E-Financial
Expert Urges Fresh Focus to Fight Cyber-fraud
Aribidesi Lawal, risk manager, Visa West Africa, has cautioned that the change in consumer habit that has led to increased online shopping among consumers also comes with the attendant risk from fraudsters who are beginning to trail shoppers online, with the intent to defraud them.
He said as the COVID-19 pandemic and its economic impact were likely to extend into 2021 and beyond, consumers and merchants must begin to adapt to safe and reliable digital commerce, which he said would address the threat from online fraudsters who seek to defraud shoppers that have found online shopping as a convenient channel to trade on goods services.
According to him, nearly every part of daily life of consumers has changed as the world continues to fight back against COVID-19.
Most observers agree that the increased focus on digital commerce by consumers and merchants will likely remain even after a vaccine is found and the economy rebounds, he said.
“It is therefore important for merchants and financial institutions to adapt now to support consumer behavior through safe, reliable digital commerce, Lawal said.
He explained that the pandemic had forced more consumers to shop online, but cautioned that the shift to online channels by consumers has also triggered a shift by the fraudsters.
Citing the global increase in the number of consumers that shop online Lawal said: “In Nigeria, more consumers turned to online shopping for the first time with 42 per cent of shoppers starting to purchase food via e-Commerce platforms.
“In South Africa, in-store physical activity greatly dwindled, with 63 per cent consumers visiting physical grocery stores less often. In Kenya, consumers’ preference for digital solutions is fast increasing as customers turned online for shopping. About 43 per cent of consumers started purchasing from pharmacies online.
“In the United States, Visa credentials active in spending on e-Commerce channels, excluding travel, were over 12 per cent higher in June than in January. Moreover, when you examine the active credentials who tend to be more significantly engaged in e-Commerce, the spend per active credential increased by over 25 per cent. In the United Kingdom, active e-Commerce credentials increased 16 per cent, while spend per active credential increased 3 per cent.”
He, however, said where consumers go, fraudsters follow and Visa’s Payment Fraud Disruption (PFD) team had seen a similar shift in fraudulent activities/fraud attempts from in-store to online.
According to him, “Between March and April 2020, there was a rise in fraudsters establishing short-term “COVID”-named merchants and using these fraudulent merchants to perform account testing and enumeration.
“This is where fraudsters use merchants or financial institutions to guess account numbers, expiration dates and CVV2/security codes through automated testing. This activity is often marked by high volumes of low-dollar declines.
“Our Visa team also saw an increase in ecommerce skimming attacks, where fraudsters inject malicious JavaScript code into the websites of merchants and service providers to digitally harvest payment information such as billing address, account number, expiration date, and CVV2 from the checkout forms on ecommerce pages.
“In April 2020 alone, PFD identified 90 merchant websites compromised by multiple variants of eCommerce skimmers.”
Fortunately, fraud prevention capabilities such as Visa Account Attack Intelligence, which prevents account testing, and Visa eCommerce Threat Disruption, which prevents online skimming, are free of charge and are among the many fraud prevention layers and security benefits available to Visa clients, Lawal said.
Remita, a leading digital payment platform, has called for increased investment in digital infrastructure, cybersecurity and financial inclusion to ensure that more Nigerians benefit from the country’s growing digital economy.
The company said bridging the digital divide was critical to unlocking economic opportunities for millions of Nigerians who remain excluded due to limited connectivity, affordability challenges and inadequate access to digital services.
Lanre Idowu, Divisional Head, Financial Industry Partnerships at Remita, made the call during the Nigeria Information Technology Reporters Association (NITRA) Innovative and Scientific Conference held in Lagos.
Idowu said that although Nigeria’s digital economy was projected to reach $18.3 billion by the end of the year, the benefits would remain unevenly distributed unless barriers limiting digital access were addressed.
He described the country’s digital transformation as representing “two Nigerias” — one recognised globally for technological innovation and another still struggling with poor broadband infrastructure, high connectivity costs and unequal access to digital services.
According to him, Nigeria has developed one of Africa’s fastest-growing fintech ecosystems, with instant payments becoming increasingly popular among individuals, businesses and government institutions.
He noted that Nigerian technology startups had continued to gain international recognition, but warned that uneven broadband penetration and limited digital access in underserved communities were slowing inclusive growth.
“The country’s digital divide should be viewed as an opportunity divide because millions remain excluded from education, healthcare, financial services and economic opportunities,” Idowu said.
He stressed the need for digital solutions to be designed with diverse users in mind, including people with different languages, literacy levels, income capacities and device limitations.
Idowu identified connectivity, affordability, digital literacy, access to devices and trust as the five major factors affecting inclusive digital transformation in Nigeria.
The Remita executive said trust remained a major factor influencing the adoption of digital financial services, noting that failed transactions and weak dispute resolution systems often discourage users from embracing digital platforms.
He recalled that Nigeria’s banking sector had evolved significantly from an era when customers relied heavily on manual processes, paper documentation and long queues in banking halls.
He noted that financial services had been transformed through innovations such as Automated Teller Machines (ATMs), mobile banking, agency banking, USSD services and digital payment platforms.
Idowu said previous banking processes, including clearing outstation cheques that took between five and 15 working days, had gradually been replaced by faster digital alternatives.
“The future of Nigeria’s digital economy depends not only on innovation but also on inclusion. When technology becomes accessible to everyone, regardless of geography or income level, we truly begin to bridge the digital divide,” he said.
Idowu attributed the growth of Nigeria’s fintech ecosystem to collaboration among government agencies, regulators, banks, telecommunications operators, fintech companies, consumers and the media.
He said government institutions had provided policy direction, while regulators created frameworks that supported responsible innovation.
He added that banks pioneered digital financial services, telecom operators expanded connectivity, and fintech companies introduced solutions that improved access to financial services.
“No single institution built Nigeria’s fintech ecosystem alone. Government, regulators, banks, telecommunications operators, fintech innovators, consumers and the media all contributed to the progress we see today,” he said.
The Remita executive also highlighted the importance of USSD banking in extending financial services to Nigerians without smartphones or internet access.
However, he expressed concern that rising USSD transaction charges could discourage low-income users and undermine efforts to promote financial inclusion.
Idowu called for continued collaboration among stakeholders to build a digital economy that is secure, affordable, accessible and beneficial to all Nigerians.
When people and businesses gain genuine access to financial services, they gain the ability to transact securely, build savings, and access credit. That access creates the conditions for progress: more stable revenues, better business decisions, and the capacity to grow. Progress, sustained over time, is what produces financial happiness. This framework is how Moniepoint measures its impact.
According to Moniepoint 2025 Impact Report, titled creating financial happiness; “Financial happiness is the feeling of confidence and ease that comes with financial freedom and well-being. It is a condition that develops over time and requires a specific set of enablers to take hold.
For millions of people and businesses across Nigeria, those enablers, like tools and solutions to manage their finances, have historically been out of reach. Moniepoint was built to change that, and this change, for us, begins with inclusion”.
Across the world, access to digital tools is a key driver of financial inclusion. The World Bank’s Global Findex 2025 report finds that more than 60% of adults in low- and middle income economies now make or receive digital payments. In Nigeria, this figure is around 54%. Moniepoint has been a key driver in expanding this access with its POS terminals. “Our terminals also drive financial inclusion for individuals.
The report stated that, in 2025, Moniepoint enabled 100 million people to make payments via their POS terminals across the country. For customers in communities where bank branches are scarce or non-existent, a Moniepoint terminal at their local shop, market stall, or fuel station provides reliable access to digital financial services.
They can make purchases, withdraw cash, and manage their money without travelling long distances or depending solely on physical currency. Critically, customers without cards can complete transactions through direct bank transfers to the terminal’s account.
Beyond practical benefits, Moniepoint terminals have also introduced a new layer of trust to everyday commerce. “When network issues make it unclear if a payment went through, the Moniepoint terminal’s loud beep provides instant confirmation for everyone, building trust in digital payments with every transaction”.
Moniepoint POS terminals operate across all 774 local governments in Nigeria, ensuring that small sellers and large stores can accept payments reliably, regardless of location.
In 2025, millions of Nigerians, businesses and individuals alike, accessed Moniepoint services through its mobile app. Top among them are groups like women and low-income earners, who have historically been excluded from formal banking. Inclusion of women is particularly important, as they typically manage household spending and informal savings but are frequently left out of structured financial systems. “Through our app, they are gaining financial independence and greater control over their economic decisions,” the report added.
For millions of Nigerians, debit cards represent a move away from the limits of cash transactions. They enable safer, more reliable everyday payments, particularly as more local businesses begin to accept digital payments.
Moniepoint debit cards are designed to meet this need. In 2025, Moniepoint customers completed over 300 million card transactions at physical locations, largely driven by essential, food-related purchases. Most of this spending took place at neighbourhood provision shops where households buy everyday items such as rice, cooking oil, and soap.
“We’ve made access to our cards intentionally simple. Customers can get a Moniepoint debit card by requesting it within their mobile app or from neighbourhood agents, without lengthy paperwork or waiting periods. By lowering these barriers, more people are able to access financial tools and participate in the formal financial system.
“Our cards also safeguard our customers’ financial information. They don’t carry special markings or any identifiers that could expose our customers or put their financial security at risk. In the event of loss, this reduces the likelihood of targeted fraud or misuse.
“When people can pay with their debit cards at their neighbourhood stores, they can manage their spending, reduce cash handling, and transact more securely. Merchants also benefit, recording higher transaction volumes and more consistent customer activity.
“Moniepoint helps millions of businesses and individuals across Nigeria access seamless payments and banking, every day. The widespread adoption of our tools and services, as highlighted, demonstrates our critical role in expanding financial access, supporting everyday commerce, and enabling more Nigerians to participate safely and consistently in the digital economy,” the report noted.
ChatPay has launched Africa’s conversational banking platform, enabling individuals and businesses to access financial services through WhatsApp.
The Lagos-based fintech startup, is in controlled rollout, connecting WhatsApp to linked-bank management, airtime and supported electricity payments through simple conversations.
The company said the platform is designed to enable users to send money, pay bills, buy airtime and manage business transactions within WhatsApp conversations, subject to the completion of regulatory approvals and integration with licensed banking partners.
According to ChatPay, the platform is operated by CP Technology Limited and is currently undergoing a phased rollout ahead of its planned public launch.
The company said the initiative is intended to simplify access to financial services by leveraging WhatsApp, which it estimates is used by more than 50 million Nigerians monthly.
Speaking on the idea behind the platform, Adeoluwasubomi Odebunmi, product lead and co-founder, said the concept emerged while she was studying Software Engineering at Babcock University.
“I saw the gap while I was still in school—how much friction there was just to move money. I didn’t want to just study the problem. I wanted to help fix it,” she said.
Odebunmi said she had previously worked on software solutions spanning e-commerce, real estate management, school administration and artificial intelligence applications before co-founding ChatPay.
Aseoluwa Siyanbola, growth lead and co-founder, said his experience managing Nigerian bank accounts while studying abroad highlighted some of the challenges users face with digital banking services.
According to him, difficulties such as one-time password (OTP) failures and inconsistent banking applications inspired the team to explore conversational banking solutions.
“We each encountered similar challenges and came together to build a solution that simplifies everyday financial transactions,” he said.
cAbraham William, tech lead and co-founder, said the company is focused on improving access to financial services through a platform that many Nigerians already use daily.
“We want to make financial services easier to access by allowing people to carry out transactions through a familiar messaging platform,” he said.
William said he oversees the company’s engineering, technology strategy and system architecture.
ChatPay said its services will be introduced in phases as regulatory requirements are met and integrations with banking partners are completed.
The company added that its newly launched “Founding 2,500” programme will enable selected early users to test features, provide feedback and participate in product development before the platform’s wider rollout.
According to the company, interested users can register for the waitlist and the Founding 2,500 programme through its website.
Founded by Odebunmi, Siyanbola and William, ChatPay said its long-term goal is to expand conversational banking services beyond Nigeria into other African markets after its domestic rollout.
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