Banking
e-Payment Fraud Drains N134.48bn in Six Years Amid Digital Transactions Growth
By Adedapo Adesanya
Nigeria’s rapid shift towards electronic payments has come with a steep cost, as banks and their customers lost a combined N134.48 billion to fraud between 2020 and 2025.
This is according to data contained in the Central Bank of Nigeria’s Nigeria Payments System Vision 2028 document.
The report showed that fraudsters attempted to steal a total of N187.79 billion during the six-year period, with actual losses amounting to N134.48 billion across the banking and payments ecosystem.
The losses were recorded through a range of electronic and traditional payment channels, including internet banking, mobile banking, Point of Sale (PoS) terminals, e-commerce platforms, Automated Teller Machines, web-based transactions, over-the-counter services and cheques, underscoring the persistent security risks accompanying Nigeria’s expanding digital finance landscape.
An analysis of the data revealed a steady rise in fraud-related losses over the period. Losses increased from N11.61 billion in 2020 to N12.77 billion in 2021 and N14.32 billion in 2022. The figure climbed further to N17.67 billion in 2023 before surging to a record N52.26 billion in 2024.
According to the apex bank, the sharp increase recorded in 2024 occurred despite reductions in fraud amounts linked to internet banking, mobile banking and Point of Sale channels.
“Fraud amounts in Internet Banking, Mobile, and POS channels declined, yet overall losses rose by 196 per cent, primarily due to a major internal case involving N30 billion. Web fraud incidents also increased by 169 per cent,” the report stated.
The CBN noted that the development highlighted the outsized impact a single large-scale fraud incident could have on industry-wide loss figures, even when security measures were yielding positive results across several electronic payment channels.
The report also tracked changing fraud patterns across the digital payments ecosystem over the years.
In 2021, web-based fraud declined by 43 per cent, but total losses still rose as point-of-sale-related fraud incidents increased by 276 per cent. In 2022, overall fraud losses grew by 12 per cent, largely driven by major incidents involving corporate accounts, while ATM fraud jumped by more than 2,000 per cent despite declines across mobile banking, Point of Sale and web channels.
By 2023, e-commerce emerged as a major vulnerability within the electronic payments space. Fraud losses rose by 23 per cent during the year, driven largely by a spike in online shopping-related fraud cases.
“Fraud losses rose by 23 per cent, largely due to a spike in e-Commerce incidents, which escalated by 1,961 per cent. Mobile, POS, and Web channels recorded moderate increases,” the CBN said.
However, the report indicated that the industry made significant progress in 2025, as stronger controls and enhanced collaboration among financial institutions helped curb electronic payment fraud.
“In 2025, electronic payment fraud declined by 51 per cent, demonstrating the success of stricter regulations, increased industry cooperation, enhanced prevention strategies, and improved monitoring,” the document stated.
The apex bank added that it had worked closely with industry stakeholders to strengthen oversight, improve fraud monitoring systems and introduce collaborative safeguards aimed at reducing vulnerabilities across Nigeria’s increasingly digital payment ecosystem.
By Aduragbemi Omiyale
An initiative known as Nigeria Lightning Rounds, designed to expand funding opportunities for Nigerian startups and small businesses by connecting founders with local and international investors, has been launched by ProvidusUnity Bank, in partnership with US-based global venture firm and accelerator, gener8tor.
Scheduled to be held on July 15, 2026, Nigeria Lightning Rounds will feature carefully selected startups engaging with targeted investors who have expressed interest in supporting Nigerian innovation.
Participating founders will have the opportunity to pitch their businesses through focused 15-minute virtual sessions facilitated by gener8tor and ProvidusUnity Bank’s networks.
The program will focus on high-growth sectors including fintech, healthtech, manufacturing, sustainability, and AI, but welcomes SMEs from all industries, with intending participants urged to apply via https://www.gener8tor.com/lightning-rounds/nigeria.
“We recognise that access to capital remains one of the biggest challenges facing entrepreneurs in Nigeria. Through our partnership with gener8tor, we are creating a platform that connects promising Nigerian founders with investors who can provide the support required to scale their businesses,” the Head of Business Development at ProvidusUnity Bank, Mr Ernest Elue, stated.
“The partnership reinforces ProvidusUnity Bank’s commitment to strengthening Nigeria’s entrepreneurial ecosystem by supporting innovation, enabling access to opportunities, and creating pathways for businesses with high-growth potential,” he added.
Also commenting, the Director of Lightning Rounds at gener8tor, Ms Elizabeth Larios, said, “gener8tor is thrilled to partner with ProvidusUnity Bank to extend the Lightning Rounds model into Nigeria.
“This collaboration reflects our commitment to building equitable ecosystems and driving capital to the most promising and underrepresented entrepreneurs.”
Lightning Rounds are a signature initiative of gener8tor’s investment platform, which has facilitated thousands of investor-startup meetings globally. The format is optimised to eliminate friction, reduce bias in early-stage fundraising, and help founders secure capital from investors aligned with their mission and stage. gener8tor’s previous Lightning Rounds for Nigerian Founders in 2025 featured 18 participating Investors and led to 50 investment meetings facilitated.
By Modupe Gbadeyanka
The verification of the depositors of the 46 microfinance banks, whose operating licenses were revoked by the Central Bank of Nigeria (CBN) over a week ago, has commenced.
The exercise, aimed at refunding those whose funds were trapped in the small lenders, is being conducted by the Nigeria Deposit Insurance Corporation (NDIC).
In a statement on Thursday, the agency said its staff members have been positioned at the offices of the affected banks across the country to attend to depositors.
It was disclosed that depositors of the defunct banks, who had their Bank Verification Numbers (BVNs) linked to their accounts in the failed banks, will be paid through their alternative accounts in existing banks.
However, depositors whose BVNs were not linked to their accounts in the failed banks have been encouraged to visit the affected banks’ offices with proof of account ownership, a passport photograph, verifiable means of identification (Driver’s Licence, Permanent Voter’s Card, International Passport or National ID Card) and BVN.
NDIC also stated that depositors can alternatively file their claims online through its website: www.ndic.gov.ng, to complete the Pre-Verification Claims Form by clicking on the Search Bar, and typing Pre-Verification Claims Form; opening the Form and filling in their details. They can also do so by clicking the link: https://ndic.gov.ng/ndic-pre-verification-claims-form/ or by visiting any of the NDIC offices closest to them to file their claims.
For further enquiries, the corporation can be reached on any of the following lines: 09037273810, 09038197064, 08104220807, 09064657140.
By Adedapo Adesanya
Nigeria’s Bank Verification Number (BVN) enrolment has slowed significantly in 2026 following the introduction of a stricter regulatory framework by the Central Bank of Nigeria (CBN), with the latest data from the Nigeria Inter-Bank Settlement System (NIBSS) showing that registrations are on course to fall well below last year’s record.
The BVN database stood at 69.55 million as of July 5, 2026, up from 69.32 million in June, indicating that only 228,947 new registrations were recorded over the period. Since the end of 2025, when the database stood at 67.8 million, total enrolments have increased by 1.75 million.
At the current pace, however, BVN registrations are unlikely to match the 4.3 million new enrolments recorded in 2025, suggesting a sharp deceleration in growth this year.
The slowdown comes after the CBN introduced a revised BVN regulatory framework in March, with the new rules taking effect on May 1, 2026. The framework tightened controls around enrolment, identity verification and fraud monitoring as part of efforts to strengthen the integrity of the banking system.
Among the key changes was the introduction of a minimum enrolment age of 18 years, effectively preventing minors from registering for a BVN.
The new framework also limits customers to a one-time change of the phone number linked to their BVN and requires financial institutions to place BVNs linked to suspected fraudulent transactions on a temporary watch-list for up to 24 hours while investigations are carried out.
The stricter rules contrast with last year’s surge in registrations, which was largely driven by the introduction of the Non-Resident Bank Verification Number (NRBVN) initiative that enabled Nigerians in the diaspora to complete BVN enrolment remotely, removing physical barriers and expanding access to the financial system.
Launched on February 14, 2014, the BVN scheme was introduced by the CBN in collaboration with the Bankers’ Committee, NIBSS and German technology firm Dermalog to assign every bank customer a unique biometric identity that can be verified across Nigeria’s banking industry.
