Nigerian Banks Report N3.3 Billion Fraud Loss in Q1 2025

Nigerian banks reported a loss of N3.3 billion to fraud in the first quarter of 2025, marking a 137% increase from the previous quarter. Despite a decrease in the total number of reported fraud cases, the financial impact of these incidents rose sharply.

The banks successfully prevented a substantial amount of attempted fraud, with digital channels being a major source of risk. Fraud cases involving employees decreased, while external fraud remained dominant.

Losses from payment instrument and cash-related fraud saw significant increases.