The Central Bank of Nigeria (CBN) has urged banks and different monetary establishments to take immediate motion in addressing rising digital fraud threats to safeguard Nigeria’s increasing digital funds ecosystem.
The name was made on Wednesday on the 2026 Nigeria Digital Fraud Discussion board (NeFF) Technical Kick-Off Session in Lagos, attended by regulators, banks, fee service suppliers, id businesses and regulation enforcement our bodies.
Monetary fraud is a significant problem within the sector because the CBN has continued to boost consciousness throughout the nation.
What the CBN is saying
Delivering the keynote tackle, Deputy Governor, Monetary System Stability, CBN, Mr Philip Ikeazor, stated rising fraud patterns have been changing into extra complicated and required industry-wide coordination.
Ikeazor, represented by Mr Ibrahim Hassan, Director of the Growth Finance Establishments Supervision Division, said that threats comparable to social engineering, SIM-swap abuse, insider compromise, and Authorised Push Cost (APP) scams have been inserting rising stress on Nigeria’s fee methods.
“Rising threats comparable to social engineering, SIM-swap abuse, insider compromise and Authorised Push Cost (APP) scams require sooner, built-in and proactive responses.
“The {industry} is dedicated to lowering fraud response occasions to underneath half-hour and to undertake enterprise-wide fraud administration methods leveraging real-time analytics and shared intelligence,” he stated.
Business collaboration driving fraud discount
Ikeazor famous that sustained cooperation underneath the NeFF framework since 2011 had considerably strengthened the resilience and safety of Nigeria’s funds system.
In accordance with him, fraud losses have declined regardless of the fast development in digital transactions, due largely to coordinated actions throughout the {industry}.
He highlighted achievements such because the migration to EMV chip-and-PIN playing cards, deployment of two-factor authentication, improved transaction monitoring, centralised fraud reporting, and the mixing of the Bank Verification Quantity (BVN) with the Nationwide Identification Quantity (NIN).
NIBSS confirms decline in fraud losses
In one other keynote presentation, Managing Director and Chief Govt Officer of NIBSS, Mr Premier Oiwoh, confirmed that digital fee fraud losses fell considerably in 2025.
He stated the decline was recorded regardless of rising transaction volumes throughout digital channels.
“The discount in digital fee fraud losses was recorded regardless of rising transaction volumes.
“We will solely attribute this enchancment to interventions by CBN, the Nigerian Monetary Intelligence Unit (NFIU), safety businesses and enhanced monitoring throughout the funds ecosystem,” Oiwoh stated.
Web banking, e-commerce nonetheless susceptible
Oiwoh famous that web banking and e-commerce platforms stay essentially the most susceptible fraud channels, with social engineering and insider-assisted fraud rising as dominant traits.
He careworn that sustaining current positive factors would require stricter controls, stronger regulatory compliance and deeper {industry} collaboration.
The NIBSS boss warned in opposition to non-reporting of fraud incidents, saying weak reporting practices, poor id verification and abuse of transaction limits continued to show the system to dangers.
He emphasised the significance of efficient Know-Your-Buyer (KYC) and Know-Your-System (KYD) processes, supported by real-time validation of NIN and BVN.
In accordance with him, improved reporting necessities, joint {industry} motion and a central “Individuals of Curiosity” database, protecting greater than 13,000 people, have enhanced fraud detection and prevention.
AI, new infrastructure to enhance fraud prevention
Oiwoh disclosed that NIBSS is working with the CBN and different stakeholders to deploy superior AI-driven monitoring instruments and develop a brand new nationwide fee infrastructure geared toward strengthening fraud prevention whereas deepening monetary inclusion.
The 2026 NeFF Technical Kick-Off Session was held underneath the theme: “Shrinking Fraud Losses With ISO 20022 and Identification Administration.”
What you must know
In July 2025, the CBN raised the alarm over a big rise in monetary fraud instances within the nation, revealing that fraud surged by 45% inside one 12 months, with 70% of the ensuing losses traced to digital channels, significantly unregulated digital asset platforms.
The apex bank stated findings from its Monetary Stability Report 2024 reveal a pointy enhance in fraud.
The report revealed that over 30 Ponzi-style funding schemes exploiting digital forex narratives have been flagged by the SEC and different businesses.
