Fintech in Nigeria is set to grow significantly in the coming years, with cyber resilience emerging as a critical factor for sustainable development, according to Mastercard. The company’s country manager for West Africa, Kari Tukur, emphasized that as more Nigerians rely on digital financial services, the ability to withstand cyber threats will become a defining element of the sector’s evolution.
Nigerians increasingly use mobile phones for financial transactions, including money transfers and payments. This trend has accelerated in recent years, driven by the expansion of mobile money platforms and the growing adoption of digital banking. However, this shift also exposes users to greater risks of cyberattacks and fraud.
Mastercard’s report highlights that the Nigerian fintech sector must prioritize security measures to protect user data and maintain trust. Tukur noted that businesses and consumers alike need to adopt robust cybersecurity practices to ensure the stability and growth of the financial ecosystem. This includes investing in secure infrastructure, educating users on digital safety, and complying with evolving regulatory standards.
The push for cyber resilience comes as Nigeria continues to expand its digital economy. With over 100 million active mobile money users, the country is positioned to benefit from technological innovation. However, the success of this growth depends on the ability to safeguard against cyber threats.
The Nigerian government has also recognized the importance of cybersecurity, with recent policies aimed at strengthening digital security across sectors. As fintech continues to evolve, the focus on resilience will be essential in ensuring that Nigeria remains a competitive player in the global digital economy.
