It was an early Monday morning when I received a text alert from my bank—?50,000 had been debited from my account. I froze. My heart raced as I scrolled through my transaction history, looking for anything unusual. There it was: a transaction I never authorized. This incident was my wake-up call to the importance of cybersecurity, especially as fintech platforms in Nigeria grow in popularity.

As more Nigerians embrace digital banking, mobile payments, and online financial services, cybersecurity risks have become more pronounced. This is my story of how I learned to protect myself—and how you can too—while navigating the booming fintech landscape in Nigeria.

The Rise of Fintech in Nigeria

Fintech has transformed the way Nigerians manage their finances. With platforms like PiggyVest, Flutterwave, OPay, and Kuda, users can save, invest, transfer money, and make payments digitally without ever stepping into a bank. These platforms have democratized access to financial services, especially for young people, small businesses, and underserved communities.

But with these conveniences comes the risk of cyber-attacks. Nigerian fintech users are increasingly targeted by phishing scams, data breaches, and malware attacks designed to steal money or sensitive financial information. In a country where internet fraud is already a significant issue, fintech users need to be vigilant.

My Wake-up Call: Falling Victim to Digital Threats

After my account was debited without authorization, I was left scrambling for answers. I called my bank, filed a complaint, and luckily, after weeks of investigation, I was able to recover my funds. But this incident made me realize that I had been lax about cybersecurity.

How did this happen? I had clicked on what seemed like a legitimate email from a fintech service I used. The email asked me to update my account details for security reasons. Without thinking twice, I entered my details. Little did I know, it was a phishing scam.

I’m sharing my experience because I want others to be aware of the risks and how easy it is to fall into these traps. But more importantly, I want to show you how to safeguard your digital life when using fintech services.

The Threat Landscape for Fintech Users in Nigeria

Cyber-attacks targeting fintech users in Nigeria take many forms. The most common include:

Phishing Scams: Fraudsters create fake websites or send deceptive emails to steal sensitive information like usernames, passwords, or bank details. My experience is a prime example of how this can happen.

Data Breaches: Hackers target fintech platforms to steal users’ data, which can include personal details, bank account information, or credit card numbers. Data breaches can lead to identity theft, unauthorized transactions, and more.

SIM Swap Fraud: Fraudsters hijack your phone number by tricking your mobile service provider into swapping your SIM card. Once they have access to your number, they can intercept OTPs (One-Time Passwords) and gain access to your fintech accounts.

How to Protect Yourself as a Fintech User

After my own ordeal, I took several steps to fortify my online security, and these measures can help you stay safe while using fintech services in Nigeria.

1. Enable Two-Factor Authentication (2FA)

Almost every major fintech platform in Nigeria offers two-factor authentication. This adds an extra layer of security to your accounts by requiring two forms of verification—your password and a one-time code sent to your phone. I immediately enabled 2FA on all my accounts, ensuring that even if someone had my password, they couldn't gain access without the code.

2. Be Wary of Phishing Emails

The email that tricked me looked real, but there were small signs that should have raised red flags. For example, the sender's email address was slightly off, and the URL in the email was unfamiliar. If an email asks for sensitive information or directs you to log into your account, always check the sender and verify the authenticity of the request before clicking any links.

3. Use Strong, Unique Passwords

Before my incident, I used the same password across several platforms. This is a huge mistake. I now use a password manager to create strong, unique passwords for each of my fintech accounts. A good password manager generates random combinations of letters, numbers, and symbols, making it harder for hackers to crack.

4. Monitor Your Accounts Regularly

I’ve made it a habit to check my fintech accounts regularly for any unauthorized transactions or suspicious activity. Most fintech platforms in Nigeria offer transaction alerts via SMS or email. Enable these notifications so you’re always aware of what's happening in your account.

5. Beware of Public Wi-Fi

Many Nigerians access fintech apps on the go, but using public Wi-Fi networks can be risky. Hackers can easily intercept data over unsecured Wi-Fi. Avoid conducting financial transactions over public Wi-Fi and stick to secure, private networks.

6. Know Your Rights with GSI

Global Standing Instruction (GSI) allows fintech platforms to debit your account if you default on a loan. While GSI is designed to protect lenders, be aware that some platforms may abuse this feature. Make sure you fully understand the terms before using any fintech lending services.

7. Report Fraud Immediately

If you ever suspect your fintech account has been compromised, contact the platform immediately. In my case, I was able to recover my funds because I acted quickly. Most fintech platforms have fraud teams that can freeze your account and investigate the issue.

The Role of Fintech Platforms in Cybersecurity

Fintech platforms themselves are responsible for securing their users' data. Many of them are already using advanced encryption and monitoring technologies to detect fraud. However, users need to take responsibility too.

Fintech companies in Nigeria, such as Kuda, PiggyVest, and Paystack, have started educating users about online safety. For instance, some platforms send regular security tips to their customers or offer online tutorials on how to spot fraud. This education is crucial in promoting financial literacy and preventing cyber-attacks.

Financial Literacy and Cybersecurity Go Hand in Hand

In Nigeria, where access to traditional financial services is limited, fintech has become a lifeline for many. But as we embrace the convenience of digital financial services, we must also prioritize financial literacy—including how to protect ourselves from digital threats.

Financial literacy isn’t just about knowing how to save or invest; it’s about understanding the risks that come with managing money online. By improving cybersecurity awareness, fintech platforms can empower their users to be more responsible with their digital financial footprint.

Conclusion: Securing the Future of Fintech in Nigeria

Cybersecurity in Nigeria’s fintech sector is more important now than ever. As more Nigerians adopt digital banking, mobile payments, and online financial tools, the threat landscape will continue to evolve. But with the right knowledge and precautions, we can stay one step ahead of cybercriminals.

My experience taught me that protecting your digital life isn't just about technology; it's about vigilance and financial literacy. By staying informed and following best practices, you can safely enjoy the benefits of fintech without falling victim to cyber-attacks.