensued revolved around the pressing need for identity management and database harmonization in Nigeria. Attendees emphasized the significance of government commitment and inclusivity in addressing these issues. Practical steps and research funding were proposed to tackle the challenges effectively. Furthermore, there were discussions about integrating Obafemi Awolowo University as a subset of the national database and forming an expert team to address these concerns collectively. In summary, the meeting provided valuable insights into the challenges and opportunities within Nigeria’s payment industry. It underscored the urgency of establishing a strong identity management framework to enhance financial inclusiveness in the country.