Nigeria’s Fintech Sector Faces AI‑Driven Cybersecurity Risks, IMF Warns

The International Monetary Fund warned that artificial intelligence is accelerating cyber‑criminal capabilities, creating systemic vulnerabilities for Nigeria’s banking and payment infrastructure. AI tools can quickly identify software flaws, enabling coordinated attacks that could disrupt multiple banks, payment rails, cloud services and telecom networks, potentially undermining confidence in the financial system.

A Visa study of Nigerian consumers showed rapid adoption of AI in online shopping, with most shoppers using AI for price comparison, product discovery and reviews. While 97 % say AI makes shopping faster, only a third trust AI agents to complete checkout. The report also highlighted rising fraud, noting that 51 % of respondents experienced a financial scam in the past year, especially on social media platforms, and that children are increasingly exposed to online scams. Both the IMF warning and the Visa findings underline growing concerns over AI‑enabled fraud and the need for stronger security and consumer protection in Nigeria’s digital economy.