According to the Statista, the digital banks market in Nigeria is projected to grow exponentially, resulting in an estimated market volume of US$0.85bn by2029.

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With the rising digital transformation comes expanded opportunities for fraud, despite the many benefits it brings. As banks offer more digital services like mobile banking, online payments, and e-wallets, the number of entry points for cybercriminals increases. Each new channel presents a potential vulnerability that fraudsters can exploit.

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Nigerian banks must continuously update their cybersecurity measures, and invest in advanced fraud detection technologies by partnering with the right service providers. By adopting a multifaceted approach, integrating technology, education, and collaboration, these institutions can not only safeguard their interests but also ensure that merchants are equipped to fight the ever-evolving threats of the digital age.

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To deep-dive further, join BPC alongside several banking and fintech experts, for this invite-only morning of networking and exchange session on October 3rd in Lagos, Nigeria.

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In this invite-only session, specialists from BPC and various regional industry leaders will be part of interactive panel discussions and demos exploring new age fraud prevention, digital banking, eCommerce, and many other solutions beneficial for banks and fintechs, while focusing on how to develop comprehensive solutions in payments, external threats, and internal vulnerabilities within a financial institution.​