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 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.