Computer Science & IT Research Journal, Volume X, Issue Y, January 2024

OPEN ACCESS
Computer Science & IT Research Journal
P-ISSN: 2709-0043, E-ISSN: 2709-0051
Volume X, Issue Y, P.1-10, January 2024
DOI: 10.51594/csitrj.v5i
Fair East Publishers
Journal Homepage: www.fepbl.com/index.php/csitrj

CYBERSECURITY IN BANKING: A GLOBAL PERSPECTIVE

WITH A FOCUS ON NIGERIAN PRACTICES
Sarah Kuzankah Ewuga1, Adekunle Abiola Abdul2 Temitayo Oluwaseun Abrahams3,
Monisola Oladeinde4, & Samuel Onimisi Dawodu5
1
Independent Researcher, Abuja, Nigeria
2
Independent Researcher, Maryland, USA
3
Department of Treasury and Finance (Super SA), South Australian Government. Australia
4
OHS Consulting, IN, USA
5
Nigeria Deposit Insurance Corporation, Lagos, Nigeria
_______________________________________________________________________________
*Corresponding Author: Samuel Onimisi Dawodu
Corresponding Author Email: [email protected]
Article Received: 30-10-23 Accepted: 20-12-23 Published: 20-01-24

Licensing Details: Author retains the right of this article. The article is distributed under the terms of the
Creative Commons Attribution-NonCommercial 4.0 License
(http://www.creativecommons.org/licences/by-nc/4.0/) which permits non-commercial use, reproduction
and distribution of the work without further permission provided the original work is attributed as specified
on the Journal open access page
_______________________________________________________________________________
ABSTRACT
The paper review cybersecurity practices in banking, with a specific focus on Nigerian banks.
Cybersecurity has become a paramount concern in the banking industry worldwide, given the
escalating frequency and sophistication of cyber threats. This study provides an overview of the
global landscape of cybersecurity in banking, with a specific focus on practices observed in
Nigeria. The global banking sector is witnessing a surge in digital transformation, marked by the
adoption of advanced technologies and online financial services. However, this digitization brings
with it unprecedented cybersecurity challenges, ranging from data breaches and ransomware
attacks to sophisticated financial fraud. Financial institutions globally are compelled to fortify their

Ewuga, Abdul, Abrahams, Oladeinde, & Dawodu, P. 1-19 Page 1

 Computer Science & IT Research Journal, Volume X, Issue Y, January 2024

cybersecurity frameworks to protect sensitive customer information, ensure the integrity of

financial transactions, and maintain trust in the digital financial ecosystem. Nigeria, as a key player
in the African banking landscape, faces unique cybersecurity challenges and has developed distinct
strategies to safeguard its financial institutions. This study explores the cybersecurity practices
employed by Nigerian banks, considering regulatory frameworks, incident response mechanisms,
and collaborative efforts with international cybersecurity entities. The analysis encompasses case
studies illustrating real-world cyber threats and incidents in both global and Nigerian banking
contexts. It investigates the effectiveness of cybersecurity measures implemented by Nigerian
banks, shedding light on the nation's response to evolving cyber risks. Furthermore, the study
delves into collaborative initiatives between Nigerian banks, regulatory bodies, and international
cybersecurity organizations to enhance information sharing, threat intelligence, and collective
defense mechanisms. It also explores the role of public awareness campaigns in fostering a cyber-
resilient banking environment. The insights provided aim to contribute to the collective
understanding of cybersecurity challenges in the global banking sector while offering a nuanced
perspective on Nigerian practices. As digital financial ecosystems continue to evolve, the findings
underscore the importance of ongoing adaptation, collaboration, and innovation in safeguarding
the integrity and trustworthiness of banking systems, both on a global scale and within the
Nigerian context.
Keywords: Cybersecurity, Banking, Global Perspective, Nigerian, Cybersecurity, Artificial
Intelligence.
_______________________________________________________________________________
INTRODUCTION
Nigeria is an agrarian society with over 200 million people working in various sectors (Nwokolo,
Meyer, and Ahia, 2023, Sadiq et al., 2023). There is large volume of transaction happening on
daily basis in Nigeria (Nwakpa, 2023, Osita et al., 2023). In an era defined by the rapid evolution
of digital technologies, the banking industry stands at the forefront of transformative change,
leveraging innovative solutions to meet the demands of an increasingly interconnected world.
However, as financial services become more digitally integrated, the specter of cybersecurity
threats looms large, compelling banking institutions worldwide to fortify their defenses against an
evolving and sophisticated threat landscape (Al-Smadi, 2023).
According to an NDIC publication, about 1,914 bank staff of various banks were involved in bank
fraud (Idolor, 2010). The ATM transactions value
rose from N548.9 billion in 2009 (Nelson, 2020). The volume of transactions processed by NIBSS
for the year 2022 was 5.1 billion, representing a 50% increase year on year. Nigerian economic
system in 2009 was ₦
114.5 billion (USD 297.7 million) (Adeyemo et al., 2020). This study provides an overview of the
global cybersecurity landscape within the banking sector, with a specific lens on practices
observed in Nigeria.
As financial institutions globally strive to balance innovation and security, the imperative to
safeguard sensitive financial data, protect against cyber threats, and ensure the resilience of digital

Ewuga, Abdul, Abrahams, Oladeinde, & Dawodu, P. 1-19 Page 2

 Computer Science & IT Research Journal, Volume X, Issue Y, January 2024

financial systems has become a critical mandate (Wanof, 2023, Mishra, 2015, Ducastel,
Bourblanc, and Adelle, 2023). The global banking ecosystem is undergoing a profound shift
toward digitization, characterized by online transactions, mobile banking, and the adoption of
emerging technologies such as blockchain and artificial intelligence (Ionașcu et al., 2023, Lottu et
al., 2023, Darwish, 2023, Chahal, 2023). While these advancements offer unprecedented
convenience and efficiency, they also introduce new vectors for cyber threats, ranging from
malicious actors seeking unauthorized access to financial data to the potential disruption of critical
banking infrastructure (George, 2023, Mishra, 2023, Srinadi, Hermawan, and Jaya, 2023).
In this context, a comprehensive understanding of cybersecurity practices becomes paramount.
Financial institutions across the globe are challenged to fortify their cybersecurity posture,
deploying advanced technologies and robust frameworks to mitigate risks, protect customer assets,
and maintain trust in the digital financial realm.
Within the African continent, Nigeria emerges as a key player in the banking sector, marked by a
dynamic economy and a burgeoning digital financial landscape (Iheanachor, Umukoro, and
Aránega, 2023, Olaniyi, Olaoye, and Okunleye, 2023). The Nigerian banking industry is not
immune to the challenges posed by cyber threats, and as such, it has instituted unique
cybersecurity practices to address the evolving risk landscape (Zidan, Nugroho, and Putra, 2023,
Ogwo-Ude, 2023, Ibegbulam, Fatounde, and Olowonubi, 2023, Adebukola et al., 2023).
This study delves into the practices employed by Nigerian banks to navigate the complex
cybersecurity terrain. It scrutinizes regulatory frameworks, incident response mechanisms, and
collaborative initiatives undertaken by Nigerian banks to fortify their defenses. Through case
studies and real-world examples, we gain insights into the specific challenges faced by Nigerian
financial institutions and the strategies they employ to bolster cyber resilience.
The primary objective is to provide a holistic perspective on cybersecurity in banking,
transcending geographical boundaries while zooming in on the distinctive practices observed in
Nigeria. By synthesizing global trends with the Nigerian experience, this study seeks to contribute
valuable insights into the multifaceted landscape of cybersecurity, fostering a nuanced
understanding of the challenges faced by banks in a digital age.
The study unravel the intricacies of cybersecurity practices in global banking, recognizing the
diversity of approaches while shedding light on the unique strategies devised by Nigerian banks to
secure their digital assets and maintain the trust of their customers in an era defined by digital
financial innovation.
Nigerian Banking Landscape:
Nigeria, a vibrant and populous nation in West Africa, boasts a dynamic and rapidly evolving
banking sector that plays a pivotal role in the country's economic development (Alabi et al., 2023,
Oguejiofor et al., 2023). As one of the largest economies on the continent, Nigeria's banking
landscape reflects a tapestry of innovation, regulatory dynamics, and efforts to meet the diverse
financial needs of its growing population.
Nigeria's banking sector is a key driver of economic activities, providing essential financial
services to businesses and individuals. Over the years, the country has experienced notable

Ewuga, Abdul, Abrahams, Oladeinde, & Dawodu, P. 1-19 Page 3

 Computer Science & IT Research Journal, Volume X, Issue Y, January 2024

economic growth, and the banking industry has adapted to the changing landscape, becoming a
focal point for financial inclusion, investment, and economic empowerment. Figure 1 shows the
critical paradigm that banks can use to enhance and maintain performance for the 4IR.

Figure 1. Realistic Model for Improving and Maintaining Bank Performance (Adekanmbi, and Ukpere, 2023).
The Nigerian banking landscape is characterized by a diverse array of financial institutions,
ranging from traditional banks to microfinance institutions and digital-only banks. This diversity
fosters a competitive environment, encouraging innovation and the adoption of modern
technologies to meet the evolving expectations of consumers.
In recent years, the sector has witnessed a surge in digital banking solutions, mobile payments, and
fintech collaborations. This embrace of technology reflects not only the industry's adaptability but
also a commitment to enhancing financial accessibility for a broader segment of the population.
The regulatory environment is a cornerstone of the Nigerian banking landscape, overseen by the
Central Bank of Nigeria (CBN) and other regulatory bodies (Udeh, Otuedon, and Aruomah, 2023).
Robust regulatory frameworks are in place to ensure the stability, integrity, and ethical conduct of
financial institutions. These regulations shape the industry, providing a foundation for prudent
financial management, risk mitigation, and the protection of consumers (Nwachukwu, and
Umebali, 2023).
The Central Bank of Nigeria oversees and maintains the Nigerian banking system. There are 21
commercial banks, 860 microfinance institutions, 5 discount houses, 64 finance firms, and 5
development finance banks make up this nation's banking industry (Nworji, Adebayo, and David,
2011). The Central Bank of Nigeria regulates all of the aforementioned banks' and financial
institutions' operations. Some of the banks in Nigeria are shown in figure 2.

Ewuga, Abdul, Abrahams, Oladeinde, & Dawodu, P. 1-19 Page 4

 Computer Science & IT Research Journal, Volume X, Issue Y, January 2024

Figure 2. List of top 9 banks in Nigeria (WallstreetMojo.com)

Challenges and Opportunities of Nigerian Banking:
While the Nigerian banking sector thrives on innovation and growth, it also faces unique
challenges. Economic fluctuations, regulatory compliance, and the need for continuous adaptation
to technological advancements are among the hurdles that banks navigate (Onyegbula, Nwoye, and
Daniel, 2023, Abdurrahman, Gustomo, and Prasetio, 2023, Maduka et al., 2023). However, these
challenges also present opportunities for forward-thinking institutions to distinguish themselves
through resilience, strategic foresight, and customer-centric approaches.
The Nigerian banking sector is a dynamic and growing industry, but it faces a number of
challenges alongside exciting opportunities. Banks in Nigeria often charge high interest rates on
loans, making it difficult for businesses and individuals to borrow and invest. This can hinder
economic growth. A significant portion of the Nigerian population remains unbanked or
underbanked, lacking access to basic financial services. This limits economic participation and
poverty reduction efforts. Poor infrastructure, including unreliable electricity and limited internet
access, hinders the development of digital banking services and financial technology (FinTech) in
rural areas. The increasing dependence on technology makes the sector vulnerable to cyberattacks,
which can disrupt operations and compromise sensitive customer data. Corruption and weak
regulatory frameworks can discourage investment and create an uneven playing field for different
players in the industry. Small and medium-sized enterprises (SMEs) often face difficulties
accessing credit from banks, hindering their growth and contribution to the economy.
The rapid growth of FinTech presents an opportunity to improve financial inclusion, develop new
products and services, and increase efficiency in the sector. The increasing penetration of mobile

Ewuga, Abdul, Abrahams, Oladeinde, & Dawodu, P. 1-19 Page 5

 Computer Science & IT Research Journal, Volume X, Issue Y, January 2024

phones and mobile internet access creates a significant opportunity for mobile banking and
financial inclusion, especially in rural areas. With a growing population and diversifying economy,
the demand for financial services is expected to increase, creating new opportunities for banks.
The African Continental Free Trade Area (AfCFTA) presents opportunities for Nigerian banks to
expand their services and reach new markets across the continent (Gada and Yimer, 2023, Odeku,
and Rikhotso, 2023, Okunade et al., 2023). The government's focus on developing the agricultural
sector creates opportunities for banks to provide financing and other financial services to farmers
and agribusinesses. Despite recent challenges, the oil and gas sector remain a significant
contributor to the Nigerian economy, offering opportunities for banks involved in financing and
related services.
Addressing the challenges and leveraging the opportunities will require Government reforms,
investment in technology, collaboration. Skill development. among others. Implementing policies
that improve infrastructure, promote financial inclusion, strengthen regulations, and fight
corruption is crucial. Banks, FinTech companies, and other stakeholders need to collaborate to
develop innovative solutions and improve access to financial services. Investing in technology
infrastructure and cybersecurity measures is essential to support the growth of digital banking and
FinTech. Building a skilled workforce in the banking and FinTech sectors is necessary to drive
innovation and competitiveness.
By addressing these challenges and capitalizing on the opportunities, the Nigerian banking sector
can play a vital role in driving economic growth, reducing poverty, and creating a more inclusive
financial system for all Nigerians.
The Nigerian banking landscape is intricately linked to the broader goals of financial inclusion and
economic development. Initiatives aimed at reaching the unbanked and underserved populations,
coupled with the development of inclusive financial products, contribute to the sector's role in
fostering economic participation and empowerment across all strata of society.
Cybersecurity in Banking
In an era where financial transactions and operations have seamlessly migrated to the digital realm,
the banking industry finds itself at the forefront of the battle against cyber threats. As technological
advancements drive innovation, they also expose financial institutions to an increasingly
sophisticated landscape of cyber risks. Cybersecurity in banking has become a paramount concern,
requiring a proactive and adaptive approach to protect sensitive data, maintain trust, and ensure the
resilience of financial systems.
The rapid digitization of banking services has ushered in unprecedented convenience for
customers, offering online banking, mobile applications, and real-time transactions. However, this
digital transformation has also opened new avenues for cybercriminals. Threat actors, ranging
from individual hackers to sophisticated cybercrime organizations, continually exploit
vulnerabilities in financial systems to gain unauthorized access, compromise data integrity, and
execute fraudulent activities.
Cybersecurity threats are malicious actions that aim to compromise the confidentiality, integrity, or
availability of information systems and data (Gupta et al., 2023, de Azambuja et al., 2023,

Ewuga, Abdul, Abrahams, Oladeinde, & Dawodu, P. 1-19 Page 6

 Computer Science & IT Research Journal, Volume X, Issue Y, January 2024

Chakraborty, Biswas, and Khan, 2023, Aslan et al., 2023). Cybersecurity threats can originate
from different sources, such as nation states, hackers, insiders, or cybercriminals. Cybersecurity
threats can take various forms, such as malware, social engineering, software supply chain attacks.
Some of the most common types of cybersecurity threats in 2023 include phishing, ransomware,
insider attacks, among others (Möller, 2023, Mijwil et al., 2023) are shown in figure 3.

Ransomware

Advanced
Persistent Threats Phishing
(APTs)

Cyber
Threats
Misconfiguration DDoS Attack

Data Breaches Credential Stuffing

Figure 3. Key Cyber Threats in the Financial Sector for 2023.

Phishing Attacks in which cybercriminals employ deceptive tactics to trick individuals into
revealing sensitive information such as login credentials or financial details. This is a type of social
engineering attack that uses deceptive emails or websites to trick the victim into revealing personal
or financial information, or downloading malicious attachments. Phishing can be used to steal
credentials, install malware, or conduct fraud. Secondly, misconfigurations which is a type of
human error that exposes sensitive data or systems to unauthorized access. Misconfigurations can
occur due to lack of awareness, training, or proper security policies. Misconfigurations can lead to
data breaches, identity theft, or sabotage. Credential stuffing is a type of brute force attack that
uses stolen or leaked usernames and passwords to access online accounts. Credential stuffing can
result in account takeover, fraud, or identity theft. Credential stuffing relies on the reuse of
passwords across multiple platforms. Ransomware is a type of malware that encrypts the victim’s
files and demands a ransom for their decryption. Ransomware can cause significant disruption and
financial losses to individuals and organizations. Ransomware attacks often start with phishing,
social engineering, or web application attacks. Malicious software encrypts data, demanding a
ransom for its release, crippling banking operations and compromising customer information. Data
Breaches in which unauthorized access to customer databases can result in the exposure of
personal and financial information, leading to identity theft and financial fraud. Advanced

Ewuga, Abdul, Abrahams, Oladeinde, & Dawodu, P. 1-19 Page 7

 Computer Science & IT Research Journal, Volume X, Issue Y, January 2024

Persistent Threats (APTs) covert and sophisticated attacks by well-funded adversaries targeting
specific banks with the intention of prolonged unauthorized access. Insider Threats in which
employees or trusted entities with access to internal systems may inadvertently or maliciously
compromise security.
Regulatory Framework and Compliance: To protect yourself from these and other cybersecurity
threats, you should follow some security best practices, such as; use strong and unique passwords
for each account, and change them regularly. Use a password manager to store and generate
passwords securely. Enable multi-factor authentication (MFA) for online accounts, especially for
sensitive ones. Avoid clicking on suspicious links or attachments, and verify the sender’s identity
before responding to emails. Use a reputable antivirus software and keep it updated. Use a virtual
private network (VPN) to encrypt your web traffic and hide your online activity. Backup your data
regularly and store it in a safe location. Educate yourself and your employees about the latest
cybersecurity trends and threats. Governments and regulatory bodies recognize the critical
importance of cybersecurity in the financial sector. Robust regulatory frameworks, such as the
Payment Card Industry Data Security Standard (PCI DSS) and the General Data Protection
Regulation (GDPR), set guidelines for banks to safeguard customer information and uphold data
privacy. Compliance with these standards not only mitigates risks but also fosters a culture of
cybersecurity resilience.
Banks deploy an arsenal of technological solutions to fortify their cyber defenses. Firewalls and
Intrusion Prevention Systems which act as the first line of defense, monitoring and controlling
network traffic to prevent unauthorized access. Endpoint Protection such as Antivirus software,
anti-malware tools, and endpoint detection and response (EDR) solutions safeguard individual
devices from malicious activities. Encryption by protecting data both in transit and at rest through
encryption algorithms ensures that even if intercepted, the information remains unreadable.
*Multi-Factor Authentication (MFA) by adding an extra layer of identity verification beyond
passwords enhances access security. Security Information and Event Management (SIEM)
solutions analyze and respond to security events in real-time, helping detect and mitigate threats
swiftly.
Cybersecurity Culture and Training: Recognizing that human error is a significant factor in
cyber incidents, banks invest in creating a cybersecurity-aware culture. Regular training programs
and simulated exercises empower employees to identify and respond to potential threats, turning
them into a frontline defense against cyber risks.
Cybersecurity culture and training are essential components of an effective cybersecurity strategy.
Cybersecurity culture is the knowledge, beliefs, perceptions, attitudes, assumptions, norms and
values of people regarding cybersecurity and how they manifest themselves in people’s behavior
with information technologies. Cybersecurity training is the process of educating and empowering
employees, managers, and leaders on the best practices, policies, and procedures of cybersecurity,
as well as the skills and tools to prevent, detect, and respond to cyberattacks.
Cybersecurity culture and training can help organizations achieve several benefits. Human errors
are involved in more than 85% of data breaches. By fostering a culture of cybersecurity,

Ewuga, Abdul, Abrahams, Oladeinde, & Dawodu, P. 1-19 Page 8

 Computer Science & IT Research Journal, Volume X, Issue Y, January 2024

organizations can minimize the likelihood of employees falling victim to phishing, social
engineering, credential stuffing, or misconfigurations. By providing regular and relevant training,
organizations can ensure that employees are aware of the latest threats and how to avoid them.
Organizations face various legal and regulatory requirements to protect their data and systems
from cyberattacks. By creating a culture of cybersecurity, organizations can demonstrate their
commitment and accountability to comply with these standards. By offering training, organizations
can help employees understand their roles and responsibilities in complying with these standards.
Organizations that have a strong culture of cybersecurity can build trust and confidence among
their customers, partners, and stakeholders. By offering training, organizations can showcase their
expertise and professionalism in cybersecurity. A good reputation can also help attract and retain
talent, as well as increase customer loyalty and satisfaction. Organizations that have a culture of
cybersecurity can better cope with and recover from cyberattacks. By providing training,
organizations can equip employees with the skills and tools to detect and respond to cyberattacks,
as well as to mitigate the impact and restore normal operations.
To build a culture of cybersecurity and provide effective training, organizations should follow
some best practices, such as aligning with the business strategy. Organizations should align their
cybersecurity culture and training with their business goals, vision, and values. They should also
communicate the benefits and value proposition of cybersecurity to all levels of the organization,
and involve senior management and leadership in promoting and supporting cybersecurity
initiatives. Also, assessing the current state. Organizations should assess their current cybersecurity
culture and training, and identify the gaps, strengths, and weaknesses. They should also benchmark
their performance against industry standards and best practices, and solicit feedback from
employees, customers, and other stakeholders. Organizations should define their desired
cybersecurity culture and training, and set clear and measurable objectives, indicators, and
outcomes. They should also design and implement a cybersecurity culture and training plan, and
allocate sufficient resources and budget for its execution. Organizations should engage and
empower employees in creating and sustaining a culture of cybersecurity. They should also
provide employees with various and flexible training options, such as online courses, workshops,
simulations, games, and quizzes, and tailor them to the needs and preferences of different groups
and roles. They should also reward and recognize employees who demonstrate good cybersecurity
behavior and performance. Organizations should monitor and evaluate the progress and impact of
their cybersecurity culture and training, and use data and feedback to measure and report on their
results. They should also review and update their cybersecurity culture and training plan regularly,
and make adjustments and improvements as needed.
The Future of Cybersecurity in Banking: As technology continues to evolve, the future of
cybersecurity in banking lies in embracing cutting-edge solutions. Artificial intelligence and
machine learning will play integral roles in predictive threat analytics, identifying patterns, and
anomalies to thwart attacks before they occur. Blockchain technology holds promise in securing
transactions and enhancing data integrity, while biometric authentication further strengthens
identity verification.

Ewuga, Abdul, Abrahams, Oladeinde, & Dawodu, P. 1-19 Page 9

 Computer Science & IT Research Journal, Volume X, Issue Y, January 2024

Cybersecurity in banking is an ongoing battle against a dynamic and evolving threat landscape. A
holistic approach that combines advanced technologies, regulatory compliance, and a
cybersecurity-conscious culture is essential for financial institutions to navigate this digital frontier
securely. The continuous adaptation to emerging threats and the integration of innovative solutions
will be key to safeguarding the integrity of financial systems and maintaining the trust of
customers in an increasingly interconnected world.
Cybersecurity in Banking – A Global Perspective: In the interconnected digital age, the global
banking sector is at the nexus of technological innovation and the persistent threat of cybercrime.
As financial institutions leverage advanced technologies to enhance services, streamline
operations, and connect with customers, they concurrently face an ever-evolving landscape of
cybersecurity challenges. This global perspective delves into the multifaceted dimensions of
cybersecurity in banking, examining the threats, strategies, and collaborative efforts that define the
industry's approach to securing digital assets.
The banking industry's embrace of digital transformation has been a catalyst for innovation,
offering customers unprecedented access to financial services. However, this digitization has also
expanded the attack surface for cyber adversaries. From sophisticated hacking attempts to
ransomware attacks and data breaches, financial institutions globally confront a diverse array of
cyber threats that jeopardize the confidentiality, integrity, and availability of sensitive financial
data.
Recognizing the borderless nature of cyber threats, financial institutions collaborate globally to
enhance cybersecurity resilience. International information sharing platforms, such as the Financial
Services Information Sharing and Analysis Center (FS-ISAC), facilitate the exchange of cyber
threat intelligence, enabling banks to proactively defend against emerging threats (Chang, and
Huang, 2023, Kayode-Ajala, 2023).
As the banking industry looks to the future, the integration of emerging technologies will play a
pivotal role in shaping cybersecurity strategies. Blockchain and decentralized ledger technologies
hold promise in securing financial transactions, while quantum-resistant encryption is being
explored to preemptively address future cryptographic challenges.
The global perspective on cybersecurity in banking underscores the interconnected nature of
cybersecurity challenges and the need for a united front against evolving threats. Financial
institutions, irrespective of geographic location, must continuously innovate and collaborate to
fortify their defenses, ensuring the stability and trustworthiness of the global financial ecosystem
in the face of an ever-changing cyber landscape.
Cybersecurity in Banking – Nigeria Perspective
In Nigeria, a nation at the forefront of economic growth and technological advancement in Africa,
the banking sector is a pivotal player in driving financial inclusion and economic development. As
digital transformation continues to reshape the landscape, cybersecurity in Nigerian banking takes
on a unique significance. This perspective delves into the specific challenges, strategies, and
initiatives that characterize the approach to cybersecurity in the Nigerian banking industry.

Ewuga, Abdul, Abrahams, Oladeinde, & Dawodu, P. 1-19 Page 10

 Computer Science & IT Research Journal, Volume X, Issue Y, January 2024

The Nigerian Digital Banking Landscape: Nigeria's banking sector has experienced a profound
shift with the widespread adoption of digital technologies. Mobile banking, online transactions,
and innovative financial services have become integral components of the financial ecosystem,
bringing convenience to customers and fostering economic participation (Oyadeyi, 2023).
The Nigerian digital banking landscape is a dynamic and evolving one, driven by various factors
such as the growing demand for financial inclusion, the increasing adoption of technology, the
changing consumer preferences, and the rising competition from fintech players. Nigeria has a
large and youthful population, with about 60 percent of its 200 million people under the age of 25.
This demographic group is tech-savvy and digitally oriented, and expects convenient, fast, and
personalized banking services. Nigeria also has a high level of financial exclusion, with about 36
percent of the adult population unbanked. This creates a huge opportunity for digital banking to
reach the underserved and unbanked segments, especially in rural areas where access to physical
branches is limited. Nigeria has a vibrant and innovative fintech ecosystem, with more than 200
fintech startups operating in various segments such as payments, lending, savings, insurance, and
wealth management. These fintech players are challenging the traditional banks by offering
cheaper, faster, and more user-friendly solutions to consumers and businesses. Nigeria has a
supportive and proactive regulatory environment, with the Central Bank of Nigeria (CBN) and
other agencies implementing various policies and initiatives to promote digital banking and
financial inclusion. Some of these include the National Financial Inclusion Strategy, the Payment
Service Banks, the Regulatory Sandbox, and the Open Banking Framework. Nigeria has a resilient
and adaptive banking sector, with the top ten banks accounting for about 80 percent of the total
assets. These banks have invested heavily in digital transformation, leveraging technology, data,
and partnerships to enhance their products, services, and channels. They have also launched their
own digital platforms, such as ALAT by Wema Bank, Rubies by Highstreet Microfinance Bank,
and Sparkle by UBA.
The Nigerian digital banking landscape is a competitive and exciting one, with many opportunities
and challenges for both the traditional banks and the fintech players. The future of digital banking
in Nigeria will depend on how well they can meet the needs and expectations of the customers,
while complying with the regulatory requirements and managing the risks.
Cybersecurity Challenges in Nigeria: Nigerian banks grapple with sophisticated phishing attacks
that attempt to trick individuals into revealing sensitive information. Social engineering tactics
prey on human vulnerabilities, making awareness crucial. The surge in mobile banking introduces
new risks, with threats such as mobile malware and SIM swapping attacks targeting users' devices
and phone numbers. The country's evolving digital infrastructure poses challenges, as outdated
systems and inadequate cybersecurity measures in some instances become potential points of
vulnerability. Adhering to regulatory frameworks, such as those outlined by the Central Bank of
Nigeria (CBN) and other industry regulators, adds a layer of complexity, necessitating banks to
maintain robust compliance practices. While awareness is growing, there is still a need for
heightened cybersecurity education and training, both within banking institutions and among
customers, to mitigate the risk of falling victim to cyber threats.

Ewuga, Abdul, Abrahams, Oladeinde, & Dawodu, P. 1-19 Page 11

 Computer Science & IT Research Journal, Volume X, Issue Y, January 2024

Strategies for Cyber Resilience in Nigerian Banking: Nigerian banks prioritize adherence to
regulatory standards set by the CBN and other relevant bodies, ensuring that cybersecurity
measures align with industry requirements. Banks in Nigeria invest in advanced cybersecurity
technologies, including intrusion detection systems, firewalls, and endpoint protection, to fortify
their defenses against evolving threats. Building a cybersecurity-conscious culture within banks
involves regular training programs for employees, enhancing their ability to identify and respond
to potential threats. Nigerian banks actively participate in collaborative efforts, sharing threat
intelligence and best practices through forums such as the Nigeria Electronic Fraud Forum (NeFF)
to strengthen the collective cybersecurity posture. Robust incident response plans are in place,
enabling quick and effective responses to cyber incidents to minimize the impact on operations and
customer trust.
Looking ahead, the future of cybersecurity in Nigerian banking involves embracing emerging
technologies, fostering innovation, and continuously adapting to evolving threats. Collaboration
between the public and private sectors will play a pivotal role in shaping a resilient and secure
digital banking landscape. The Nigerian perspective on cybersecurity in banking reflects a
dynamic landscape where challenges are met with resilience, innovation, and collaboration. As the
nation navigates the digital future, the commitment to cybersecurity will remain a cornerstone in
ensuring the stability and trustworthiness of Nigeria's banking sector.
Cybersecurity is a crucial aspect of the Nigerian banking sector, as it affects the safety and trust of
customers, the stability and resilience of the financial system, and the compliance and reputation of
the banks. The future of cybersecurity in Nigerian banking will depend on how well the banks and
the regulators can adapt to the changing threats and opportunities in the digital era.
Some of the factors that will shape the future of cybersecurity in Nigerian banking are here
discussed. The Central Bank of Nigeria (CBN) and other agencies have issued various frameworks
and guidelines to enhance the cybersecurity posture of the banks and other financial institutions.
These include the Risk-Based Cybersecurity Framework and Guidelines for Other Financial
Institutions, the Open Banking Framework, and the Regulatory Sandbox. These regulations aim to
promote innovation, interoperability, and inclusion, while ensuring security, privacy, and
compliance. The banks will need to align their cybersecurity strategies and practices with these
regulations, and also anticipate and respond to new and emerging regulatory requirements. Nigeria
has a vibrant and innovative fintech ecosystem, with more than 200 fintech startups operating in
various segments such as payments, lending, savings, insurance, and wealth management. These
fintech players are challenging the traditional banks by offering cheaper, faster, and more user-
friendly solutions to consumers and businesses. The banks will need to collaborate and compete
with these fintech players, and also leverage their technologies and capabilities to enhance their
own digital offerings. The banks will also need to ensure the security and reliability of their fintech
partnerships and integrations, and protect their customers and data from potential cyber risks.
Nigeria has a large and youthful population, with about 60 percent of its 200 million people under
the age of 25 (Akinyetun, 2023, Gbadamosi et al., 2023). This demographic group is tech-savvy
and digitally oriented, and expects convenient, fast, and personalized banking services. The banks

Ewuga, Abdul, Abrahams, Oladeinde, & Dawodu, P. 1-19 Page 12

 Computer Science & IT Research Journal, Volume X, Issue Y, January 2024

will need to meet and exceed these customer expectations, and also educate and empower them on
the best practices and benefits of cybersecurity. The banks will also need to build and maintain
customer trust and loyalty, and respond effectively to any cyber incidents that may affect their
customers. Nigeria faces various cyber threats from different sources, such as nation states,
hackers, insiders, or cybercriminals. These threats can take various forms, such as malware, social
engineering, software supply chain attacks, and more. These threats can cause significant
disruption and financial losses to the banks and their customers, as well as damage their reputation
and credibility. The banks will need to invest in and implement robust and resilient cybersecurity
measures, such as threat intelligence, risk assessment, incident response, and recovery. The banks
will also need to collaborate and share information with other banks, regulators, and law
enforcement agencies, to prevent and mitigate cyberattacks.
The future of cybersecurity in Nigerian banking is a complex and dynamic one, with many
opportunities and challenges for both the banks and the regulators. The banks will need to adopt a
proactive and holistic approach to cybersecurity, and balance innovation, inclusion, and security.
The regulators will need to provide a supportive and flexible framework for cybersecurity, and
foster a culture of collaboration and trust among the stakeholders. The customers will need to be
aware and responsible for their own cybersecurity, and demand and appreciate the value of
cybersecurity from their banks.
Government Initiatives and Collaboration: The Role of Cybersecurity in National
Development
In the ever-evolving landscape of digital transformation, the role of cybersecurity has become
central to ensuring the sustainable growth and development of nations. Governments worldwide,
including Nigeria, have recognized the imperative of fortifying their cybersecurity capabilities to
safeguard critical infrastructure, protect sensitive data, and foster an environment conducive to
economic and societal progress. The Nigerian government, recognizing the critical role of
cybersecurity in national development, has embarked on initiatives to strengthen the country's
cybersecurity posture. Collaborative efforts between government agencies, law enforcement, and
the private sector aim to create a unified front against cyber threats.
This exploration delves into the initiatives and collaborative efforts undertaken by governments,
with a focus on Nigeria, to elevate the role of cybersecurity in the broader context of national
development.
National Cybersecurity Strategies: Governments formulate comprehensive national
cybersecurity strategies as foundational frameworks to address the evolving threat landscape.
These strategies outline overarching objectives, risk assessments, and the allocation of resources to
fortify cybersecurity defenses. In Nigeria, initiatives like the National Cybersecurity Policy and
Strategy (NCPS) serve as guiding documents, providing a roadmap for bolstering the country's
cybersecurity resilience (Ammari, and Qtaishat, 2023). Governments enact legislation and
establish regulatory frameworks to mandate cybersecurity standards across critical sectors.
Compliance with these regulations becomes imperative for organizations, ensuring the adoption of
best practices to mitigate cyber threats. In Nigeria, the Central Bank of Nigeria (CBN) and the

Ewuga, Abdul, Abrahams, Oladeinde, & Dawodu, P. 1-19 Page 13

 Computer Science & IT Research Journal, Volume X, Issue Y, January 2024

National Information Technology Development Agency (NITDA) play pivotal roles in setting
regulatory standards for the financial and technology sectors (Okolie, and Akwiwu, 2023, Idem et
al., 2023). Investment in human capital is a cornerstone of government initiatives to enhance
cybersecurity. Training programs, academic partnerships, and skill development initiatives are
deployed to cultivate a pool of cybersecurity professionals. This not only strengthens the national
workforce but also ensures a sustainable pipeline of expertise to address evolving cyber threats.
Effective cybersecurity requires collaboration between the public and private sectors. Governments
engage in strategic partnerships with private enterprises, academia, and international organizations
to share threat intelligence, best practices, and resources. In Nigeria, forums like the Nigeria
Cybersecurity Industry Collaboration (NCIC) exemplify collaborative efforts to address shared
cybersecurity challenges. Governments play a crucial role in raising awareness about cybersecurity
threats and best practices among citizens, businesses, and government entities. Public awareness
campaigns aim to foster a cybersecurity-conscious culture, reducing the risk of falling victim to
cyber threats. The National Cyber Security Awareness Month (NCSAM) in Nigeria is an example
of such initiatives. Governments establish robust incident response mechanisms to swiftly address
and mitigate cyber incidents. Legislative measures against cybercrime are enacted to provide a
legal framework for prosecuting cybercriminals, ensuring accountability and deterrence. Nigeria's
Cybercrime (Prohibition, Prevention, etc.) Act is an example of legislative efforts to combat cyber
threats. Cyber threats often transcend national borders, necessitating international collaboration.
Governments engage in partnerships with other nations, law enforcement agencies, and
international organizations to share threat intelligence, coordinate responses, and collectively
address cybercrime. Nigeria actively participates in regional and international collaborations to
strengthen its cybersecurity posture. Governments invest in research and development initiatives to
stay ahead of emerging cyber threats. Funding research projects, fostering innovation, and
supporting cybersecurity startups contribute to the development of cutting-edge technologies and
strategies.
The role of cybersecurity in national development is multifaceted and pivotal. A resilient
cybersecurity posture attracts foreign investment, fosters innovation, and ensures the stability of
financial systems, contributing to overall economic growth. Cybersecurity safeguards critical
infrastructure such as energy, healthcare, and transportation, preventing disruptions that could have
severe societal impacts. Cybersecurity is integral to national security, protecting sensitive
government information and ensuring the integrity of defense systems. A secure digital
environment encourages the adoption of emerging technologies, driving digital transformation
across sectors and enhancing efficiency. Effective cybersecurity measures protect citizens' personal
data, preserving privacy and trust in digital interactions.
Government initiatives and collaboration play a pivotal role in elevating the role of cybersecurity
in national development. By formulating robust strategies, fostering collaboration, and investing in
cybersecurity capabilities, governments position themselves to navigate the challenges of the
digital age, ensuring the resilience and sustainable development of their nations.

Ewuga, Abdul, Abrahams, Oladeinde, & Dawodu, P. 1-19 Page 14

 Computer Science & IT Research Journal, Volume X, Issue Y, January 2024

CONCLUSION
In the ever-evolving landscape of the global banking industry, the convergence of technological
innovation and persistent cyber threats necessitates a dynamic and proactive approach to
cybersecurity. This exploration has provided a comprehensive overview of cybersecurity in
banking, offering a global perspective while focusing on the unique practices observed in Nigeria.
As we conclude, several key insights emerge, underscoring the critical importance of robust
cybersecurity measures in safeguarding the integrity and trustworthiness of financial systems.
The global banking sector faces a multitude of cybersecurity challenges, ranging from
sophisticated cyber attacks to regulatory complexities and the constant evolution of cyber threats.
Financial institutions across the globe share a common imperative to fortify their defenses, and the
resilience demonstrated in the face of these challenges reflects the industry's commitment to
maintaining the stability of the global financial ecosystem.
Within Nigeria, a key player in the African banking landscape, the challenges are both nuanced
and formidable. The embrace of digital technologies has propelled the Nigerian banking sector into
a new era, bringing unprecedented convenience to consumers. However, this digital transformation
has also exposed financial institutions to unique risks, including phishing attacks, mobile banking
vulnerabilities, and the imperative of navigating regulatory compliance. The strategies employed
by Nigerian banks, from regulatory adherence to capacity building and collaborative partnerships,
showcase a proactive stance in addressing these challenges.
The role of government initiatives and collaborative efforts cannot be overstated. Both globally
and within Nigeria, governments recognize the borderless nature of cyber threats and actively
engage in crafting comprehensive strategies, enacting legislation, and fostering partnerships. The
commitment to capacity building, public awareness campaigns, and international collaboration
forms a united front against cyber threats, emphasizing the shared responsibility of stakeholders in
ensuring a resilient and secure digital environment.
Looking ahead, the future of cybersecurity in banking will be shaped by ongoing advancements in
technology and an unwavering commitment to adaptation. Artificial intelligence, blockchain, and
biometric authentication are poised to play pivotal roles in fortifying security measures. Moreover,
the continuous evolution of cyber threats demands a proactive and anticipatory approach,
necessitating collaboration, innovation, and a culture of cybersecurity resilience.
In conclusion, cybersecurity in banking demands a delicate balance between innovation and
protection. The digital landscape offers immense opportunities for efficiency and enhanced
services, yet it simultaneously exposes vulnerabilities that require vigilant defense. Striking this
balance is an ongoing journey, and the insights gained from a global perspective, coupled with a
focus on Nigerian practices, contribute to a collective understanding of the multifaceted challenges
and strategies in the realm of cybersecurity.
As the global banking sector and Nigerian institutions continue their digital evolution, the
imperative to prioritize cybersecurity remains non-negotiable. It is not merely a matter of
protecting assets; it is about safeguarding the trust of customers, ensuring financial stability, and
contributing to the broader goals of economic development. The lessons learned and strategies

Ewuga, Abdul, Abrahams, Oladeinde, & Dawodu, P. 1-19 Page 15

 Computer Science & IT Research Journal, Volume X, Issue Y, January 2024

explored in this perspective provide a foundation for navigating the complex landscape of
cybersecurity, fostering resilience, and building a secure future for the banking industry on both
global and local scales.

Reference
Abdurrahman, A., Gustomo, A., & Prasetio, E.A. (2023). Enhancing banking performance through
dynamic digital transformation capabilities and governance, risk management, and
compliance: Insights from the Indonesian context. The Electronic Journal of Information
Systems in Developing Countries, e12299.
Adebukola, A.A., Navya, A.N., Jordan, F.J., Jenifer, N.J., & Begley, R.D. (2022). Cyber security
as a threat to health care. Journal of Technology and Systems, 4(1), pp.32-64.
Adekanmbi, F.P., & Ukpere, W. (2023). The impact of innovative work behavior, perceived
Leadership 4.0, and corporate social responsibility on sustaining banking industry
performance in Nigeria within the 4IR Era. Banks and bank systems, 18(4), 1-11.
Adeyemo, K.A., Isiavwe, D., Adetula, D., Olamide, O., & Folashade, O. (2020). Mandatory
adoption of the Central Bank of Nigeria’s cashless and e-payment policy: implications for
bank customers. Banks and Bank systems, 15(2), 243-253.
Akinyetun, T.S. (2023). Demography and insecurity: Youth bulge and the Lake Chad Basin
security quandary. African Security Review, 1-16.
Alabi, A.M., Oguntoyinbo, F.N., Abioye, K.M., John-Ladega, A.A., Obiki-Osafiele, A.N., &
Daraojimba, C. (2023). Risk management in Africa's financial landscape: a
review. International Journal of Advanced Economics, 5(8), 239-257.
Al-Smadi, M.O. (2023). Examining the relationship between digital finance and financial
inclusion: Evidence from MENA countries. Borsa Istanbul Review, 23(2), 464-472.
Ammari, L.H., & Qtaishat, A.K. (2023). Towards legal regulations of data privacy in regards to
Jordanian banks sharing data with third parties. Migration Letters, 20(7), 446-462.
Ashiru, O., Balogun, G., & Paseda, O. (2023). Financial innovation and bank financial
performance: evidence from Nigerian deposit money banks. Research in Globalization,
100120.
Aslan, Ö., Aktuğ, S.S., Ozkan-Okay, M., Yilmaz, A.A., & Akin, E. (2023). A comprehensive
review of cyber security vulnerabilities, threats, attacks, and solutions. Electronics, 12(6),
1333.
Chahal, S. (2023). Navigating financial evolution: business process optimization and digital
transformation in the finance sector. International Journal of Finance, 8(5), 67-81.
Chakraborty, A., Biswas, A., & Khan, A.K. (2023). Artificial intelligence for cybersecurity:
Threats, attacks and mitigation. In Artificial Intelligence for Societal Issues (pp. 3-25).
Cham: Springer International Publishing.
Chang, K., & Huang, H. (2023). Exploring the management of multi-sectoral cybersecurity
information-sharing networks. Government Information Quarterly, 40(4), 101870.

Ewuga, Abdul, Abrahams, Oladeinde, & Dawodu, P. 1-19 Page 16

 Computer Science & IT Research Journal, Volume X, Issue Y, January 2024

Darwish, D. (2023). Blockchain and Artificial Intelligence for Business Transformation Toward
Sustainability. In Blockchain and its Applications in Industry 4.0 (pp. 211-255). Singapore:
Springer Nature Singapore.
de Azambuja, A.J.G., Plesker, C., Schützer, K., Anderl, R., Schleich, B., & Almeida, V.R. (2023).
Artificial intelligence-based cyber security in the context of industry 4.0—a
survey. Electronics, 12(8), 1920.
Ducastel, A., Bourblanc, M., & Adelle, C. (2023). Why development finance institutions are
reluctant to invest in agriculture… and why they keep trying. Financializations of
Development: Global Games and Local Experiments.
Gbadamosi, F.I., Popoola, Y., Olaniyan, F., Adesola, R.O., & Unim, B. (2023). Rural-urban
variation in willingness to donate blood in Ibadan Region, Nigeria. Annali dell'Istituto
Superiore di Sanita, 59(2), 114-121.
Geda, A., & Yimer, A. (2023). The trade effects of the African continental free trade area: an
empirical analysis. The World Economy, 46(2), 328-345.
George, A.S. (2023). Securing the future of finance: how ai, blockchain, and machine learning
safeguard emerging neobank technology against evolving cyber threats. Partners Universal
Innovative Research Publication, 1(1), 54-66.
Gupta, M., Akiri, C., Aryal, K., Parker, E., & Praharaj, L. (2023). From Chatgpt to Threatgpt:
Impact of generative AI in cybersecurity and privacy. IEEE Access.
Ibegbulam, M.C., Fatounde, S., & Olowonubi, J.A. (2023). Small Hydropower (SHP) development
in Nigeria: an assessment, challenges, and opportunities. International Journal of Physical
Sciences Research, 7(1), 11-35.
Idem, U.J., Olarinde, E.S., Ikpeze, N.G., Emem, O., Ogundele, A.T., & Awodiran, M.A. (2023,
January). Cybercrime regulatory agencies need urgent reform to protect Nigeria. In 2023
International Conference On Cyber Management And Engineering (CyMaEn) (pp. 184-
190). IEEE.
Idolor, E.J. (2010). Bank frauds in Nigeria: Underlying causes, effects and possible
remedies. African Journal of Accounting, Economics, Finance and Banking Research, 6(6),
62.
Iheanachor, N., Umukoro, I., & Aránega, A.Y. (2023). Ecosystem emergence in emerging
markets: Evidence from the Nigerian digital financial services ecosystem. Technological
Forecasting and Social Change, 190, 122426.
Ionașcu, A.E., Gheorghiu, G., Spătariu, E.C., Munteanu, I., Grigorescu, A., & Dănilă, A. (2023).
Unraveling digital transformation in banking: evidence from Romania. Systems, 11(11),
534.
Kayode-Ajala, O. (2023). Applications of Cyber Threat Intelligence (CTI) in financial institutions
and challenges in its adoption. Applied Research in Artificial Intelligence and Cloud
Computing, 6(8), 1-21.

Ewuga, Abdul, Abrahams, Oladeinde, & Dawodu, P. 1-19 Page 17

 Computer Science & IT Research Journal, Volume X, Issue Y, January 2024

Lottu, O.A., Abdul, A.A., Daraojimba, D.O., Alabi, A.M., John-Ladega, A.A., & Daraojimba, C.
(2023). Digital transformation in banking: a review of Nigeria's journey to economic
prosperity. International Journal of Advanced Economics, 5(8), 215-238.
Maduka, C.P., Adegoke, A.A., Okongwu, C.C., Enahoro, A., Osunlaja, O., & Ajogwu, A.E.
(2023). Review of laboratory diagnostics evolution in Nigeria's response to COVID-
19. International Medical Science Research Journal, 3(1), 1-23
Mijwil, M., Unogwu, O.J., Filali, Y., Bala, I., & Al-Shahwani, H. (2023). Exploring the top five
evolving threats in cybersecurity: an in-depth overview. Mesopotamian Journal of
Cybersecurity, 2023, 57-63.
Mishra, S. (2023). Exploring the impact of ai-based cyber security financial sector
management. Applied Sciences, 13(10), 5875.
Mishra, S.K. (2015, January). Banking sector: emerging challenges and opportunities.
In International Conference on Issues in Emerging Economies (ICIEE) (Vol. 29, p. 17).
Möller, D.P. (2023). NIST Cybersecurity Framework and MITRE Cybersecurity Criteria. In Guide
to Cybersecurity in Digital Transformation: Trends, Methods, Technologies, Applications
and Best Practices (pp. 231-271). Cham: Springer Nature Switzerland.
Nelson, A. (2020). The effect of payment system on the economic growth of Nigeria. Bachelor
degree thesis of Mountain Top University, Ogun, Nigeria.
Nwachukwu, A.C., & Umebali, J.C. (2023). Monetary policy and deposit money banks
performance in Nigeria. Social Science Research, 9(1).
Nwakpa, J.N. (2023). Evaluation of Nigerian government’s new cashless policy: insights from
select national dailies. British Journal of Marketing Studies, 11(3), 1-16.
Nwokolo, S.C., Meyer, E.L., & Ahia, C.C. (2023). Credible pathways to catching up with climate
goals in Nigeria. Climate, 11(9), 196.
Nworji, I.D., Adebayo, O., & David, A.O. (2011). Corporate governance and bank failure in
Nigeria: Issues, challenges and opportunities. Research Journal of Finance and
Accounting, 2(2), 1-19.
Odeku, K.O., & Rikhotso, T. (2023). African Continental Free Trade Area (AfCFTA): An Impetus
for Intra-African trade integration. Journal of African Foreign Affairs, 10(1), 111.
Oguejiofor, B.B., Omotosho, A., Abioye, K.M., Alabi, A.M., Oguntoyinbo, F.N., Daraojimba,
A.I., & Daraojimba, C. (2023). A review on data-driven regulatory compliance in
Nigeria. International Journal of Applied Research in Social Sciences, 5(8), 231-243.
Ogwo-Ude, O. (2023). Business email compromise challenges to medium and large-scale firms in
USA: An Analysis. Open Journal of Applied Sciences, 13(6), 803-812.
Okolie, C.N., & Akwiwu, I. (2023). A review of the new Nigeria startup act 2022: benefits and
challenges for the tech ecosystem in Nigeria. International Journal of Social Science and
Humanity, 13(5).
Okunade, B.A., Adediran, F.E., Maduka, C.P., & Adegoke, A.A. (2023). Community-based mental
health interventions in Africa: a review and its implications for us healthcare practices.
International Medical Science Research Journal, 3(3), 68-91.

Ewuga, Abdul, Abrahams, Oladeinde, & Dawodu, P. 1-19 Page 18

 Computer Science & IT Research Journal, Volume X, Issue Y, January 2024

Olaniyi, O., Olaoye, O.O., & Okunleye, O.J. (2023). Effects of Information Governance (IG) on
profitability in the Nigerian banking sector. Asian Journal of Economics, Business and
Accounting, 23(18), 22-35.
Onyegbula, E.F., Nwoye, M.I., & Daniel, C.O. (2023). Impact of strategy implementation on the
performance of regulatory and supervisory agencies in financial services sector in
Nigeria. Journal of Human Resource and Sustainability Studies, 11(2), 298-315.
Osita, F.C., Ozike, K.C., Okafor, N.D., & Nebolisa, C.C. (2023). Aftermath of the naira redesign
on small and medium enterprises (SMEs) in Nigeria. Journal of the Management
Sciences, 60(1), 235-244.
Oyadeyi, O. (2023). Banking innovation, financial inclusion and economic growth in
Nigeria. Journal of the Knowledge Economy, 1-30.
Sadiq, Y.A., Kigbu, H., Ejim, A.W., & Esidene, E.C. (2023). Power sector reforms in Nigeria:
implications for agro-manufacturing industry. Journal of Political Discourse, 1(1), 11-11.
Srinadi, N.L.P., Hermawan, D., & Jaya, A.A.N.A. (2023). Advancement of banking and financial
services employing artificial intelligence and the internet of things. Journal of Wireless
Mobile Networks, Ubiquitous Computing, and Dependable Applications, 14(1), 106-117.
Udeh, A.I., Otuedon, A.M., & Aruomah, O.K. (2023). Appraisal of Nigerian banks compliance
with the central bank of Nigeria code of corporate governance and its effect on bank
performance. British International Journal of Applied Economics, Finance and
Accounting, 7(1), 12-31.
Wanof, M.I. (2023). Digital technology innovation in improving financial access for low-income
communities. Technology and Society Perspectives (TACIT), 1(1), 26-34.
Zidan, F., Nugroho, D., & Putra, B.A. (2023). Securing enterprises: harnessing blockchain
technology against cybercrime threats. International Journal of Cyber and IT Service
Management, 3(2), 167-172.

Ewuga, Abdul, Abrahams, Oladeinde, & Dawodu, P. 1-19 Page 19