UBA Pushes Tech In Collaboration To Outpace Cyber Threats

United Bank for Africa (UBA) Plc brought together top regulators, cybersecurity specialists, and financial industry leaders last Friday for a high-level panel session aimed at strengthening Africa’s collective response to digital fraud, as the bank marked its annual Fraud Awareness Week.

The hybrid forum, held at UBA’s Head Office in Lagos, formed a central part of the bank’s continent-wide campaign themed “Combating Fraud Risk and Cyber Theft in Digital Banking.”

Welcoming participants, UBA’s Group Managing Director/CEO, Oliver Alawuba, described the initiative as one of Africa’s most influential anti-fraud platforms.

“Fraud prevention is not an event; it is a culture and a collective responsibility,” he said.

“What began in 2023 as a visionary initiative has grown into a continent-wide movement, one that strengthens trust, protects customers, and fortifies the integrity of digital banking across Africa.”

Alawuba noted that this year’s week-long programme deepened capacity across UBA’s customer touchpoints to “detect, deter, and defeat” emerging cyber threats.

Delivering the keynote address, scholar and practitioner Dr. Godwin Oyedokun stressed that fraud is always intentional, premeditated, and constantly evolving, making proactive prevention essential.

“Fraud can never be accidental in nature. It is always pre-planned,” Oyedokun said.

“We must shift from reacting to predicting. Make fraudulent activity less attractive by strengthening systems. Whatever you spend on prevention is always cheaper than spending on detection and recovery.”

UBA’s Group Chief Internal Auditor, Kayode Ajayi, outlined the bank’s continuous investments in fraud prevention across its African and international operations.

He highlighted AI-powered transaction monitoring, continuous system upgrades, and round-the-clock cybersecurity surveillance, describing fraud as a “progressive fight” requiring constant innovation.

Security experts Adebayo Adebeshin, Bright Anyanwu, and Fiyinfolu Okedare joined the discussion, moderated by Sheri Adegbenro, Chief Audit & Compliance Officer of Eko Electricity Distribution Plc.

They praised UBA for championing fraud awareness and pushing open discussions on digital safety, but warned that cybercriminals are becoming more sophisticated by the day.

The experts emphasised the need for: Closer collaboration between banks, regulators, and law enforcement, continuous investment in modern defence tools, industry-wide intelligence sharing, and building stronger cyber hygiene among customers

Representatives from the Central Bank of Nigeria (CBN), NDIC, FCCPC, the Association of Chief Audit Executives of Banks, and senior audit executives from across the banking sector attended the session, an indication of growing urgency around digital financial security.