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Hamzat Urges Financial Institutions to Boost Cybersecurity as Digital Economy Expands
LAGOS, Nigeria - October 29, 2026
Lagos State Deputy Governor Dr Kadri Obafemi Hamzat has called on financial institutions and corporate organizations to increase investment in cybersecurity and emerging technologies, warning that protecting customers’ funds and sensitive information is essential to maintaining public confidence in Nigeria’s growing digital economy.
Hamzat made the call on Tuesday, October 27, during the inauguration of the new corporate headquarters of Canary Point Holding Limited in Lagos. He stressed that cybersecurity should be treated as a core business priority rather than an optional expense as more financial transactions move to digital platforms.
According to the deputy governor, the increasing reliance on technology in banking, payments and other business operations has exposed institutions to risks including financial fraud, data breaches and cyberattacks. He maintained that organizations must strengthen their digital infrastructure and develop effective safeguards to protect customers and institutional assets.
Hamzat also urged Canary Point Holding to deepen its investment in technology, reinforce its cybersecurity systems and continue developing innovative financial solutions that improve customer experience while protecting transactions.
Private-sector investment and economic growth
The deputy governor commended Canary Point Holding for expanding its operations across financial services, including digital payments, asset management, specialized financing and financial technology.
He noted that indigenous financial institutions could contribute to economic diversification through job creation, improved access to credit, investment mobilization and support for businesses.
Hamzat further disclosed that the Lagos State Government was willing to explore collaboration with the company on mortgage financing and real estate development.
He said potential partnerships between government and private financial institutions could help develop financing arrangements that make homeownership more accessible to low- and middle-income residents facing difficulties obtaining conventional housing loans.
However, the announcement concerned the possibility of future collaboration; specific funding commitments and implementation timelines were not provided in the reports reviewed.
Canary Point outlines expansion strategy
Speaking at the ceremony, Canary Point Holding Group Managing Director Idris Ibrahim described the new headquarters as an important milestone in the company's transition from a transaction-focused enterprise to an integrated financial services group.
He explained that the company's expansion was informed by efforts to understand customers' financial needs and develop complementary businesses to address them.
Ibrahim highlighted the company's growth across payments, lending, microfinance, investment management and technology, describing the group's strategy as an effort to build connected services for individuals and businesses.
The headquarters is expected to support greater coordination among the group's businesses as it pursues further expansion.
What this means for Nigeria's digital economy
The growing use of digital financial services makes cybersecurity an increasingly important consideration for banks, fintech companies, payment providers and other businesses handling sensitive customer information.
Effective cybersecurity measures can help reduce exposure to fraud, unauthorized access and service disruptions. They can also support customer confidence in online banking, digital payments and other technology-driven services.
For financial institutions, this means that investment in innovation must be accompanied by strong security controls, employee awareness, data protection practices and plans for responding to cyber incidents.
Hamzat's remarks place these issues alongside a broader discussion about the role of private investment in economic development, particularly in expanding access to financial services and exploring new housing finance opportunities.
As Nigeria's digital economy develops, the challenge for businesses will be to expand access and improve services while ensuring that customers can use digital platforms with greater confidence.
Note: Digital innovation can expand financial access and create business opportunities, but sustained public confidence depends on how effectively institutions protect customers, secure transactions and respond to emerging cyber threats.