Banks and their customers lost a combined N134.48bn to fraud between 2020 and 2025 amid a significant expansion in digital payments and financial technology adoption across the country, according to data contained in the Central Bank of Nigeria’s Nigeria Payments System Vision 2028 document.

The document, obtained by The PUNCH from the apex bank’s website, showed that attempted fraud across the banking and payments ecosystem amounted to N187.79bn during the six-year period, while actual losses stood at N134.48bn.

The losses were recorded across multiple payment channels, including over-the-counter transactions, Automated Teller Machines, cheques, e-commerce platforms, Internet banking, mobile banking, Point of Sale terminals, web channels and other electronic payment platforms, highlighting the growing challenge of safeguarding Nigeria’s increasingly digital financial system.

An analysis of the data showed that fraud losses increased steadily from N11.61bn in 2020 to N12.77bn in 2021 and N14.32bn in 2022. The figure rose further to N17.67bn in 2023 before surging dramatically to N52.26bn in 2024, the highest annual loss recorded within the six-year period.

The 2024 figure alone accounted for nearly 39 per cent of the total N134.48bn lost between 2020 and 2025, showing the scale of the fraud challenge faced by banks, payment service providers and customers.

Similarly, attempted fraud climbed from N13.26bn in 2020 to N14.48bn in 2021, N16.41bn in 2022 and N19.72bn in 2023 before jumping to N86.36bn in 2024. However, both attempted fraud and actual losses declined in 2025, falling to N37.57bn and N25.85bn, respectively. The report attributed the sharp rise in fraud losses in 2024 largely to a major internal fraud case involving N30bn.

According to the document, “Fraud amounts in Internet Banking, Mobile, and POS channels declined, yet overall losses rose by 196 per cent, primarily due to a major internal case involving N30bn. Web fraud incidents also increased by 169 per cent.”

The apex bank noted that the trend demonstrated how a single large-scale fraud incident could significantly distort industry-wide loss figures despite improvements in several digital payment channels.

Before the 2024 spike, the report showed that fraud patterns had evolved across different payment platforms.

In 2021, web-based fraud declined by 43 per cent, but losses still increased because of a 276 per cent rise in Point of Sale fraud incidents. In 2022, fraud losses rose by 12 per cent, driven largely by major fraud incidents affecting corporate accounts, while ATM fraud surged by more than 2,000 per cent despite declines in mobile, POS and web channels.

The report further revealed that fraud losses in 2023 increased by 23 per cent, largely due to an explosion in e-commerce-related fraud cases. “Fraud losses rose by 23 per cent, largely due to a spike in e-Commerce incidents, which escalated by 1,961 per cent. Mobile, POS, and Web channels recorded moderate increases,” the CBN stated.

Despite the persistent fraud threat, the regulator said the industry recorded a notable improvement in 2025 following stricter controls and enhanced collaboration among stakeholders.

The document stated, “In 2025, electronic payment fraud declined by 51 per cent, demonstrating the success of stricter regulations, increased industry cooperation, enhanced prevention strategies, and improved monitoring.”

It added that the Central Bank of Nigeria, working alongside industry stakeholders, had strengthened oversight and introduced collaborative safeguards aimed at reducing vulnerabilities across payment platforms.

The findings come as Nigeria experiences an unprecedented shift towards electronic payments, with instant transfers, mobile banking, fintech applications and digital wallets becoming central to daily commercial activities.

In the foreword to the Payments System Vision 2028 document, CBN Governor Olayemi Cardoso said Nigeria’s payments ecosystem had evolved into one of the most dynamic and innovative in the world over the past decade, driven by real-time payments, digital adoption and fintech-led transformation.

Cardoso said the country had recorded significant growth in electronic payments and digital financial services under the previous Payments System Vision 2025 framework but stressed that the next phase would require stronger resilience and coordination as the system continued to expand.

The CBN acknowledged that while digitalisation has improved financial inclusion and lowered transaction costs, it has also created new risks that require stronger cybersecurity measures, consumer protection mechanisms and fraud-monitoring systems.

Under the new Payments System Vision 2028, the regulator plans to prioritise security, trust, innovation, interoperability, inclusion and collaboration as guiding principles for the next stage of payments system development. The framework also seeks to strengthen regulatory oversight, improve cyber resilience and deploy emerging technologies to combat increasingly sophisticated fraud threats.

As the easing of tensions between the United States and Iran continues, the Petroleum Products Retail Outlets Owners Association of Nigeria has called on refiners, depot owners and petroleum products importers to reduce their ex-depot and retail pump prices in line with the recent decline in international crude oil prices.

The National President of PETROAN, Billy Gillis-Harry, said the drop in global crude oil prices provided an opportunity for operators in the downstream petroleum sector to pass on the benefits of lower crude costs to consumers.

In a statement signed by the National Public Relations Officer of PETROAN, Dr Joseph Obele, on Friday, Gillis-Harry said market realities should be reflected in both ex-depot and retail pump prices.

“The recent decline in global crude oil prices presents an opportunity for stakeholders in the downstream petroleum sector to pass the benefits of lower crude oil costs to Nigerian consumers. Market realities should be reflected in both ex-depot and retail pump prices in the interest of fairness and economic relief for the public,” Gillis-Harry said.

According to the association, recent developments in the global oil market indicate that crude oil prices are on a downward trend, with Brent crude falling to about $77–$78 per barrel following the ceasefire agreement between the United States and Iran and expectations that oil exports through the Strait of Hormuz will gradually normalise.

PETROAN noted that market analysts believe crude oil prices are currently under downward pressure, although geopolitical risks remain. The association said current projections suggest that Brent crude may trade within the range of $75–$82 per barrel next week, while West Texas Intermediate crude is expected to trade between $72 and $79 per barrel.

It identified the continued implementation of the US-Iran peace agreement, increased crude oil exports from the Middle East and concerns over weaker global oil demand as factors contributing to the decline in crude prices.

Gillis-Harry expressed concern over pricing trends in the domestic market, saying, “In some instances, the landing cost of imported petroleum products appears to be lower than the prices offered by domestic refiners. This development is surprising and underscores the need for a more competitive downstream petroleum market that guarantees consumers access to the most affordable products available.”

The PETROAN president called on the Nigerian Midstream and Downstream Petroleum Regulatory Authority to continue issuing import licences to qualified marketers, saying increased competition would help moderate prices and ensure adequate supply.

“Increased competition among suppliers would help moderate prices, discourage monopolistic tendencies, and ensure a steady supply of petroleum products across the country,” the statement read.

Gillis-Harry maintained that competition remained one of the most effective ways of driving efficiency and reducing costs. “Competition remains one of the most effective mechanisms for driving efficiency, reducing costs, and protecting consumers,” he stated.

He added that a competitive market environment would encourage operators to reduce prices in line with prevailing market conditions. PETROAN also called on the Group Chief Executive Officer of NNPC Limited, Bayo Ojulari, to facilitate discussions with two Chinese firms interested in operating the Port Harcourt and Warri refineries.

Gillis-Harry said, “If these refineries are successfully revived and operated as private-sector-driven facilities, petroleum product prices are expected to decline further due to improved efficiency and increased domestic refining capacity.

“The resumption of operations at the Port Harcourt and Warri refineries under competent private management would enhance supply stability, promote healthy competition, and ultimately lead to more affordable petroleum products for Nigerians.”

The association stated that sustained moderation in crude oil prices, combined with stable exchange rates and refining costs, should support lower petrol prices and provide relief for consumers and businesses.

Gillis-Harry reiterated PETROAN’s commitment to a competitive downstream petroleum sector, saying the association would continue advocating “for a transparent, competitive, and consumer-friendly downstream petroleum sector that delivers fair pricing, energy security, and sustainable economic growth for all Nigerians”

The Nigeria FMCG Industry Report 2026, published by Omni, has revealed that only 18 per cent of retailers in the country have accessed formal loans, underscoring the scale of financial exclusion in the fast-moving consumer goods sector.

The report, which was unveiled in Lagos on Friday by the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, showed that 74 per cent of retailers rate access to credit as very important to sustaining daily operations, yet more than half indicated active shortfalls that directly affect their ability to restock on time.

“Approximately 74 per cent of retailers identify access to credit as critical to sustaining daily operations, yet only 18 per cent have accessed formal loans,” it stated.

The report stated that Nigeria remains one of Africa’s largest consumer markets, with an estimated FMCG market value of $25bn and a population of around 238 million people.

The study also noted that FMCG credit sales reached N325bn in the first half of 2025, a 55.4 per cent year-on-year increase, signalling that credit is becoming a strategic tool rather than a distress measure.

It added that despite recent macroeconomic pressures, the sector continued to demonstrate resilience, supported by rapid urbanisation, a youthful population and expanding digital adoption.

The report also revealed that 78 per cent of the retailers surveyed use POS systems. “More than three-quarters of retailers now use digital payment channels, creating new opportunities for embedded finance and data-driven lending,” it stated.

Meanwhile, the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, who was the special guest of honour at the report launch, disclosed, “Nigeria’s more than 40 million MSMEs account for the overwhelming majority of businesses in our economy today and power approximately 80 per cent of retail transactions across the country, largely through informal channels.

“Across markets, neighbourhood stores, distribution channels and retail networks, these enterprises ensure that goods reach households in every part of our country.”

According to Oduwole, the Bank of Industry recorded about N636bn in total disbursements last year, including N56bn in MSME loans and N5.2bn in grants.

She emphasised the importance of data, visibility and collaboration in strengthening Nigeria’s trade ecosystem and supporting the country’s broader industrial and economic development agenda.

“The FMCG industry is more than a commercial category; it is a critical driver of jobs, manufacturing growth, trade and consumer welfare. Strengthening visibility across the value chain and fostering collaboration among stakeholders will be essential to unlocking the sector’s full potential,” she said.

According to the minister, more than 500,000 MSMEs have now been captured in the national MSME database, strengthening formalisation and improving the government’s ability to design better-targeted support.

“For the FMCG sector, these numbers matter. Growth in FMCG depends on strong local production, reliable infrastructure, access to finance, efficient logistics, predictable regulations, consumer purchasing power and market access.

“It also depends on ensuring that businesses spend less time navigating avoidable bottlenecks and more time producing, distributing, hiring, exporting and creating value. This is why the ministry continues to deepen engagement with major investors through our Platinum Business Champions Programme and several other interactions,” she added.

Speaking on the significance of the report, the Founder and Chief Executive Officer of OmniRetail, Deepankar Rustagi, noted, “As we celebrate seven years of building technology infrastructure for commerce, we are proud to contribute something bigger than ourselves to the industry.

“The FMCG Industry Report 2026 provides a data-driven perspective on the realities, opportunities and future of one of Africa’s most important sectors. We hope it becomes a valuable resource for business leaders, investors and policymakers to shape the future of commerce.”

According to Rustagi, data is giving visibility to the FMCG sector, while digital payments are creating transparency. “Embedded finance is expanding access to capital, for this is an invisible economy. Together, these innovations are transforming how commerce operates across Nigeria. This transformation is one of the reasons we created this report.

“Over the past year, businesses across the FMCG value chain have navigated inflation, currency volatility, rising operating costs and changing consumer behaviour. Yet, despite these challenges, the industry has continued to demonstrate resilience. Retailers have adapted, distributors have innovated and manufacturers have continued to invest more in the economy. The ecosystem has moved forward,” he added.

On his part, the Chief Operating Officer of OmniRetail, Wale Adisa, said the report would enable manufacturers to track the performance of their products across the country.

“We’ve got over 150,000 retailers who use our platform. We’ve got thousands of distributors for multiple brands who use our platform. We’ve got hundreds of manufacturers who use our platform. And that gives us visibility into the ebbs and flows of trade information in the country. We’ve been able to see where the breakages are and how data can help close those gaps,” he said.

The firm also used the event to celebrate its seventh anniversary in the country.