Banks and their customers in Nigeria lost a total of N134.48bn to fraud between 2020 and 2025, according to data contained in the Central Bank of Nigeria’s Nigeria Payments System Vision 2028 report.
The document revealed that attempted fraud during the period stood at N187.79bn, highlighting the scale of fraudulent activities across the country’s banking and payments ecosystem as digital transactions continue to expand rapidly.
The losses were recorded across multiple channels, including ATM transactions, Internet banking, mobile banking, point-of-sale terminals, cheques, e-commerce platforms, and other electronic payment systems, reflecting growing security concerns in Nigeria’s increasingly digital financial environment.
Data from the report showed a steady rise in fraud losses from N11.61bn in 2020 to N12.77bn in 2021 and N14.32bn in 2022. It further increased to N17.67bn in 2023 before jumping sharply to N52.26bn in 2024, the highest figure recorded within the five-year period.
The 2024 losses alone accounted for nearly 39 per cent of the total fraud amount, with the report attributing the spike largely to a major internal fraud case involving about N30bn.
Attempted fraud also followed a similar trend, rising consistently before peaking at N86.36bn in 2024, then declining to N37.57bn in 2025. Actual losses also dropped to N25.85bn in 2025.
The Central Bank noted that despite improvements in fraud prevention across several digital channels, a single large-scale incident significantly distorted overall industry figures.
It added that while fraud in internet banking, mobile banking, and POS channels declined in some periods, other areas such as web-based and e-commerce fraud recorded sharp increases at different points between 2021 and 2023.
In 2025, however, electronic payment fraud reportedly fell by 51 per cent, which the CBN attributed to stricter regulatory measures, improved monitoring systems, and stronger collaboration across the financial industry.
The report also highlighted that ATM fraud surged dramatically in 2022, while e-commerce-related fraud rose significantly in 2023, showing how fraud patterns have shifted across different payment channels over time.
CBN Governor Olayemi Cardoso, in the foreword to the report, said Nigeria’s payments system has become one of the most dynamic globally, driven by rapid digital adoption and fintech innovation.
He, however, warned that the growth in digital payments must be matched with stronger security frameworks, noting that increased digitalisation has also expanded exposure to cyber fraud risks.
Under its Payments System Vision 2028 framework, the apex bank said it will focus on strengthening cybersecurity, improving regulatory oversight, enhancing interoperability, and boosting collaboration across the financial ecosystem to reduce fraud and build trust in digital payments.
