As digital banking continues to transform Nigeria’s financial sector, concerns about cybersecurity remain one of the most significant barriers to public confidence.
In an interview with our correspondent, Victor Oluwatosin Ologun, a marketing expert in Nigeria’s consumer-finance industry and a graduate student in Information Systems at Le Moyne College in Syracuse, New York, explained that this challenge has evolved into a major focus of his academic work.
His newly published study explores how cybersecurity perceptions shape customer satisfaction in Nigeria’s digital-banking ecosystem.
From 2019 to 2023, Ologun served as Marketing Manager at Newedge Finance Limited, operators of the EasyBuy smartphone-financing platform used by millions of Nigerians. His role placed him at the forefront of the country’s rapidly expanding digital-finance landscape.
Although he witnessed how mobile technology expanded access to credit and financial tools, he also observed a rising tension between innovation and user safety.
“Working in consumer finance shows you how fragile trust can be,” he said. “A single cybersecurity incident can erase years of progress.” This experience, particularly the frequency of fraud complaints and customer anxieties around digital transactions, motivated his decision to examine how security concerns influence user behavior.
Ologun’s recent publication, titled Cybersecurity and Customer Satisfaction in the Age of Digital Banking: An Application of the Information Systems Success Model, appears in the peer-reviewed ORGANIZE Journal of Economics, Management and Finance.
The study evaluates how information accuracy, service responsiveness, platform reliability and perceived security influence satisfaction among Nigerian digital-banking users. Drawing on insights from customers, bank employees and IT specialists, the research details the factors that drive or undermine trust in mobile-banking platforms.
One of the key findings, according to Ologun, is that Nigerian users value a sense of safety as much as speed or convenience. When customers believe their data is protected and their transactions are secure, satisfaction increases; when security appears uncertain, trust declines sharply, regardless of how efficient the application may be.
Many users, he explains, are less concerned about technical specifications and more interested in how banks communicate risk, respond to incidents, and resolve issues when problems occur.
“People expect apps to work,” he noted. “What matters most is whether the bank can protect them and support them quickly if something goes wrong.”
The study also documents widespread anxieties about cybercrime, including fears of unauthorized transfers, compromised accounts and inconsistent fraud-resolution procedures. These concerns continue to influence whether customers adopt or avoid digital-banking channels. Ologun’s research emphasizes that addressing cybersecurity is not simply an IT function but a major driver of customer experience and overall satisfaction.
Despite these risks, Ologun believes that Nigerian banks have a significant opportunity to strengthen digital trust. His study outlines practical measures such as improving communication around security practices, enhancing digital customer-support systems, and deploying tools that reassure users about the safety of their personal and financial data. He stresses that trust and technology must evolve together.
“Cybersecurity is not only about protecting systems,” he said. “It is also about protecting confidence. When customers feel safe, they use digital banking more freely.”
For Ologun, this research represents a continuation of his longstanding commitment to advancing digital-finance adoption and strengthening consumer protection.
“A secure digital-banking environment empowers users and supports economic growth,” he said. “Trust is the foundation, and cybersecurity is how we reinforce that foundation.”
