In a significant move to protect Nigeria's informal business sector from rising cases of financial fraud, UK-based Nigerian fraud analyst, Adepeju Deborah Bello, has launched a pioneering research project that harnesses artificial intelligence (AI) to shield micro, small, and informal businesses from cybercrime and financial scams.
Bello, a seasoned financial crime risk expert at Barclays UK, announced the start of her PhD research at De Montfort University in Leicester, focusing on how cutting-edge AI technologies can be adapted to detect and prevent fraud within Nigeria's microenterprise ecosystem.
Titled "Adopting AI for Fraud Detection and Prevention in Micro Businesses within the Financial Service Value Chain in Nigeria", the study is one of the very few globally that puts a spotlight on fraud protection for informal businesses in developing nations.
According to the National Bureau of Statistics, microenterprises — including roadside vendors, market traders, and small-scale retailers — make up over 90% of Nigeria's businesses. Despite their massive contribution to the national economy, these businesses are often left vulnerable and unprotected against rising cases of fraud due to limited access to sophisticated security tools.
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As digital payments and mobile banking gain popularity, many of these grassroots entrepreneurs are increasingly exposed to identity theft, phishing attacks, and online scams — threats that larger corporations are better equipped to tackle.
Bello's research explores how technologies like machine learning, behavioral analytics, and anomaly detection can be customized for Nigeria's informal economy. The goal is to develop practical, affordable fraud prevention tools that entrepreneurs can use without needing technical expertise.
"While large institutions are investing heavily in AI-driven fraud systems, smaller businesses are falling behind because of cost, lack of awareness, and limited infrastructure," she said.
Drawing from her own experience using tools such as Falcon, Celonis, and cybercrime portals in her work at Barclays UK, Bello aims to adapt these technologies for entrepreneurs who operate without fraud shields in the informal economy.
Bello, a certified fraud examiner and a member of global institutions like the Association of Certified Fraud Examiners (ACFE) and the Information Systems Audit and Control Association (ISACA), has also published works on topics such as AI in digital banking, blockchain compliance, and supply chain cybersecurity.
Her latest research builds on that foundation and seeks to democratize access to advanced fraud detection by ensuring micro businesses aren't left behind in the tech-driven financial landscape.
