Cash is no longer king in Nigeria, and fraudsters know it. As digital payments become the default for millions of Nigerians, scam calls, phishing messages, and fake websites are growing harder to spot. The tactics are getting more convincing, and everyday people are bearing the cost.
The pressure is now on Nigeria to build stronger digital payment infrastructure that can keep pace with this rising threat. Fraudsters are adapting faster than many consumers can, which means the systems people rely on to send money, pay bills, and run businesses need to be several steps ahead.
The conversation is no longer just about expanding access to digital finance. It is equally about protecting the people already inside the system. A payment network that people do not trust is one they will eventually abandon, and that would set back years of financial inclusion progress.
What happens next depends on how seriously institutions, regulators, and tech players take the fraud problem. The infrastructure is growing. The question is whether the safeguards are growing with it.
Originally published by BusinessDay.