Olubukola Anike Austin-Olowo, Ochei Ailemen Ikpefan, Lukman Busari Alfa


Online banking and transactions have become the trend of the century.  Most transactions and businesses are done through the means of internet and other electronic devices as a result of globalization.  However, threats of this innovation in banking and businesses have eroded its benefits due to insecurity. This paper investigated numerous cyber security issues affecting both online banking and online transactions in Nigeria with the objective of building the resilience of the financial system to these systemic risks.  The researcher adopted both primary and secondary data in order to explore the old and new trends in cyber security affecting online banking and online transactions.  Findings from this research revealed that: hacking into customer’s account, delay in transferring money from one bank to another among others, do affect online banking and transactions in Nigeria. It is concluded that adequate security is essential for the thrive of online banking and transactions across the globe, especially Nigeria to enhance the growth of the economy.  This study therefore recommends increased cyber security capacity building and sensitization seminars, engaging system penetration testers and frequent infrastructure/system review and upgrade among others in order to bridge cyber security gaps.


Cyber security, Online banking, Online transaction, Cyber-attack, Financial inclusion.

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