Nigerian banks and their customers lost a combined ₦134.48 billion to fraud between 2020 and 2025, according to figures contained in the Central Bank of Nigeria’s Nigeria Payments System Vision 2028 document. The report highlights the growing risks facing Nigeria’s rapidly expanding digital payments ecosystem.
The CBN disclosed that fraudsters attempted to steal ₦187.79 billion during the six-year period, with actual losses amounting to ₦134.48 billion. The losses were recorded across multiple channels, including mobile banking, internet banking, ATMs, Point of Sale (POS) terminals, e-commerce platforms, and other electronic payment systems.
According to the data, fraud losses rose steadily from ₦11.61 billion in 2020 to ₦52.26 billion in 2024, the highest annual figure recorded. The 2024 losses alone accounted for nearly 39 percent of the total amount lost during the six-year period.
The apex bank attributed the sharp spike in 2024 largely to a major internal fraud case involving about ₦30 billion. Despite reductions in fraud through internet banking, mobile banking, and POS channels, the scale of that single incident significantly pushed up industry-wide losses.
However, the report noted an improvement in 2025, with attempted fraud declining to ₦37.57 billion and actual losses dropping to ₦25.85 billion. The CBN attributed the improvement to stricter regulations, enhanced monitoring systems, stronger industry collaboration, and better fraud prevention measures.
The findings underscore the growing challenge of securing Nigeria’s digital financial ecosystem as electronic transactions continue to rise across the country.
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