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Banks and customers in Nigeria lost N134.48bn to fraud between 2020 and 2025, according to a CBN reportLosses rose steadily and peaked in 2024 at N52.26bn, largely due to a major N30bn internal fraud case, before dropping in 2025The report also showed that fraud surged across digital channels like mobile, internet, POS, and e-commerce, but improved in 2025
Legit.ng journalist Victor Enengedi has over a decade’s experience covering energy, MSMEs, technology, banking and the economy.
Banks and their customers in Nigeria collectively lost N134.48bn to fraud between 2020 and 2025, according to data from the Central Bank of Nigeria’s Nigeria Payments System Vision 2028 report.
The document also revealed that total attempted fraud during the period stood at N187.79bn, highlighting the scale of fraudulent activity across the financial system as digital payments continue to expand nationwide.
CBN Exposes Massive Banking Fraud as N134bn Disappears Across ATMs, Apps, POS and More in 5 yearsSource:
