Nigerians are embracing digital payments at an unprecedented rate, with a new Visa-commissioned study revealing increased trust and proactive security measures among consumers.
The ninth annual Stay Secure study, which surveyed 5,800 adults across 17 Central and Eastern Europe, Middle East, and Africa (CEMEA) markets, found that 98 percent of consumers now actively safeguard their online transactions. This shift highlights a growing digital awareness as electronic payments gain momentum.
Despite these encouraging trends, security concerns remain prevalent. In Nigeria, 64 percent of respondents admitted to feeling vulnerable to scams such as phishing.
However, the increased adoption of stronger authentication methods and improved consumer vigilance reflect a positive behavioural shift compared to the 2023 edition of the study.
According to the report, more Nigerians are recognising warning signs and verifying online transactions before proceeding, showcasing an evolution in digital literacy.
Trust in digital payments continues to grow despite fraud risks. More than three-quarters of surveyed consumers across CEMEA expressed confidence in digital payments.
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In Nigeria, 86 percent of respondents plan to increase their use of digital transactions in the coming year, reinforcing the sector’s rapid expansion. Notably, 51 percent of respondents feel more secure using digital payments, while 56 percent actively leverage online credit or debit card transactions for purchases.
However, fraud concerns still impact consumer behaviour. The study found that 54 percent of Nigerian respondents have adjusted their digital payment habits due to news of cyber fraud, such as data breaches, email scams, and phishing attempts. Additionally, 43 percent believe that older adults, particularly Boomers (ages 60-78), are the most susceptible to online scams, underscoring the need for targeted awareness campaigns.
“The digital payments landscape is evolving rapidly, and consumers across Nigeria are not only embracing its convenience but also becoming more vigilant about security,” said Andrew Uaboi, Vice President and Head, Visa West Africa.
“Consumer education is our best defense against fraud, and industry collaboration is key to making this possible. As scams grow more sophisticated, the fight for security is ongoing. Consumers increasingly trust partners who demonstrate a clear commitment to protecting them.”
Visa continues to lead the fight against payment fraud by leveraging artificial intelligence and investing $3.3 billion in AI and data infrastructure over the past decade. In 2024, the company launched three new AI-powered fraud prevention solutions under the Visa Protect suite, aimed at mitigating risks across account-to-account (A2A) and card-not-present (CNP) transactions.
In the past year alone, Visa blocked $40 billion in fraudulent transactions, prevented 80 million fraud attempts, and thwarted over $122 million in estimated e-commerce fraud through advanced malware detection. With Nigeria’s digital payments ecosystem poised for further growth, continuous consumer education, industry collaboration, and technological advancements will be essential to ensuring long-term security and trust.