Cyber Risks in Microfinance Digitization: Exposures and Preventions among Female Headed Farm Households in Southern Nigeria

Digital finance is widely regarded as one of the most effective means of financially empowering women and increasing their financial inclusion. On the other hand, cybercriminals are constantly looking for new ways to exploit vulnerabilities and developing ever more sophisticated attack methods. As a result, the cyber risk exposures and prevention of female heads of farm households in Southern Nigeria were investigated in this paper. Unsuccessful transactions by mobile applications and POINT OF SALES (POS) terminals were often encountered by female heads, and yet their money was debited, and it took a long time for their money that was debited from unsuccessful transactions to be reversed. Avoiding lonely ATMs and not going to the ATM during late hours, ignoring emails and text messages instructing them to provide online banking details, no longer using birthdates, addresses, and other words or numbers that would make it easier for attackers to figure out their passwords, and not using the same passwords for all their different accounts were the most common cybersecurity measures used by female heads. Access to digital financial products and services was influenced by factors such as marital status, household size, business experience, internet access, possession of an ICT device, and perceived security risks. These findings call for interventions by the Central Bank of Nigeria (CBN) through policies that will improve consumer education and reduce vulnerabilities, especially among women. The CBN should also develop a forum that is easily accessible to customers for filing complaints, and erring banks should be sanctioned.