An Exploratory Study of Fintech Security Concerns among its Users in Nigeria

The rapid growth of financial technology (Fintech) in Nigeria has revolutionized the way people conduct financial transactions. However, this technological advancement brings along a host of security concerns that impact users’ trust and confidence in using Fintech platforms. This exploratory study aims to investigate the security concerns among Fintech users in Nigeria, shedding light on the underlying factors contributing to these concerns. This research employs a mixed-methods approach, combining qualitative interviews and quantitative surveys to gather comprehensive data. The qualitative phase involves in-depth interviews with a diverse sample of Fintech users, exploring their perceptions, experiences, and concerns related to the security aspects of Fintech services. The quantitative phase consists of a survey administered to a larger sample, aiming to quantify the prevalence and intensity of security concerns among Fintech users in Nigeria. The results highlighted the importance of addressing data breaches, privacy concerns, and authentication methods to alleviate user apprehensions. Participants expressed a desire for more transparency regarding the security practices of Fintech providers through improved communication and education to enhance user awareness and understanding of the security measures in place. This corroborates the notion that users’ trust in Fintech services is depends on their perception of the security measures implemented by providers. The study’s contribute to the existing literature on Fintech security, providing an in-depth understanding of the specific security concerns faced by Nigerian users, and identify potential strategies to enhance the security measures and alleviate users’ concerns, which will ultimately foster greater adoption and utilization of Fintech services.