By Dapo Akinrefon

The Managing Director and Chief Executive Officer of FirstBank, Dr. Segun Alebiosu, has reaffirmed the bank’s commitment to strengthening fraud management and consumer protection as a cornerstone for sustaining trust in Nigeria’s banking sector.

Speaking on the sidelines of the Nigerian Economic Society (NES) Annual Conference in Abuja on Tuesday, Alebiosu stressed that fraud remains one of the most pressing challenges in the financial industry.

“Fraud erodes trust and threatens the gains of Nigeria’s digital financial inclusion drive. With the rapid digitalisation of payment systems, new avenues for fraud have emerged, especially among rural dwellers with limited digital literacy,” he said.

Despite these challenges, he noted that FirstBank has taken the lead in fortifying the sector through innovation and consumer protection. The bank currently chairs the Bankers’ Subcommittee on Fraud and has made significant investments in advanced cybersecurity infrastructure.

“People know FirstBank is safe and secure. Today, we process about 20 per cent of payments routed through the Nigeria Inter-Bank Settlement System (NIBSS). That is a testament to our efficiency and innovation,” he added.

To further enhance consumer confidence, Alebiosu highlighted the appointment of a Chief Customer Experience Officer and the establishment of strong complaint management structures to ensure swift resolution of customer issues.

“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,” he said.

Underscoring its achievements, he disclosed that FirstBank recently won an international award for excellence in cybersecurity at the 17th Annual Congress on Cybersecurity Audit and Controversial Events 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.

On broader challenges, Alebiosu pointed out that Nigeria’s difficult macroeconomic environment remains a major obstacle for businesses and banks alike. “Harsh economic conditions are directly affecting businesses, and by extension, banks,” he explained.