Nigerian banks and their customers suffered cumulative fraud losses of N134.48bn between 2020 and 2025, according to figures contained in the Central Bank of Nigeria’s Nigeria Payments System Vision 2028 report.
The document, as analysed in report by The PUNCH, revealed that fraudsters attempted to steal N187.79bn during the six-year period, with N134.48bn ultimately lost across the banking and payment ecosystem.
The losses were spread across a wide range of transaction channels, including over-the-counter banking, Automated Teller Machines, cheques, e-commerce platforms, internet banking services, mobile banking applications, Point of Sale terminals and other electronic payment systems. The figures underscore the growing risks associated with Nigeria’s rapidly expanding digital payments landscape.
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A review of the data showed a steady rise in fraud-related losses over the years. Recorded losses stood at N11.61bn in 2020 before increasing to N12.77bn in 2021 and N14.32bn in 2022. The figure climbed further to N17.67bn in
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