Banks, customers lost N134.48bn to fraud in six years — CBN data
By Aboki Forex —
Banks and their customers lost a combined N134.48 billion to fraud between 2020 and 2025. This happened even as digital payments and fintech adoption grew sharply across Nigeria.
The figures come from the Central Bank of Nigeria’s Nigeria Payments System Vision 2028 document. The document was obtained from the CBN website.
Attempted fraud across the banking and payments ecosystem during the six-year period stood at N187.79 billion. Actual losses were N134.48 billion.
Fraud was recorded across multiple channels. These include over-the-counter transactions, ATMs, cheques, e-commerce platforms, internet banking, mobile banking, POS terminals, web channels and other electronic payment platforms.
The data shows a steady rise in fraud losses. It went from N11.61 billion in 2020 to N12.77 billion in 2021. It rose to N14.32 billion in 2022 and N17.67 billion in 2023.
In 2024, losses surged dramatically to N52.26 billion. That was the highest annual loss recorded in the six-year period.