Lagos, July 10, 2025 — As Nigeria’s financial technology (fintech) sector continues to expand rapidly, industry experts and regulators are raising concerns over the growing need to strengthen cybersecurity, particularly in the areas of payment security and digital identity protection.
With the rise of cashless transactions, mobile banking, and digital wallets, fintech platforms have become prime targets for cybercriminals seeking to exploit vulnerabilities in payment systems and identity authentication protocols. Analysts warn that without urgent investments in digital infrastructure security, the sector may face serious threats to user trust and financial stability.
Speaking at a recent cybersecurity forum hosted in Lagos, professionals in the fintech and cybersecurity industries called for an industry-wide framework that mandates compliance with data protection laws, multi-factor authentication, end-to-end encryption, and real-time fraud detection systems.
According to the National Information Technology Development Agency (NITDA), digital identity theft and payment fraud account for a significant portion of cyber incidents reported across financial platforms in 2024. The agency further revealed that more than ₦12 billion was lost to cyber fraud in the fintech space last year alone.
In response, several fintech firms have begun partnering with cybersecurity firms to develop Artificial Intelligence-driven monitoring tools and blockchain-based identity verification systems aimed at protecting customer data and preventing unauthorized access.
The Central Bank of Nigeria (CBN) has also reiterated its stance on stronger compliance, stating that regulatory oversight will intensify for all payment service providers, including mobile money operators, digital lenders, and embedded finance platforms.
As the fintech ecosystem grows more interconnected, stakeholders agree that cybersecurity must become a top priority, not just as a compliance requirement, but as a critical pillar for safeguarding the integrity of Nigeria’s digital economy.
