Why security should lead, not follow in Nigerian fintech innovations
- A Nigerian-born payment service provider discovered that some PoS merchants had abused their access to its platform to carry out multiple illegal transfers due to a system glitch.
- Several Nigerian financial service providers, including payment companies and commercial banks, have suffered losses due to compromised systems.
- Fintech startups need to build a strong security foundation from the beginning of the business and enforce corporate governance.
The article highlights the importance of prioritizing security in the fintech industry in Nigeria. While fintech solutions have brought unprecedented opportunities, they have also exposed the country to significant risks. Building a strong security foundation, enforcing corporate governance, conducting thorough hiring processes, and constantly reassessing and improving security measures are critical for the sustainability of fintech companies. Leadership plays a vital role in shaping the security culture, and proactive strategies are necessary to prevent cybersecurity threats.
