Nigeria’s digital economy is facing a growing trust crisis as one in every five internet users has lost money or personal data to scams, raising concerns that cybercrime could undermine the country’s ambitions of becoming Africa’s leading digital economy.
Microsoft said the surge in online fraud is changing how Nigerians interact with banks, fintechs and digital platforms, making trust the most important currency for sustaining growth in the country’s fast-expanding digital ecosystem.
While Nigeria has emerged as Africa’s largest digital transaction market with more than 122 million internet users, continued growth now depends on whether consumers believe their money, identities and personal information are secure, says Kerissa Varma, chief security advisor for Africa at Microsoft.
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“The businesses, banks, fintechs, platforms and public institutions that understand this first will not only reduce fraud; they will earn the loyalty of digitally engaged Nigerians who have made it clear that if trust fails, they will take their transactions elsewhere,” Varma said in a commentary.
