RismadarVoice Reporters, June 20, 2026
Banks and their customers in Nigeria lost a total of approximately N134.48bn to fraud between 2020 and 2025, according to data published by the Central Bank of Nigeria (CBN) in its Nigeria Payments System Vision 2028 report.
The document revealed that attempted fraud within the banking and payments ecosystem during the period stood at N187.79bn, highlighting the scale of fraudulent activity across the country’s rapidly expanding digital financial landscape.
The losses were recorded across multiple channels, including ATMs, point-of-sale terminals, internet banking platforms, mobile applications, cheques, e-commerce systems, and other electronic payment services.
According to the CBN data, fraud losses rose steadily over the years, increasing from N11.61bn in 2020 to N12.77bn in 2021 and N14.32bn in 2022. The figure climbed further to N17.67bn in 2023 before surging sharply to N52.26bn in 2024, the highest annual loss recorded within the period under review.
The 2024 spike alone accounted for nearly 39 per cent of total losses, underscoring the severity of fraud challenges faced by financial institutions and payment service providers.
Attempted fraud followed a similar pattern, rising from N13.26bn in 2020 to N86.36bn in 2024 before dropping significantly in 2025 alongside a decline in actual losses.
The report attributed the 2024 surge largely to a major internal fraud incident involving approximately N30bn, noting that the single case significantly distorted overall industry figures despite improvements in other channels.
It further explained that while fraud incidents declined in areas such as internet banking, mobile banking and point-of-sale transactions, overall losses still increased due to the scale of the internal breach.
The CBN noted that fraud trends have continued to evolve across digital platforms. In earlier years, e-commerce fraud, POS scams and ATM-related incidents drove increases in losses, while 2023 saw a sharp rise in online fraud cases linked to digital commerce platforms.
Despite the challenges, the report indicated a marked improvement in 2025, with electronic payment fraud declining by 51 per cent. The central bank attributed this reduction to stronger regulatory oversight, improved monitoring systems, and enhanced collaboration among industry stakeholders.
The apex bank stated that Nigeria’s rapid shift toward digital payments has improved financial inclusion and efficiency but has also exposed the financial system to more sophisticated fraud risks.
CBN Governor Olayemi Cardoso, in the report’s foreword, described Nigeria’s payments ecosystem as one of the most dynamic globally, driven by innovation in real-time payments, fintech expansion, and digital adoption.
He added that the next phase of development under the Payments System Vision 2028 framework would focus on strengthening security, enhancing cyber resilience, improving interoperability, and building greater trust in digital financial systems.
The CBN reaffirmed its commitment to working with financial institutions and technology providers to reduce vulnerabilities and safeguard the integrity of Nigeria’s rapidly evolving payments ecosystem.
