Nigeria's digital finance sector prioritizes security and interoperability

The Nigerian payments industry is prioritizing enhanced security and interoperability to support the country’s expanding digital finance sector. Tosin Obadimu of the Nigeria Inter-Bank Settlement System (NIBSS) highlighted the need for integrated security controls to combat rising social engineering and account takeover attacks. He noted that consolidating multiple protections into single platforms can strengthen transaction verification and accelerate fraud reporting and fund recovery.

In line with these security needs, PalmPay has unveiled an upgraded Security Center as part of its consumer protection campaign. The hub includes real-time security checks, a Large Transaction Shield, and tools to lock USSD accounts and cards to mitigate risks.

Separately, at the inaugural GITEX Nigeria 2026 event, Mastercard advocated for improved payment interoperability across African markets. The company emphasized that harmonizing fragmented payment landscapes is essential for facilitating cross-border trade under the African Continental Free Trade Area (AfCFTA) and reducing costs for small and medium enterprises. Mastercard also stressed the importance of developing local talent and infrastructure to sustain Nigeria’s digital economic growth.