The Managing Director, Kuda Microfinance Bank, Musty Mustapha, has called for enhanced cybersecurity measures to protect consumers and sustain fintech growth.

He said the fintech revolution has transformed financial access, but it comes with a rising threat of cybercrime.

According to the Oxford University World Cybercrime Index 2024, Nigeria ranks fifth globally for cyber-related crimes, posing a significant risk to the digital financial ecosystem. In a lecture at the Nigeria Deposit Insurance Corporation (NDIC), Mustapha said insider threats among others, were undermining digital payment space in the country, adding that enhanced cybersecurity measures will not only protect consumers but it will sustain fintech growth.

“Cyber fraud, phishing attacks, and insider threats are undermining trust in digital payments. We need industry-wide security standards to safeguard Nigeria’s fintech ecosystem,” Mustapha warned. He emphasised the importance of multi-factor authentication, real-time fraud detection, and regular security audits across all fintech platforms.

To combat cyber threats, Mustapha proposed collaboration between fintech firms, traditional banks, and global cybersecurity agencies to share threat intelligence. He also recommended launching nationwide awareness campaigns to educate consumers on fraud prevention while incentivising fintechs that prioritise security innovations.

With over 64per cent of Nigeria’s population financially included, digital finance is now a major driver of economic growth. However, as fintech adoption surges, ensuring robust security frameworks will be key to maintaining consumer confidence and unlocking further investments in the sector.