Nigeria’s top banks lose ₦2.13bn to fraud in 2025 as cybercriminals get smarter

Three of Nigeria’s biggest lenders recorded a combined ₦2.13 billion in fraud and forgery losses in 2025, according to an analysis of their audited financial statements. The losses come as the Central Bank of Nigeria (CBN) tightens anti-fraud rules and the country’s cashless economy accelerates.

Access Holdings, GTCO, and UBA reported the losses even as total fraud incidents across the three banks fell by 15.03%. But the amount lost per successful attack rose sharply to an average of ₦44,454, up from ₦40,488 in the previous year. That suggests cybercriminals are becoming more effective at targeting high-value transactions.

Fraud numbers tell a mixed story

While the total amount linked to fraud incidents dropped slightly by 0.87% to ₦10.29 billion, only 20.66% of that amount turned into actual losses. Banks were able to block, recover, or reverse most fraudulent transactions before settlement. Still, the Nigeria Inter-Bank Settlement System (NIBSS) recorded 67,518 fraud-related incidents in 2025 alone.

At Access Holdings, electronic fraud cases fell 47.74% to 5,931 incidents. But cash theft, though just 26 cases, accounted for 14.31% of the bank’s total fraud losses. UBA reported that electronic fraud made up 99.91% of its 26,400 cases, with fraudulent transfers emerging as the most damaging channel at 35.99% of actual losses.

GTCO faced an even sharper challenge. The amount linked to fraud incidents rose 30.05%, and actual fraud losses surged 69.34% despite a slight 0.48% decline in total cases. The trend points to fewer but far more costly attacks.

Digital transactions soar, fraud follows

Nigeria’s digital payment volumes are exploding. Instant payments reached ₦284.99 trillion in the first quarter of 2025, according to NIBSS. GTCO, UBA, First Bank, and Zenith Bank processed ₦286.19 trillion through mobile banking apps during the year. As transactions rise, banks are spending heavily on protection.

Access Holdings, GTCO, and UBA collectively spent ₦280.90 billion on technology investments in 2025. That covered cybersecurity upgrades, fraud monitoring, stronger authentication tools, and transaction security infrastructure.

CBN cracks down, fines banks

The CBN is no longer asking banks to just process transactions. It now expects them to actively police fraud. Under Section 24 of the Banks and Other Financial Institutions Act 2020, banks must submit monthly fraud reports. In 2025, the regulator directed NIBSS to begin debiting institutions that receive proceeds from fraudulent transactions.

New onboarding rules now require mandatory liveness verification and device binding to reduce identity theft and account takeovers. Telecom operators are also being pulled into the fight, with regulators pushing for real-time phone number risk alerts and stronger data sharing.

Banks that fail to comply face penalties. In 2025, the CBN fined Access Holdings ₦138 million for weak Know Your Customer (KYC) controls linked to fraud cases.

System remains strong despite losses

Despite the fraud losses, Nigeria’s banking system remains solid. Access Holdings, GTCO, and UBA held a combined ₦71.06 trillion in customer deposits at the end of 2025. Actual fraud losses represented just 0.003% of total deposits.

But as digital banking expands deeper into everyday life, fraud is becoming a permanent hidden cost of Nigeria’s cashless transition. Banks, customers, regulators, and telecom operators are all being forced to pay for it.