Digital Payment Fraud Costs Nigerian Banks and Customers N134.5 bn (2020–2025)

Nigerian banks and customers faced cumulative payment fraud losses of N134.48 bn between 2020 and 2025, according to a Central Bank of Nigeria report. Fraudsters attempted to steal nearly N187.79 bn over the same six-year period. Annual losses climbed from N11.61 bn in 2020 to a record N52.26 bn in 2024, largely driven by a single internal fraud incident valued at N30 bn. Attempted fraud peaked at N86.36 bn in 2024 before falling to N37.57 bn in 2025. The report attributes the 51 % drop in electronic payment fraud in 2025 to tighter regulations, strengthened industry collaboration and enhanced monitoring across internet, mobile and POS channels.

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