Central Bank of Nigeria (CBN) says fraudsters stole N134.48 billion from banks and customers over a six-year period, amid rising threats to the country’s expanding digital payment system.
The figure was contained in the Nigeria Payments System Vision 2028 document released by the apex bank.
According to the report, attempted fraud within the banking and payments ecosystem stood at N187.79 billion during the period under review.
The CBN said the losses were recorded across multiple channels, including Automated Teller Machines (ATMs), over-the-counter transactions, cheques, mobile banking, internet banking, Point of Sale (POS) terminals, e-commerce platforms and other electronic payment systems.
An analysis of the data showed a steady rise in fraud losses from N11.61 billion in 2020 to N12.77 billion in 2021 and N14.32 billion in 2022.
The losses increased further to N17.67 billion in 2023 before rising sharply to N52.26 billion in 2024, the highest level recorded within the period.
The 2024 figure alone accounted for about 39 per cent of total losses recorded over the six-year period.
Attempted fraud also rose from N13.26 billion in 2020 to N14.48 billion in 2021, N16.41 billion in 2022 and N19.72 billion in 2023, before jumping to N86.36 billion in 2024.
However, the report showed a decline in 2025, with attempted fraud dropping to N37.57 billion, while actual losses fell to N25.85 billion.
The apex bank attributed the spike in 2024 to a major internal fraud case involving about N30 billion, which significantly distorted overall industry figures.
It noted that fraud patterns varied across channels, with POS, web and e-commerce platforms recording notable fluctuations over the period.
According to the report, while some channels recorded declines in fraud incidents, others experienced sharp increases, particularly in years marked by large-scale fraud cases.
The CBN said e-commerce fraud rose significantly in 2023, while ATM fraud surged in 2022 despite improvements in other channels.
It added that the overall decline in fraud losses recorded in 2025 reflected improved regulatory oversight, stronger collaboration among stakeholders and enhanced fraud-prevention systems across the financial sector.
“In 2025, electronic payment fraud declined by 51 per cent, demonstrating the success of stricter regulations, increased industry cooperation, enhanced prevention strategies, and improved monitoring,” the report stated.
CBN Governor, Olayemi Cardoso, said Nigeria’s payments ecosystem had evolved rapidly due to digital innovation, real-time payments and fintech expansion.
He, however, warned that the growth of digital financial services had also introduced new risks requiring stronger cybersecurity and fraud management frameworks.
The CBN said under the Payments System Vision 2028, it would prioritise security, trust, interoperability, inclusion and innovation to strengthen the resilience of Nigeria’s financial system.
It added that the new framework would enhance regulatory oversight and deploy advanced technologies to combat emerging fraud threats.
