Nigeria has witnessed an exponential increase in financial technology services in the last decade. This shift in focus from conventional banking practices and financial services can be attributed to a global trend of payment for services and products through an online medium. The Nigeria Inter-Bank Settlement System (NIBSS) in 2022, reported a 613.1% increase in the total volume of transactions carried out on its Instant Payment Platform, to 5.2 billion transactions from 729.2 million transactions recorded in 2018.