Nigeria’s banking sector is facing a growing cybersecurity challenge as financial institutions continue to collaborate less effectively than the criminal networks targeting them, according to a new report by the Bridgforte Centre for Global Impact. The report, unveiled in Lagos during the launch of Trust Architecture in Platform-Led Finance, warns that stronger partnerships among banks, regulators, fintech companies and other stakeholders are now essential to protecting Nigeria’s rapidly expanding digital financial ecosystem. Industry leaders stressed that trust can no longer be treated as a competitive advantage but must become a shared responsibility across the sector.
Presenting the report, Bridgforte founder and former Deputy Governor of the Central Bank of Nigeria (CBN), Aishah Ahmad, urged financial institutions to rethink how they approach trust and information sharing. Based on insights from a closed-door Executive Table held in Lagos in February 2026 with 30 senior financial executives, the report found that institutional mistrust and the reluctance to share critical information remain the biggest barriers to tackling fraud. These challenges were ranked above legal, regulatory and technological issues, highlighting that cooperation—not technology alone—will determine the industry’s resilience against cyber threats.
The findings also reveal the financial cost of cybercrime in Nigeria’s digital payments ecosystem. Fraud losses surged from N12.7 billion in 2021 to N52.26 billion in 2024, largely driven by a single N31.1 billion fraud incident. However, losses dropped significantly to N25.85 billion in 2025, demonstrating the positive impact of improved collaboration across the industry. Speaking at the event, Deputy Governor of the South African Reserve Bank, Fundi Tshazibana, described trust as a critical pillar of economic infrastructure, noting that financial stability remains fundamental to sustainable economic growth.
One of the event’s strongest messages came from Sparkle founder and former Diamond Bank CEO, Uzoma Dozie, who argued that cybercriminals currently cooperate more effectively than banks themselves. “The real organised sector today is the cyber criminals because they share information. Banks don’t,” he said. Dozie explained that while banks have traditionally guarded information for competitive reasons, the digital era demands greater openness to strengthen cybersecurity. He also called for faster implementation of open banking, describing it as a national priority rather than an optional industry initiative. Similar concerns were echoed by Bank of Kigali CEO Dr. Dianne Karusisi, who said many African financial institutions still see fintech firms and telecom operators as competitors instead of partners serving the same customers.
Beyond cybercrime, the report identifies poor customer experience as an even greater threat to public confidence in digital finance. Transaction failures, unreliable services and weak dispute resolution systems ranked higher than fraud and data privacy concerns as factors eroding trust. Respondents rated the overall resilience of trust within Nigeria’s financial ecosystem at just 5.4 out of 10, reflecting only moderate confidence. To address these challenges, the report recommends mandatory industry-wide fraud intelligence sharing, stronger collaboration between the CBN and the National Identity Management Commission (NIMC) on digital identity infrastructure, improved accessibility for persons with disabilities, and greater investment in customer dispute resolution. As Nigeria’s financial system now processes more than N1.07 quadrillion in annual transactions, the report concludes that sustained collaboration, stronger consumer protection and institutional trust will be crucial to securing the future of the country’s digital economy.
source: The guardian
