Experts charge Nigeria on $1.1 trillion data processing market

The Nigeria Inter-Bank-Settlement System (NIBSS), and major players in E-Payment and Financial Technology sector of the economy, are seeking ways to establish identity brokers that would tap into $1.1 trillion data/ identity processing market by year 2020.

This was disclosed by the experts, who spoke at the March edition of Ennovators Breakfast Series held in Lagos.

They said that companies around the world have evolved necessary legal framework and regulations to unleash the potential of the data processing market.

Organised by eMaginations Ltd, an integrated communications firm, with the theme: ‘Identity is the New Money,’ the experts x-rayed Nigeria’s readiness to tap into the sector.

A World Economic Forum reports that personal data value, which stood at $353 billion in 2011, could reach $1.1 trillion in the next five years, but the experts’ analysis showed that Nigeria appears not ready to exploit the trillion dollar golden opportunity inherent in the nascent sector.

Chief executive officer, of Nigeria Inter-Bank Settlement System (NIBSS), Adebisi Shobubi, argued that identity of personal data of digital footprints of individuals is “the next currency in the cashless era.”

The Head of Bank Verification Number (BVN) at NIBSS, Olufemi Fadairo, represented Shonubi at the forum.

He noted that in the current cashless cum digital economy, having the right data and identity of individual transacting businesses with each other has become imperative; stressing that identity is beyond monetary value. He said that the essence of the Bankers’ Committee-initiated BVN was to ensure proper identity of the banking public.

He said that under the BVN, for instance, nobody can pretend to be someone’s else, stressing that today, data or identity of people is key to economic development in various sector.