Nigeria’s Cybersecurity Crossroads: Telecoms, Open Banking and Deepening US Partnerships

Anthony Fakiyesi

Nigeria is standing at a defining moment in its digital evolution. Rapid growth across telecommunications, fintech, and Open Banking has expanded access to digital services for millions, but it has also exposed critical infrastructure to escalating cyber threats. As the country prepares for more interconnected financial and telecom ecosystems, cybersecurity has moved from a technical concern to a national economic and trust imperative.

Recent threat intelligence shows just how exposed Nigeria has become. According to Check Point Research’s July 2025 Global Threat Intelligence Report, Nigerian organisations experienced an average of 6,101 cyberattacks per week in July 2025, the highest weekly volume recorded in Africa and significantly above the global average. Even more concerning, this represented a 67 percent year-on-year increase, signalling not only higher attacker interest but growing sophistication in threat campaigns targeting Nigerian infrastructure (SiliconAfrica, 2025).

This surge in activity has had real consequences. Data from Surfshark’s Q1 2025 breach analysis shows that over 119,000 Nigerian accounts were compromised in the first quarter of 2025 alone, ranking Nigeria 34th globally for breached accounts. In practical terms, this meant that approximately one in every ten Nigerians had personal or financial data exposed during that period, amplifying fraud, identity theft, and financial crime risks across the economy.

The telecommunications sector sits at the heart of this challenge. Telecom operators underpin mobile banking, payment authentication, SIM-based identity verification, and the data flows that Open Banking depends on.

As Nigeria looks toward a 2026-aligned telecom cybersecurity framework, resilience must go beyond perimeter security. Threats such as SIM-swap fraud, signalling system exploitation (SS7 vulnerabilities), insider misuse, and API abuse increasingly bridge telecom and financial systems, allowing attackers to pivot from network access into banking platforms.

These risks become even more pronounced within Nigeria’s Open Banking ecosystem. Open Banking relies heavily on APIs, shared customer data, and real-time integrations between banks, fintechs, and third-party providers. When telecom networks or identity channels are compromised, attackers can exploit weak authentication, intercept one-time passwords, or manipulate API calls to initiate fraudulent transactions.

Several Nigerian fraud cases in recent years have followed this pattern, where telecom-enabled identity compromise preceded financial account takeover, demonstrating how cybersecurity failures in one sector cascade rapidly into another.

Against this backdrop, deeper Nigeria–U.S. cybersecurity collaboration presents a strategic opportunity. The United States brings mature frameworks such as NIST, sector-specific incident response playbooks, and advanced threat intelligence sharing models that can strengthen Nigeria’s evolving cybersecurity posture. Collaboration can support Nigeria’s telecom regulators, financial institutions, and Open Banking participants in building stronger detection capabilities, harmonised standards, and cross-border incident response mechanisms particularly critical as many attacks originate outside national boundaries.

For Nigeria, the path forward is clear but demanding. Telecom cybersecurity frameworks must embed zero-trust principles, continuous monitoring, and mandatory incident reporting. Open Banking participants must treat API security, identity assurance, and third-party risk management as foundational controls, not optional enhancements. Most importantly, cybersecurity governance must reflect the reality that digital trust is now inseparable from national economic stability.

Nigeria’s digital future depends not only on innovation, but on resilience. As cyberattacks continue to rise in volume and impact, the success of Open Banking, telecom expansion, and international digital partnerships will ultimately rest on how effectively cybersecurity is embedded into every layer of the ecosystem.

Fakiyesi, a Cybersecurity expert writes from the UK