Chief Technology Officer (CTO) at a Leading and Foremost Switching Company - Ascenix Consulting Limited

Ascenix Consulting Limited - Our client, a leading and foremost switching company in Nigeria licensed by the CBN and renowned for delivering seamless, secure and scal-able electronic payments and digital commerce solutions is recruiting to fill the position below:

Job Title: Chief Technology Officer (CTO)

Location: Lagos
Employment Type: Full-time
Department: Fintech

Job Description

• The Chief Technology Officer (CTO) at the switching company is responsible for the strategic direction, development, and management of the company’s technology infrastructure, with a strong focus on payment switching and payment gateway solutions.
• The CTO ensures that the Switching Company delivers a secure, scalable, and high-performance transaction processing system supporting banks, fintechs, merchants, and telecommunications companies.
• The role requires deep expertise in payment processing, API integrations, card scheme protocols (Visa, Mastercard, Verve, UnionPay, and American Express), security, and compliance.
• The CTO leads the innovation, architecture, and optimization of payment processing solutions to ensure seamless transactions and industry leadership.

Responsibilities
Technology Strategy and Vision:

• Define and execute the Switch’s technology roadmap, aligning it with business goals and industry trends.
• Identify and integrate emerging technologies such as AI-driven fraud detection, blockchain-based settlements, and real-time payments.
• Work closely with the CEO and other C-suite executives to drive technology-led business growth.

Payment Gateway and Card Scheme Integration:

• Architect and oversee the development of a highly scalable, secure, and reliable payment gateway and switching infrastructure.
• Ensure seamless integration with Visa, Mastercard, Verve, UnionPay, American Express, and other global/local card schemes.
• Optimize transaction routing for low failure rates, cost efficiency, and high transaction approval rates.
• Implement multi-currency processing and cross-border transaction capabilities.
• Ensure the adoption of 3D Secure (3DS), tokenization, and strong customer authentication (SCA) to enhance security and user experience.

API Development and Merchant Integration:

• Lead the development of secure, scalable APIs and SDKs to enable merchants, fintechs, and banks to seamlessly integrate with the Switch’s platform.
• Oversee API infrastructure supporting real-time payments, batch processing, and reconciliation.
• Provide developer-friendly documentation, sandbox environments, and integration support for smooth merchant onboarding.
• Work with the Head of Products to create API-based financial services tailored to the needs of merchants and financial institutions.

Cybersecurity and Compliance:

• Implement a robust cybersecurity framework to protect transactions from fraud, cyber threats, and unauthorized access.
• Ensure compliance with PCI-DSS, GDPR, ISO 27001, PSD2, and local financial regulations.
• Conduct regular security audits, penetration testing, and vulnerability assessments to strengthen the platform.
• Deploy AI-driven fraud detection for real-time monitoring of suspicious transactions.

System Performance Optimization:

• Monitor and optimize payment infrastructure to ensure 99.99% uptime and high transaction success rates.
• Improve transaction processing speeds to enable frictionless payment experiences.
• Implement intelligent routing, failover mechanisms, and load balancing to handle peak transaction volumes.
• Develop disaster recovery and business continuity plans to mitigate risks in case of system failures.

Innovation and Product Development:

• Collaborate with the Head of Products to design, test, and launch new payment products and features.
• Lead R&D efforts for next-generation payment solutions, including real-time settlements, QR-based transactions, and contactless payments.
• Integrate AI and machine learning models for fraud detection, payment analytics, and customer insights.
• Explore blockchain-based payment solutions for security, transparency, and faster settlements.

Dispute and Chargeback Management:

• Develop automated chargeback and dispute resolution processes to reduce merchant losses and improve customer experience.
• Implement real-time fraud monitoring and AI-based risk scoring to prevent fraudulent transactions before processing.

Vendor, Card Scheme, and Partner Management:

• Manage relationships with card networks (Visa, Mastercard, UnionPay, American Express, Verve), banks, and payment service providers.
• Oversee contracts and service-level agreements (SLAs) with cloud providers, cybersecurity firms, and software vendors.

Team Leadership and Development:

• Build and manage a high-performing technology team, including software engineers, cybersecurity experts, and DevOps specialists.
• Foster a culture of continuous learning, collaboration, and technological innovation.
• Provide mentorship and ensure the team stays updated on emerging payment technologies and industry regulations.

Performance Monitoring and Reporting:

• Establish and track KPIs for transaction success rates, fraud detection, system uptime, and customer satisfaction.
• Report key technology updates, risks, and strategic recommendations to the CEO and Board of Directors.
• Ensure all technology projects are delivered on time, within budget, and meet security and compliance standards.
• Serve as primary interface with the Central Bank of Nigeria (CBN) on compliance matters.
• Interpret and implement all applicable CBN regulations, guidelines, and circulars.
• Coordinate regulatory examinations and ensure timely remediation of findings.
• Ensure on-time submission of compliance-related regulatory returns.

Required Qualifications and Experience

• Bachelor’s or Master’s Degree in Computer Science, Software Engineering, Information Security, or related fields.
• 10+ years in technology leadership roles, with at least 5 years in payment processing, payment gateways, or financial technology.
• At least 5 – 8+ years in senior technology leadership within payment processing, payment gateways or financial technology.
• Expertise: Strong knowledge of CBN regulations and Nigeria’s payments ecosystem.
• Certifications (Preferred): PCI DSS Implementation Specialist, AWS Certified Solutions Architect, CISSP, Blockchain & Cryptocurrency Certification (if applicable for future integrations).

Key Skills and Competencies:

• Technical Expertise: Deep knowledge of payment switching, card scheme protocols (ISO 8583, EMV, 3DS), cloud computing, and API development.
• Security and Compliance: Proficiency in PCI-DSS, fraud prevention, tokenization, and encryption methods.
• Strategic Thinking: Ability to align technology strategy with business objectives and anticipate future trends.
• Problem-Solving: Strong analytical skills to troubleshoot complex payment processing challenges.
• Leadership: Proven experience in leading and mentoring technical teams.
• Communication: Ability to explain technical concepts to non-technical stakeholders, including regulators and business leaders.

Application Closing Date
Not Specified.