By Adedapo Adesanya

The Nigeria Inter-Bank Settlement System (NIBSS) Plc has disclosed that electronic payment fraud losses declined significantly in 2025 due to coordinated actions by regulators, security agencies and industry operators.

Speaking at the 2026 Nigeria Electronic Fraud Forum (NeFF) Technical Kick-Off Session in Lagos, attended by regulators, banks, payment service providers, identity agencies and law enforcement agencies, the chief executive of NIBSS, Mr Premier Oiwoh, said the development showed the need to strengthen collaboration to sustain recent declines in electronic fraud and support deeper digital inclusion.

“The reduction in electronic payment fraud losses was recorded despite rising transaction volumes.

“We can only attribute this improvement to interventions by CBN, the Nigerian Financial Intelligence Unit (NFIU), security agencies and enhanced monitoring across the payments ecosystem,” he disclosed, noting, however, that internet banking and e-commerce remained the main fraud channels, with social engineering and insider-assisted fraud emerging as dominant trends.

The NIBSS boss said the gains recorded could only be sustained through stricter controls, stronger regulatory compliance and industry-wide collaboration.

He stressed zero tolerance for non-reporting of fraud, warning that weak reporting, poor identity verification and abuse of transaction limits continued to expose the system to risks.

Mr Oiwoh pointed out that the effective Know-Your-Customer (KYC) and Know-Your-Device (KYD) processes, supported by real-time validation of NIN and BVN, were critical to curbing fraud.

He added that stronger reporting requirements, joint industry action and a central “Persons of Interest” database—covering over 13,000 individuals—had improved detection and prevention.

He disclosed that the NIBSS was working with the CBN and other stakeholders on advanced AI-driven monitoring tools and a new national payment infrastructure to further strengthen fraud prevention and deepen financial inclusion.

Also speaking, the Deputy Governor, Financial System Stability, CBN, Mr Philip Ikeazor, said sustained cooperation under NeFF since 2011 had strengthened the resilience and security of Nigeria’s payments system.

Mr Ikeazor, represented by Mr Ibrahim Hassan, Director, Development Finance Institutions Supervision Department, said the sustained cooperation had reduced fraud losses in spite of rapid growth in digital transactions.

He highlighted industry achievements, including migration to EMV chip-and-PIN cards, two-factor authentication, enhanced transaction monitoring, centralised fraud reporting, and the integration of the Bank Verification Number (BVN) with the National Identification Number (NIN).

“Emerging threats such as social engineering, SIM-swap abuse, insider compromise and Authorised Push Payment (APP) scams require faster, integrated and proactive responses.

“The industry is committed to reducing fraud response times to under 30 minutes and to adopt enterprise-wide fraud management systems leveraging real-time analytics and shared intelligence,” the deputy governor said.

On her part, Mrs Rakiya Yusuf, Director, Payments System Supervision Department, CBN, and Chairman, Nigeria Electronic Fraud Forum (NeFF), urged continued coordinated action by regulators, banks, payment providers and law enforcement agencies.

Mrs Yusuf highlighted gains such as EMV chip-and-PIN migration, two-factor authentication, and improved identity management.

She warned that emerging threats required standardised frameworks, faster response times, and proactive use of ISO 20022 and analytics to sustain fraud reduction, expressing confidence that the forum’s deliberations would reinforce the foundations for a safer and more trusted digital financial ecosystem in Nigeria.

By Adedapo Adesanya

The Federal Competition and Consumer Protection Commission (FCCPC) has started delisting Digital Money Lending (DML) operators that failed to regularise their status under the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025 (DEON Regulations).

A statement signed by the FCCPC’s Executive Vice Chairman and CEO, Mr Tunji Bello, on Wednesday noted that under the approved enforcement framework, the commission has withdrawn the conditionally approved status of DML operators that failed to complete the regularisation process within the transitional period.

The move was after the Commission set January 5, 2026, as the deadline for digital lenders to comply with its order.

Speaking on the enforcement measures yesterday, Mr Bello said the actions were necessary to uphold the regulations and maintain regulatory certainty in Nigeria’s digital lending market.

“The compliance window provided under the Regulations has now closed. At this stage, the Commission is proceeding with appropriate enforcement steps in a manner that is fair, orderly, and consistent with due process.

“The objective is to promote discipline, transparency, and consumer confidence within the digital lending space, not to disrupt legitimate business activity,” Mr Bello said.

According to the statement, the commission has also begun structured engagement with relevant application hosting platforms and payment service providers, as part of ongoing enforcement and compliance monitoring.

Additional regulatory steps will follow in accordance with the law.

For operators provisionally designated as eligible under transitional arrangements, the commission said it has set a new deadline of April 2026 to complete registration under the DEON Regulations.

“This window is provided to enable affected operators to take steps towards compliance. Operators that choose not to regularise their status within this period may be subject to further regulatory measures, as provided under the law,” Mr Bello said.

He highlighted the importance of the register as a consumer guide, noting that, “The FCCPC’s register is intended to guide the public on operators that have met the applicable regulatory requirements as of the time of publication.

“Consumers were advised to exercise caution when dealing with digital lenders that do not appear on the commission’s current list of approved operators,” he added.

By Adedapo Adesanya

Summit Bank Limited has announced meeting the new minimum capital requirement set by the Central Bank of Nigeria (CBN), ahead of the March 2026 deadline.

In a press statement, the bank disclosed that it was licensed by the regulator as a regional non-interest bank with a minimum capital requirement of N10 billion. However, as of May 21, 2025, the apex bank had confirmed Summit Bank’s regulatory capital at N15.3 billion, placing it comfortably above the stipulated threshold.

The lender disclosed that the achievement reflects the strong confidence of its shareholders, as well as the effective leadership provided by its Board of Directors and management team, alongside the sustained loyalty of its customers.

According to the statement, attaining full compliance ahead of schedule positions Summit Bank to deepen its role in supporting economic development, expanding financial inclusion, and delivering innovative, ethical financial solutions in line with non-interest banking principles.

Summit Bank added that its strengthened capital base would further reinforce its long-term commitment to operational excellence, financial stability, and customer-focused service delivery across its regional operations.

In late 2023, the CBN updated capital requirements for banks, mandating international banks to N500 billion, national commercial banks to N200 billion, regional commercial banks to N50 billion, and non-interest banks to N20 billion (national) or N10 billion (regional), with a deadline of March 31, 2026.

The policy was to enhance financial stability, leading many banks to raise capital through equity or mergers.

Business Post reports that with two months until the deadline is reached, a number of financial banks are yet to meet their required baseline, raising worries about mergers or even the possibility of an extension by the apex bank.