Obeta Ruth Oluchi, Atuegwu Wisdom Tochukwu, Ogbonna Angelica Chika, Azubuike Nmesoma Favour and Chukwuha Chinenye Vivian.
Abstract
It is axiomatic that the global banking sector is characterized by the rapid adoption of mobile banking, which has brought about significant benefits in terms of financial inclusion and convenience for bank customers/consumers. However, this technological advancement in banking has also introduced new cybersecurity risks that threaten the stability and integrity of various countries’ banking sector. Following this backdrop, this paper examines the role of law in addressing emerging banking concerns with a particular focus on the Nigerian context. The paper begins by providing an overview of the mobile banking landscape in Nigeria, it then analyzes the cybersecurity challenges that have become common, including the prevalence of mobile banking fraud, data breaches, and unauthorized access to customers’ accounts. The paper concludes by emphasizing the critical importance of a comprehensive legal framework to address the evolving cybersecurity challenges in the Nigerian banking sector. It also furnishes practical recommendations aimed at enhancing the resilience of the banking system and safeguarding the interests of bank customers and the broader economy.
KEYWORDS: Cybersecurity, Mobile Banking, Banking Sector, Challenges and Nigeria.