Banks and their customers in Nigeria lost a total of ₦134.48 billion to various forms of fraud between 2020 and 2025, even as the country witnessed rapid growth in digital payments and fintech adoption, according to data from the Central Bank of Nigeria (CBN).
The figures are contained in the CBN’s Nigeria Payments System Vision 2028 document. During the six-year period, attempted fraud across the banking and payments ecosystem reached ₦187.79 billion, out of which ₦134.48 billion was actually lost.
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The report shows a steady increase in fraud losses over the years, rising from ₦11.61 billion in 2020 to ₦52.26 billion in 2024 — the highest annual loss recorded. The 2024 figure alone accounted for nearly 39% of the total losses in the six-year period.
The sharp surge in 2024 was largely attributed to a major internal fraud case involving ₦30 billion. The CBN noted that while fraud in Internet Banking, Mobile, and POS channels declined, overall losses jumped by 196% due to the massive internal incident. Web fraud incidents also increased by 169% during the year.
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However, the report recorded a significant improvement in 2025, with electronic payment fraud declining by 51%, thanks to stricter regulations, enhanced collaboration among stakeholders, and improved monitoring systems.
Fraud Trend Breakdown (2020–2025):
2020: ₦11.61bn
2021: ₦12.77bn
2022: ₦14.32bn
2023: ₦17.67bn
2024: ₦52.26bn
2025: ₦25.85bn
The CBN Governor, Olayemi Cardoso, in the foreword to the Payments System Vision 2028 document, acknowledged that while digitalisation has boosted financial inclusion and reduced transaction costs, it has also introduced new risks that require stronger cybersecurity and fraud prevention measures.
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The apex bank said under the new 2028 vision, it will prioritise security, trust, innovation, interoperability, inclusion, and collaboration to build a more resilient payments ecosystem.
The findings come as Nigeria continues its aggressive push toward a cashless economy, with instant transfers, mobile banking, and digital wallets becoming central to everyday transactions.
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DDNewsOnline – Lagos
By Ayomiposi Adebanjo (A.A)
Business Correspondent
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