First Bank
FirstBank Ramps Up Fraud Fight to Protect Nigeria’s Digital Banking Gains
Abayomi Olasunkanmi
In response to Nigeria’s accelerating transition toward digital payments, FirstBank of Nigeria is significantly increasing its commitment to fraud prevention and consumer protection, according to Managing Director Segun Alebiosu. He recently highlighted the growing threat of fraud, identifying it as one of the most urgent risks within the nation’s financial ecosystem—one that could potentially weaken consumer confidence and reverse the hard-won progress of financial inclusion.
Alebiosu spoke at the Nigerian Economic Society’s annual conference in Abuja, where he pointed out that digital payment expansion, while beneficial, has been accompanied by a rise in fraudulent activity. He expressed particular concern for rural customers, who may be more vulnerable due to less familiarity with digital platforms.
This surge in electronic transactions—fueled by mobile money, online banking, and card payments—has undoubtedly broadened financial access for millions. However, it has also created new opportunities for criminals to take advantage of both technical vulnerabilities and gaps in user awareness. Alebiosu warned that a failure to strengthen protective measures could ultimately damage the public trust required for these financial innovations to succeed.
As chair of the Bankers’ Subcommittee on Fraud, Alebiosu outlined FirstBank’s leading role in developing industry-wide strategies to counter these threats. The bank has made substantial investments in sophisticated cybersecurity systems designed to identify and react to suspicious transactions as they happen. This robust infrastructure, Alebiosu suggested, is a key reason why FirstBank now handles roughly 20 percent of all payments processed through the Nigeria Inter-Bank Settlement System.
Beyond technological solutions, the bank has also implemented organizational changes to enhance consumer safeguards, such as creating the role of Chief Customer Experience Officer and improving mechanisms for quick complaint resolution. Alebiosu emphasized that maintaining customer confidence is fundamental to banking, and even when errors originate from users, the bank accepts responsibility for preserving overall trust in the system.
The effectiveness of these measures has not gone unnoticed. FirstBank was recently honored with an award for excellence in cybersecurity at the 17th Annual Congress on Cybersecurity Audit and Controversial Events in Abu Dhabi—a recognition that Alebiosu says validates the bank’s forward-thinking approach and its dedication to customer safety.
Amid these efforts, Alebiosu also acknowledged the broader economic challenges facing Nigeria, including inflation, currency instability, and slow growth, which place additional strain on households, businesses, and financial institutions. Despite these difficulties, he affirmed that FirstBank remains dedicated to advancing innovation and deploying technology-driven solutions to ensure both security and resilience.
