The Chief Information and Technology Officer (CITO) of Union Bank of Nigeria, Wale Williams, has emphasized the increasing importance of cybersecurity, regulatory compliance, and innovation as Nigeria’s banking and financial sector continues to expand and deepen financial inclusion.

Speaking during an interview on News Central, Williams noted that while the sector is experiencing significant growth, the expansion of digital channels has also heightened exposure to cyber threats and fraud, particularly during peak transaction periods such as the festive season.

He said Nigerian banks are now far more proactive in anticipating risks, with increased collaboration replacing the silo approach that once characterised the industry.

According to him, banks are working closely with regulators, telecommunications companies, and one another to curb cybercrime and fraud, a development he described as reassuring for customers.

“Ultimately, customers should be able to transact with confidence, without fear,” Williams said.

He explained that fraud detection systems within banks have evolved significantly over the past year, shifting from largely rule-based and reactive models to more predictive frameworks powered by artificial intelligence and machine learning. These technologies, he said, enable banks to understand normal customer behaviour and quickly detect deviations that may indicate fraudulent activity.

Williams emphasised that trust remains the “real currency of banking,” adding that investments in behavioural analytics and advanced threat detection tools have helped strengthen banks’ security posture.

He credited the Central Bank of Nigeria (CBN) for introducing regulations that compel banks to deploy technologies capable of identifying unusual transaction patterns, thereby protecting customers, even from their own risky actions.

On the balance between innovation and security, Williams emphasized that the two now go hand in hand.

He noted that security is increasingly embedded at the design stage of new digital products and services, ensuring that innovation does not come at the expense of customer safety.

He identified social engineering and phishing as the most common cyber threats facing customers, warning that technology alone cannot secure the ecosystem.

“Customers must be the last line of defence,” he said, adding that banks have intensified public awareness campaigns urging customers not to disclose sensitive information.

Williams also described regulation as an enabler of trust rather than a barrier to innovation. He said CBN guidelines and data protection laws have established minimum standards that protect customer interests and enhance confidence in the financial system.

Ahead of 2026, Williams said artificial intelligence will remain central to banks’ cybersecurity strategies, assuring customers that advanced technologies will continue to improve protection against emerging threats as digital payments and financial inclusion expand across Nigeria.