Internal Fraud in Nigeria's Cash-less Economy on the Rise

Nigeria's transition to a cash-less economy has led to significant financial advancements, with electronic payment transactions exceeding N3 quadrillion annually. However, a concerning trend of internal fraud has emerged, where cashiers in stores, restaurants, and other businesses claim "network failure" during payment processing.

Instead of using the company's official account, they provide personal account numbers, misleading customers into transferring funds directly to them. This practice has been reported in various establishments, including petrol stations, supermarkets, and even during events like Kennyblaq's concert at Eko Hotels.

Customers, often pressed for time, comply, leading to unnoticed revenue losses for businesses as stock disappears without corresponding sales receipts. It raises alarms about the lack of authorization when employees substitute official accounts with personal ones, highlighting the need for vigilance among customers and business owners alike.