In 2024 Nigerian banks and fintech firms lost about ₦52.26 billion to electronic fraud, a sharp increase from the ₦17.67 billion recorded in 2023, according to the [Nigeria Inter‑Bank Settlement System (NIBSS)](https://nibss- plc.com.ng). The rise highlights persistent weaknesses in the country’s digital payment ecosystem and underscores the need for more robust safeguards.
Key figures show the scale of the problem:
- ₦52.26 billion lost to fraud in 2024, up 196% from the previous year.
- A 2026 policy brief noted a decline to ₦25.85 billion in 2025, but the amount remains sizable.
- Phishing, SIM‑swap attacks, compromised accounts and insider collusion were identified as the most common fraud vectors.
- The International Monetary Fund (IMF) and the World Bank launched the Bangkok Blueprint on 14 October 2026 to help nations curb cyber‑enabled financial crime.
**What is the Bangkok Blueprint?**
The Blueprint, developed with the Bank of Thailand, outlines recommendations for stronger legal frameworks, enhanced fraud‑detection tools, cross‑institutional cooperation and clearer consumer‑protection mechanisms. It stresses that combating fraud should be a coordinated effort among regulators, financial institutions, technology providers and law‑enforcement agencies, and that collaboration must extend across borders.
**How does Nigeria currently fight electronic fraud?**
[Central Bank of Nigeria (CBN)](https://cbn.gov.ng) created the Nigeria Electronic Fraud Forum (NeFF) to bring together banks, fintechs and other stakeholders. The country also relies on identity‑verification tools such as the Bank Verification Number (BVN) linked to the National Identification Number (NIN). While these steps have yielded some progress, a January 2026 policy brief from the National Institute for Legislative and Democratic Studies highlighted ongoing gaps in fraud reporting, data sharing, enforcement and consumer protection.
**What changes could the Blueprint bring to Nigeria?**
- Establish a unified system for flagging suspicious transfers and sharing intelligence in real time.
- Define clear timelines for complaint resolution and reimbursement, reducing the current two‑week wait before escalation to the regulator.
- Provide victims with transparent information on investigation progress and the likelihood of fund recovery.
- Encourage cross‑border cooperation to trace funds that move through multiple accounts and jurisdictions.
**Is the Blueprint enough on its own?**
The decline in reported losses for 2025 is encouraging, yet it does not signal the end of the problem. Effective implementation will require consistent reporting, stronger enforcement and seamless coordination among all parties responsible for safeguarding digital transactions. Without these operational changes, the growth of Nigeria’s digital payments will continue to hinge on consumer trust, which technology alone cannot guarantee.
**What should consumers expect?**
For users of bank apps, USSD services and fintech platforms, the real test will be whether suspicious transactions are halted sooner, stolen money is traced more quickly, and victims receive clear, timely answers when they report fraud. Until these improvements become routine, the sector’s expansion will remain vulnerable to fraudsters.