The latest Visa Stay Secure study said cyber fraud remains a significant concern, with 96 per cent of digital payment users at risk of falling victim to threats such as data breaches and phishing attacks.
The study also found that 94 per cent of Nigerian consumers utilise e-commerce payment methods, highlighting the widespread integration of digital transactions in daily life.
The study also revealed that Nigerian consumers are becoming increasingly vigilant about securing their digital transactions as the country moves toward greater adoption of digital payments.
The ninth yearly ‘Stay Secure’, which surveyed 5,800 adults across 17 markets in Central and Eastern Europe, the Middle East, and Africa (CEMEA), revealed that 98 per cent of Nigerian respondents have implemented security measures when making digital payments.
The research highlights a surge in awareness and trust in digital payment security, even as fraud risks persist. The study stated that while 64 per cent of Nigerian respondents admitted to falling victim to scams such as phishing, 59 per cent consider themselves knowledgeable in identifying fraud attempts.
The findings suggest an encouraging shift toward a more security-conscious digital economy. Also, the study revealed that 79 per cent of consumers report mostly or completely trusting digital payments, and 86 per cent anticipate increasing their use of digital transactions over the next 12 months.
The study also revealed that trust in digital payments extends to government-backed payment programs, with 82 per cent of respondents more likely to trust such initiatives when partnered with well-known brands like Visa.
The Vice President and Head, Visa West Africa, Andrew Uaboi, explained that the digital payments landscape is evolving rapidly, while consumers across Nigeria are embracing its convenience and becoming more vigilant about security.
“Consumer education is our best defense against fraud, and industry collaboration makes this possible. As scams grow more sophisticated, the battle for security never stops. Consumers increasingly trust partners who take tangible steps to protect them,” Uaboi said.He noted that the ‘Stay Secure’ study also provided insights into consumer attitudes toward fraud and payment security in Nigeria.
The study further stated that over half of respondents feel more secure using digital payments, and 56 per cent frequently use online credit or debit card payments.
Meanwhile, 43 per cent of respondents believe older adults (ages 60-78) are the most vulnerable to online scams.Uaboi noted that the study highlights evolving consumer preferences, which could offer Visa’s stakeholders actionable intelligence for trust-building strategies and inform the creation of educational materials to empower consumers against fraud.
