Determinants of Artificial Intelligence Adoption for Cybersecurity in Nigeria’s Banking Sector Evidence from Survey and Thematic Analysis

Abstract

The Nigerian banking sector is increasingly exposed to cyber threats due to rapid digital transformation and expanding online financial services. This study investigates the determinants driving the adoption of Artificial Intelligence (AI)-enabled cybersecurity solutions in Nigerian deposit money banks and evaluates perceived readiness for implementation. A structured questionnaire was administered to information technology and cybersecurity-related personnel across selected Nigerian banks, producing 97 valid responses. Quantitative data were analysed using descriptive statistics, while open-ended responses were analysed using thematic analysis to identify dominant threat channels and perceptions. Findings indicate that a substantial proportion of respondents reported the deployment of AI for cybersecurity in their institutions, and many agreed that AI can improve banking security and service availability. However, evidence also suggests limited workforce readiness, constraints in access to appropriate AI tools, and infrastructural challenges that hinder broader adoption. The thematic analysis revealed that social media platforms, particularly Facebook and Instagram, were frequently associated with cyber threat exposure, suggesting the need for stronger customer-facing security awareness and fraud prevention measures. The study concludes that while AI adoption is emerging within Nigerian banks, scaling its cybersecurity benefits requires investment in digital infrastructure, targeted capacity development, and stronger governance frameworks for AI deployment. It is recommended that bank management prioritise cybersecurity funding, workforce upskilling, and cross-sector collaboration to improve AI implementation outcomes.