The Central Bank of Nigeria has revealed that bank customers across the country lost a cumulative 134.48 billion naira to financial fraud between 2020 and 2025.
This disclosure was contained in the apex bank’s newly released Nigeria Payments System Vision 2028 document.
According to the report, out of a staggering 187.79 billion naira in attempted illicit transactions, local fraudsters successfully siphoned off the bulk of the funds. The criminals targeted multiple electronic channels, including automated teller machines, web portals, and mobile applications.
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A chronological analysis of the data shows that systemic losses escalated steadily from 11.61 billion naira in 2020 to 17.67 billion naira in 2023. This trend culminated in an unprecedented explosion to 52.26 billion naira during the 2024 operating year.
This historic spike in 2024 was primarily driven by a single massive internal compromise involving 30 billion naira. This breach occurred alongside a sharp 169 percent surge in web-based scams, even though conventional internet and mobile banking channels recorded visible declines.
Fortunately, the financial sector recorded a major turning point in 2025 as total losses plummeted by 50.5 percent to 25.85 billion naira. The total volume of attempted fraudulent activities also dropped significantly from 86.36 billion naira down to 37.57 billion naira.
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Central Bank Governor Olayemi Cardoso highlighted that the fresh regulatory roadmap prioritizes consumer protection and robust infrastructure. “A modern and trusted payments system remains fundamental to financial stability, competitiveness and broader economic development,” Cardoso stated.
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To reinforce this safety drive, Deputy Governor Dr. Muhammad Sani Abdullahi explained that the regulator intends to expand advanced mechanisms like contactless payments and open banking frameworks. These initiatives are designed to leverage global best practices to strengthen the payment landscape.
As criminals continuously modify their illicit tactics across emerging platforms, the aggressive implementation of these stringent security standards remains critical. Effectively mitigating these operational risks is expected to restore public confidence and safeguard the integrity of the domestic financial ecosystem.
