By Samuel Sunday
Nigeria’s digital banking landscape has undergone a remarkable transformation in the past decade, with mobile banking and digital transactions becoming the norm. However, this growth has also brought forth concerns about consumer protection and financial safety.
According to the 2024 Nigeria Consumer Protection Survey, nearly one in four digital financial services users reported experiencing unexpected fees, charges, or fraud attempts in the past year.
The Nigeria Inter-Bank Settlement System (NIBSS) also reported a 196% increase in digital payment fraud losses over five years, totaling N52.26 billion in 2024.
The industry is taking steps to address these concerns. Nigeria’s exit from the Financial Action Task Force’s grey list in 2025 and the Central Bank of Nigeria’s rollout of risk-based cybersecurity frameworks for deposit money banks are positive developments.
“Convenience and safety are not mutually exclusive,” said a spokesperson for Union Bank. “Our experience shows that sustained investment in backend security infrastructure, proactive monitoring systems, and a customer-centric culture can deliver both convenience and safety.”
Union Bank’s commitment to customer protection is reflected in its ICARE values and reinforced through staff training and awareness programs. The bank’s digital channels, including UnionMobile and USSD platform (*826#), have consistently delivered strong customer satisfaction and loyalty scores.
As Nigeria’s digital banking revolution continues to grow, the focus must shift to ensuring financial safety and consumer protection. “Trust is the only currency in banking that cannot be manufactured on demand,” said the spokesperson.
“It is built over time, through consistent behavior, and institutions willing to be accountable when they fall short.”
