The latest Visa Stay Secure report has placed Nigeria among markets facing significant cyber risks, with 96% of digital payment users exposed to various forms of online fraud.
The report, released as part of Visa’s annual assessment of security trends across the Central and Eastern Europe, Middle East, and Africa (CEMEA) region, noted that cyber threats remain a key challenge despite rising confidence in digital payments.
The study confirmed that 94% of Nigerian consumers actively engage in e-commerce and digital transactions, underscoring the rapid expansion of cashless channels in the country.
The report also showed that Nigerian consumers are increasingly aware of the risks associated with online payments, with 98% of respondents indicating they have taken deliberate security precautions.
However, the survey found that exposure to fraud remains elevated, with phishing attacks and data breaches ranked as the most common threats faced by Nigerian users.
More than half of the respondents acknowledged having encountered fraud attempts, while 64% admitted to falling victim at least once.
Visa highlighted that while consumer confidence is growing, driven by the convenience of digital platforms, the overall risk environment continues to evolve.
The report shows that 79% of users trust digital payment systems to varying degrees and 86% plan to expand their usage over the next year.
Commenting on the findings, Andrew Uaboi, Vice President and Head of Visa West Africa, said the growth of digital payments in Nigeria is both an opportunity and a challenge.
He noted that while adoption has accelerated, fraudsters have also become more sophisticated, increasing the need for industry-wide collaboration.
Uaboi added that consumer education remains the most effective defence against online fraud. He stressed that improving security awareness among users is now critical as payment platforms continue to attract a wider user base, including vulnerable groups such as older adults.
In addition to the prevalence of phishing and data breach incidents, the study noted that fake accounts and unauthorised access remain persistent threats.
Visa also observed that Nigerian consumers show a relatively higher degree of trust in digital payment systems backed by formal institutions or global brands.
The report further indicated that 82% of respondents express confidence in government-backed payment initiatives when supported by recognised private sector partners.
This trend, according to Visa, signals the importance of partnerships in building trust within the ecosystem.
Visa concluded that while progress has been made, further investment in security infrastructure, public education, and enforcement mechanisms is necessary to reduce fraud exposure as Nigeria’s digital economy expands.
