The Central Bank of Nigeria (CBN) has warned banks, fintech companies and other financial institutions to urgently strengthen their cybersecurity systems as growing digitalisation exposes the financial sector to increasingly sophisticated cyber threats.
The apex bank specifically urged institutions, including Moniepoint, OPay and other fintech operators, to treat cybersecurity and technology-related risks as critical issues capable of affecting financial stability.
The warning comes amid the rapid expansion of digital banking, electronic payments and fintech services in Nigeria. As more customers conduct transactions through mobile applications, online platforms and digital payment channels, financial institutions are increasingly exposed to threats such as fraud, data breaches, ransomware and attacks targeting technology infrastructure.
The CBN has emphasised that institutions must strengthen their defences rather than wait for cyber incidents to occur. The regulator’s latest position also highlights concerns surrounding third-party technology providers, whose systems can create additional vulnerabilities across interconnected financial institutions.
The development is important because a major cyberattack on a financial institution could disrupt transactions, compromise customer information and undermine confidence in Nigeria’s financial system. Strengthening cybersecurity is therefore not only a technological responsibility but also a financial-stability priority.
Earlier in 2026, the CBN directed deposit money banks to conduct cybersecurity self-assessments within a specified timeframe, reflecting the regulator’s broader effort to improve cyber resilience across the banking industry.
For fintechs and banks, the latest warning is expected to increase attention on security monitoring, incident response, technology-vendor management and protection of customer data.
Nigeria’s financial sector has undergone rapid digital transformation in recent years, with fintech companies playing an increasingly prominent role in payments and financial services. The CBN’s latest intervention underscores the need for this growth to be matched by stronger cybersecurity safeguards as the country moves toward a more digitally driven financial system.
