An appraisal of mobile banking security in corporate banking operations: A case study of United Bank for Africa, Lagos.
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Background of the Study
Mobile banking security has become a critical concern as corporate banking operations increasingly rely on digital platforms for financial transactions. United Bank for Africa (UBA), Lagos, is a leading institution that has embraced mobile banking to offer convenience and efficiency to its corporate clientele. As mobile banking solutions evolve, they bring with them advanced features such as biometric authentication, real-time alerts, and encrypted transactions, which are essential for protecting sensitive financial data (Ogundele, 2023). However, with the growing adoption of mobile banking, the risk of security breaches and cyberattacks has also escalated. Banks must therefore balance the benefits of mobile banking with robust security measures to maintain client trust and comply with regulatory requirements (Solomon, 2024).
UBA’s mobile banking system represents a significant step toward digital innovation in corporate banking. The bank has invested heavily in secure mobile platforms to ensure that its corporate clients can conduct transactions seamlessly and safely. These investments include the implementation of multi-factor authentication, end-to-end encryption, and continuous system monitoring to detect and neutralize potential threats (Ibrahim, 2025). Despite these security measures, challenges persist. The rapid evolution of cyber threats and the sophistication of hacking techniques mean that even state-of-the-art systems are vulnerable. Moreover, the integration of mobile banking security with other digital platforms within the bank often presents compatibility and interoperability issues.
In this context, UBA’s experience offers a valuable case study for evaluating the effectiveness of mobile banking security protocols in a corporate banking environment. The bank’s proactive approach to securing mobile transactions is indicative of the broader industry trend toward comprehensive digital security. Nonetheless, incidents of security breaches continue to occur, highlighting the need for ongoing research into effective mobile banking security strategies (Adebisi, 2023). This study aims to appraise the current state of mobile banking security at UBA, identifying strengths, vulnerabilities, and areas for improvement in the pursuit of a secure digital banking environment.
Statement of the Problem
While mobile banking offers significant advantages in terms of accessibility and efficiency, UBA, Lagos, faces persistent challenges in ensuring the security of its mobile banking operations. One primary issue is the sophisticated nature of cyber threats that continuously evolve, often outpacing the bank’s security measures. Despite implementing robust protocols such as multi-factor authentication and encryption, vulnerabilities still exist that could potentially lead to data breaches and financial losses (Olayinka, 2023). Furthermore, the integration of mobile security systems with other legacy and digital platforms within the bank has led to compatibility issues, creating gaps in overall security coverage (Chinonso, 2024).
Another challenge is the balance between user convenience and stringent security measures. Corporate clients demand fast and efficient mobile banking services; however, excessive security protocols may hinder user experience and lead to frustration. This trade-off between security and usability creates a dilemma where enhancing one aspect may compromise the other. Additionally, regulatory pressures to maintain high security standards add to the operational complexity, as UBA must continuously update its systems to comply with evolving legal frameworks (Kehinde, 2025). These issues underline the pressing need to examine the effectiveness of current mobile banking security measures and develop strategies to mitigate the identified vulnerabilities (Ifeoma, 2023).
Objectives of the Study
• To evaluate the effectiveness of current mobile banking security measures in UBA’s corporate banking operations.
• To identify the challenges and vulnerabilities associated with mobile banking security.
• To propose strategies for enhancing mobile banking security while maintaining user convenience.
Research Questions
• How effective are the current mobile banking security measures in protecting corporate banking operations at UBA, Lagos?
• What are the primary vulnerabilities and challenges associated with mobile banking security?
• How can mobile banking security be enhanced without compromising user convenience?
Research Hypotheses
• H1: Current mobile banking security measures are effective in reducing the risk of cyberattacks in UBA’s corporate banking operations.
• H2: Integration issues between mobile and legacy systems significantly contribute to security vulnerabilities.
• H3: Enhancements in mobile banking security are positively correlated with improved user confidence and satisfaction.
Scope and Limitations of the Study
This study is confined to the corporate banking operations of UBA in Lagos, focusing on mobile banking security. Limitations include restricted access to proprietary security data, rapidly evolving cyber threats, and potential respondent bias regarding perceived security issues.
Definitions of Terms
• Mobile Banking Security: The set of technologies and protocols used to protect mobile banking transactions from unauthorized access and cyber threats.
• Corporate Banking: Banking services offered to large business entities and corporate clients.
• Multi-Factor Authentication (MFA): A security system that requires more than one method of authentication to verify user identity.
• Encryption: The process of converting data into a coded format to prevent unauthorized access.
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