The Managing Director and Chief Executive Officer of FirstBank, Dr Segun Alebiosu, has said the lender is prioritising fraud management and consumer protection as part of its strategy to safeguard customer confidence in Nigeria’s evolving financial system.
Speaking with journalists on the sidelines of the Nigerian Economic Society Annual Conference in Abuja on Tuesday, Alebiosu warned that fraud poses a serious threat to the country’s digital financial inclusion drive.
“The most pressing issue today is fraud. With the digitalisation of payment systems, every day you hear about fraud. Rural dwellers are the most affected because they don’t fully understand how to use digital platforms,” he explained.
Alebiosu acknowledged that the surge in digital transactions has revolutionised Nigeria’s financial sector, expanding access to payments and savings. However, he cautioned that it has also opened new avenues for fraudsters to exploit unsuspecting customers, particularly in rural areas where digital literacy remains low.
According to him, fraud not only erodes trust in the banking system but also threatens to derail the gains Nigeria has made in expanding access to financial services through digital innovation.
Despite the risks, Alebiosu said FirstBank is at the forefront of industry-wide initiatives to combat fraud and protect consumers. The bank currently chairs the Bankers’ Subcommittee on Fraud, a strategic platform that coordinates sector-wide responses to emerging threats.
He disclosed that the bank has made substantial investments in advanced cybersecurity tools and systems designed to detect, prevent, and respond to fraudulent activity in real time.
“People do know that FirstBank is safe and secure. Today, we account for about 20 per cent of payments processed through the Nigeria Inter-Bank Settlement System. That is a testament to our efficiency and innovation,” he stated.
Alebiosu stressed that consumer confidence remains the foundation of banking. To this end, FirstBank has created structures to ensure that complaints are resolved promptly and fairly.
He pointed out that the bank has appointed a Chief Customer Experience Officer to oversee customer satisfaction and has implemented robust complaint management mechanisms to address grievances effectively.
“We invest a lot in fraud management and consumer protection because, ultimately, customer confidence is at the heart of banking. While some complaints arise from customer errors, we take responsibility as a bank to safeguard trust in the system,” Alebiosu said.
Highlighting FirstBank’s leadership in security, Alebiosu announced that the institution recently won an international award for excellence in cybersecurity at the 17th Annual Congress on Cybersecurity Audit and Controversial Events held in Abu Dhabi.
“This recognition reaffirms our role as a forward-looking institution, committed not only to driving innovation but also to ensuring the safety and security of our customers,” he noted.
The award, he added, signals global acknowledgement of the bank’s investment in systems and expertise to shield its growing customer base from threats in the digital banking space.
Beyond fraud management, Alebiosu acknowledged that Nigeria’s challenging macroeconomic climate remains another major obstacle for banks and businesses. “Harsh economic conditions are directly affecting businesses, and by extension, banks,” he said.
Despite these headwinds, he maintained that FirstBank would continue to innovate, strengthen its systems, and invest in technology to remain resilient and competitive.
As Nigeria deepens its transition to digital finance, Alebiosu said FirstBank’s mission is clear: protect customers, promote trust, and secure the financial ecosystem against fraud. “We will continue to lead in innovation, but we must also ensure safety and security. Customer confidence is what sustains the system,” he concluded.
