Nigerian banks and their customers lost a combined N134.48 billion to fraud between 2020 and 2025, according to data contained in the Central Bank of Nigeria’s (CBN) Nigeria Payments System Vision 2028 report.
The report revealed that fraudsters attempted to steal a total of N187.79 billion during the six-year period, with N134.48 billion successfully lost across the country’s banking and payment ecosystem.
The losses occurred across multiple transaction channels, including over-the-counter banking services, Automated Teller Machines (ATMs), cheques, e-commerce platforms, internet banking, mobile banking applications, Point of Sale (POS) terminals and other electronic payment systems. The figures highlight the growing security challenges facing Nigeria’s expanding digital payments sector.
A breakdown of the data showed a steady increase in fraud-related losses over the years. Losses rose 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.
The 2024 figure accounted for nearly 39 per cent of all fraud losses recorded during the six-year period, making it the worst year on record for financial fraud in Nigeria.
Similarly, attempted fraud increased steadily, rising from N13.26 billion in 2020 to N14.48 billion in 2021, N16.41 billion in 2022 and N19.72 billion in 2023. The value of attempted fraud peaked at N86.36 billion in 2024 before dropping significantly to N37.57 billion in 2025.
Actual losses also declined in 2025, falling to N25.85 billion, a development the CBN attributed to stronger regulations and improved industry-wide fraud prevention measures.
According to the apex bank, the unusually high losses recorded in 2024 were largely driven by a major internal fraud incident involving N30 billion.
The report noted that while fraud cases linked to internet banking, mobile banking and POS transactions declined during the year, overall losses rose sharply because of the large-scale internal fraud case. Web-related fraud incidents also increased significantly.
The CBN said the incident demonstrated how a single major fraud event could dramatically affect industry-wide loss figures despite improvements in several payment channels.
The report further highlighted evolving fraud trends across the financial system. In 2021, web fraud declined substantially, but overall losses increased as POS-related fraud surged. In 2022, fraud losses were driven mainly by attacks on corporate accounts, while ATM-related fraud recorded a dramatic increase despite improvements in other channels.
By 2023, e-commerce platforms had become a major target for cybercriminals, contributing to a sharp rise in fraud losses.
Despite these challenges, the CBN reported significant progress in 2025, noting that electronic payment fraud declined by 51 per cent due to stricter regulations, enhanced monitoring systems, stronger industry collaboration and improved fraud prevention strategies.
The regulator added that it continues to work closely with banks and other stakeholders to strengthen oversight, improve fraud detection mechanisms and reduce vulnerabilities within Nigeria’s payment infrastructure.
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