Look around and you see the beautiful, unimaginable landmarks of Information Technology (IT) breathing life into virtually all utmost concerns of humans. In Nigeria and elsewhere, IT has evolved to impact people’s everyday engagements-including but not limited to their material and pecuniary (monetary) interests. As a pointer to the fact, no doubt, without Information Technology, people would still be confronted with the arduous task of digging the ground to hide money – stocking their treasures and other valuables in holes and caves. In essence, it cannot be gain-said that IT has given reprieve to man, helped the society overcome many difficulties, curb all sorts of crime and avert misfortunes. However, even at that, there are still much to worry about per e-payment, transactions and cyber security in Nigeria, as the society has not fully tapped into the abundant ‘saving grace’ that comes with Information Technology.
As of 2002, banking transactions could only be carried out at the exact branch of a bank with which an individual opened an account. During the time, carrying out any banking transaction demanded that one must be physically present; to do fund transfers, the money must be withdrawn and deposited to the other person’s account, or the physical cash taken him. There were no ATM, internet banking neither were online purchases, amongst others in vogue. Businessmen carried loads of money about so as to settle their business partners, providing a fertile ground for armed robbery, impersonation, and frauds of sorts, which occurred at highest degrees.
In 2005, as information technology started to re-shape the Nigerian banking system, it became possible to make transactions from any bank from anywhere in the country. Although banking transactions were possible across banks, there was still a problem – one could not access one’s funds whenever one wanted, especially after banking hours.
The introduction of Automated Teller Machine (ATM) by most Nigeria around 2006 means that one could get access to funds when one wants it, at anywhere without the need of being present at the banking hall. However, this only partially solved the problem of access to funds as there were still limitations to the amount of money that could be withdrawn from the ATM. For big transactions, one still needed to be present at the bank. That was not the only problem; ATM also introduced other vectors of crime in the society – ATM card counterfeit, card cloning, and forceful intimidation of people to reveal their card details.
With time, Nigeria banking system adopted chip and PIN card as developed by EMV (EuroPay Master Visa) to eliminate the issues of magnetic card cloning and counterfeits. Another big trend was the adoption of internet/mobile banking by banks – which helped to eliminate the transaction limit imposed on ATM transactions. In addition, a transaction could be done at any time, from anywhere and to any bank without physical cash. This indeed, still remains a breakthrough, as people don’t take cash home any longer; it has created more convenience for both the sender and the recipient. But even with all the barriers broken by internet banking, there was still a problem with online stores – they didn’t accept card or were afraid of cyber fraudsters, especially when it took days to settle the transaction by NIBSS (Nigeria Interbank Settlement System).
To remedy the hitches in online purchases and transactions, 3D Secure was introduced by VISA to eliminate online frauds and increase internet banking security. The Central Bank of Nigeria (CBN) introduced cashless payment in 2011 to allow retail shops accept card payment at point of sale (POS), thereby reducing the need for physical cash. This also, was a partial success. The most inhibiting factor being the lack of access to capable technological device(s) by individuals, especially in rural communities. According to Unicef “The potential for ICTs to support youth development is significant in theory, but many youth around the world still face barriers when it comes to ICT access and effective use of these tools.” Also, lack of basic skills in information technology, especially in cyber security related field is another major inhibiting factor as cyber breaches are at alarming increase.
In corroboration, the two major cyber security certification bodies in the world, ISACA and (ISC)2, predict “2 million global cyber security professionals shortage by 2019” and that “companies and public sector organisations will need 6 million security professionals by 2019 but only 4.5 million will have the necessary qualifications” respectively. Global demand for cyber security experts is the “largest human capital shortage in the world” as reported by Financial Times.
That said; there is a pressing need to invest in cyber security by building competent hands who can make up for the glaring shortage and play a key role in securing our common future. To successfully combat internet fraud and be protected from the hydra-headed virus of hacking, committed professionals are required.
iT4YUs, a non-governmental organization at your door-step, in Nigeria, is focused on developing youth, impacting them with the needed skills in Information Technology, to become independent and tap from the boom of IT revolution. The NGO is not a spectator, it is a major actor in the IT sector, which has stepped in to remedy the harmful divides between IT and youth. Its bottom-top approach ensures that in no distant time, issues of difficulty to access devices and blurring IT know-how among young, creative minds, will be a forgotten story. The legacies of Information Technology have come to stay, societies are evolving with it, and we must keep pace lest we are left behind!