Industry Watch: Amid Fierce Fintechs, Cybersecurity Hiccups, Nigerian Banks Stable, Grapple With Changing Customer Expectations
Tunde Segun Jeariogbe
INDUSTRY REVIEW
The Nigerian banking industries stands out among other sectors, as it remains active regardless of the state of the nation’s economic health. Never the less, we can so far in 2025, conclusively list among the strengths of Nigeria’s banking industry its potential contribution to national GDP growth, digital transformation, and robust interest income driven by elevated interest rates.
The sector’s weaknesses include: the decelerating foreign exchange gains, snailing profit growth when compared to 2024, the fierce competition from increasing number of fintech players, and alarming rate of cybersecurity risks.
Nevertheless, regulatory compliance and the ability to adapt to changing customer expectations, plus the new business models also present hurdles for every day banks.
