E-Financial
Banks to Cut Fraud Response Times to Under 30 Minutes
Banks in the country have agreed to reduce fraud response times to under 30 minutes, a move expected to significantly improve recovery outcomes and limit systemic risk, according to the Central Bank of Nigeria (CBN).
This disclosure was made on Wednesday by Philip Ikeazor, deputy governor, Financial System Stability, at the 2026 Nigeria Electronic Fraud Forum (NeFF) Technical Kick-Off Session held in Lagos.
Represented by Ibrahim Hassan, Ikeazor said fraud mitigation efforts within the banking industry have continued to evolve in response to increasingly sophisticated threat vectors. While legacy forms of fraud such as ATM card cloning have largely been neutralised, newer risks including online fraud, social engineering, SIM-swap abuse, insider compromise and authorised push payment (APP) scams have emerged as major challenges.
According to him, NeFF has played a pivotal role in coordinating timely and industry-wide responses to these emerging risks. These interventions include the introduction of mandatory two-factor authentication, issuance of industry advisories, sustained public awareness campaigns, the establishment of 24/7 bank fraud desks and, more recently, the development of a Standardised APP Scam Framework.
“Importantly, the industry has agreed to reduce fraud response times to under 30 minutes, a decisive step that materially improves recovery outcomes and limits systemic exposure,” Ikeazor said.
He noted that a major enabler of fraud reduction in Nigeria has been the country’s progress in identity management. The introduction of the Bank Verification Number (BVN), alongside its ongoing integration with the National Identification Number (NIN), has significantly constrained impersonation and synthetic identity fraud.
According to him, enhanced identity verification across banking channels, agent networks and high-risk digital platforms is steadily closing loopholes previously exploited by criminals. He added that this development reinforces the importance of identity infrastructure as a foundational control for payment system integrity, with the National Identity Management Commission (NIMC) remaining a key partner in strengthening fraud prevention efforts.
“Equally transformative is the industry’s migration to ISO 20022. Beyond compliance, ISO 20022 provides richer, structured transaction data that enhances traceability, analytics and early fraud detection,” Ikeazor said.
He explained that as banks, payment service providers and financial infrastructure operators complete implementation across real-time gross settlement (RTGS) and instant payment systems, data quality and transparency are expected to improve materially. This, he said, would enable faster investigations, better fraud pattern recognition and more effective cross-border cooperation.
“This alignment with global standards positions Nigeria to confront increasingly sophisticated fraud schemes with modern, data-driven tools,” he added.
Ikeazor further noted that over the past decade, Nigeria’s electronic payments ecosystem has recorded substantial progress in resilience, security and public confidence. Despite rapid expansion across ATM, POS, mobile and interbank payment channels, system uptime, operational stability and fraud controls have improved markedly.
He attributed this progress to early regulatory interventions, industry-wide adoption of EMV standards, stronger cybersecurity frameworks, enhanced consumer protection measures and sustained collaboration through NeFF. As a result, he said Nigeria’s payments system now compares favourably with global peers in cyber-fraud management, despite exponential growth in digital transaction volumes.
Looking ahead to 2026, Ikeazor warned that electronic fraud losses have risen sharply in recent years and must be decisively reversed. He stressed the need for the industry to commit to bold and measurable fraud-reduction targets, supported by clear strategic priorities.
These include full exploitation of ISO 20022 data, universal and real-time identity verification, enhanced round-the-clock fraud monitoring and response, structured liability-sharing and consumer reimbursement frameworks, deeper engagement with payment service providers and telecoms operators, as well as rigorous performance measurement through transparent scorecards.
“What gets measured must be improved,” he said.
In her opening remarks, Rakiya O. Yusuf, director, Payments System Supervision Department and Chairman, Nigeria Electronic Fraud Forum (NeFF), said that over the past decade, NeFF has provided a trusted platform for regulators and industry stakeholders to jointly strengthen the resilience, security and credibility of Nigeria’s payments system.
Yusuf said sustained collaboration among financial institutions, payment service providers, infrastructure operators, identity management agencies, law enforcement and other partners has delivered meaningful progress in fraud mitigation, even as electronic transactions have expanded rapidly under the cashless policy.
She said key milestones achieved include the migration to EMV chip-and-PIN cards, the introduction of two-factor authentication across electronic channels, enhanced consumer protection measures and the institutionalisation of industry-wide fraud information sharing.
According to her, these interventions led to measurable reductions in fraud losses in earlier years and helped preserve public confidence in digital payments during periods of rapid growth. More recently, she added, improvements in identity management, particularly the rollout of the BVN and its integration with the NIN, have significantly reduced impersonation and the use of false identities for fraud, closing long-standing gaps exploited by criminals across both banking and agent networks.
Central Bank of Nigeria (CBN) has said that the cost of issuing or replacing a standard debit or credit card will rise by 50 percent to about N1,500, up from about N1,000.
The new charge is contained in the Exposure Draft of the Guide to Charges by Banks and Other Financial Institutions in Nigeria, 2026, released by the Central Bank of Nigeria.
The draft followed a circular issued to banks, other financial institutions and the public, dated April 21, 2026, and signed by Rita I. Sike, director, Financial Policy and Regulation Department.
Under the revised guide, issuance and replacement of regular or basic debit and credit cards will attract a N1,500 fee, while charges for premium debit, credit or hybrid cards will be negotiable.
In the 2020 guide, debit card charges were fixed at N1,000 as a one-off fee for issuance, replacement of lost or damaged cards, and renewal upon expiry, applicable across all card types.
The CBN said the review is part of its mandate to promote a safe and sound financial system, accelerate the adoption of innovative financial services, and enhance financial inclusion, particularly in micropayments and transactions.
According to the regulator, the revised guide expands the range of financial services, encourages innovation, strengthens oversight and accountability, and promotes financial inclusion through lower tariffs for micropayments. It also updates certain banking charges to support increased use of electronic channels and accommodate new industry participants since the 2020 version.
The apex bank said the draft has been exposed to the public for comments and input on the proposed fees, with submissions expected via [email protected] on or before May 08, 2026.
The guide provides a framework for the application of charges, including fees and rates, on products and services offered by financial institutions in Nigeria. It applies to all institutions licensed or regulated by the Central Bank of Nigeria.
The charges, according to the regulator, were developed following extensive consultations with stakeholders and are aimed at enhancing flexibility, standardisation, transparency and competition in the financial system.
It added that where charges are designated as negotiable, financial institutions must inform customers of their right to negotiate at the start of transactions and reach mutual agreement on applicable fees through verifiable means.
Where limits are specified, charges must not exceed the prescribed maximum or fall below the minimum.
The apex bank noted that the guide is not exhaustive and that financial institutions must seek prior approval before introducing new products, services or charges not covered.
The framework applies to a wide range of institutions, including commercial banks, merchant banks, payment service banks, non-interest banks, microfinance banks, finance companies, primary mortgage banks, development finance institutions, credit guarantee companies, mobile money operators, and other institutions designated by the regulator.
In line with existing consumer protection regulations, the apex bank said non-credit charges can only be applied to the extent of the available account balance, with any outstanding fees deferred until the account is funded. Such deferred charges will not attract interest.
The guide is to be read alongside the relevant guidance notes and glossary provisions and will supersede the 2020 version when it takes effect on May 1, 2026.
ProvidusBank Plc has commissioned a new branch in Ado-Ekiti, advancing its expansion strategy across Nigeria’s high-growth markets while leveraging its compliance with the Central Bank of Nigeria’s (CBN) recapitalisation directive since January 2025.
ProvidusBank
The move aims to enhance financial inclusion, support local enterprises, and deliver banking services closer to communities and businesses.
At the event, Executive Director/Chief Financial Officer, Deoye Ojuroye, described the rollout as part of a 12-month plan to bolster the bank’s nationwide presence.
“Our approach is deliberate—we are growing in the right places, supporting real economic activity, and building a bank that is both resilient and responsive to customer needs,” Ojuroye said.
He emphasised the bank’s robust capital and risk management, stating: “We are well capitalised within our regulatory category, giving us confidence to expand responsibly while aiding businesses and communities.”
ProvidusBank plans further branches in strategic locations over the next year, underscoring its focus on scalability, accessibility, and sustainable growth as a trusted partner for individuals and enterprises.
E-Financial
Fidelity Bank Bolsters SME Growth with April Masterclass Series on Pricing, Digital Tools, Global Trade
Fidelity Bank Plc has launched a series of high-impact masterclasses in April 2026 to empower Nigerian Small and Medium Enterprises (SMEs) with practical skills for pricing, digital expansion, and international growth.
Fidelity Bank
The initiative aligns with the bank’s drive to boost SME operational efficiency and market access amid Nigeria’s economic challenges.
The flagship session, “Pricing That Works: How to Charge Right and Earn More,” took place on April 10 at the Fidelity SME Hub in Gbagada, Lagos. It drew about 100 entrepreneurs from diverse sectors, offering insights into costing, value-based pricing, pricing psychology, and customer perception to ensure profitable, customer-friendly strategies.
Buoyed by positive feedback, the bank rolled out three more sessions. The second, “Baking Masterclass: From Kitchen to Cashflow,” ran on April 14 and 15, providing hands-on training for bakers and food businesses to enhance product quality and profitability.
Divisional Head, SME Banking, Ugochi Osinigwe, stated: “At Fidelity Bank, we believe that when SMEs succeed, the economy grows. That is why we have curated masterclasses on pricing, product improvement, online sales, and global expansion to equip entrepreneurs with immediate, actionable tools.”
She highlighted the series as part of broader SME support via the Fidelity SME Hub, including advisory services, funding, and nationwide programmes. The bank recently earned the Best Retail and SME Bank Award from Independent Newspapers.
Upcoming events include “Grow Online Sales on a Budget” today, April 24, focusing on low-cost digital strategies for visibility and sales; and “Take Your Business Global: One-on-One Trade Advisory” on April 29, covering export readiness, payments, markets, and compliance.
Fidelity Bank, ranked among Nigeria’s top lenders, serves over 10 million customers via 255 branches, digital platforms, and its UK subsidiary, FidBank UK Limited. It has clinched awards like the 2024 Excellence in Digital Transformation & MSME Banking from BusinessDay BAFI Awards, Most Innovative Mobile Banking App from Global Business Outlook, Best Bank for SMEs from Euromoney, and Export Financing Bank of the Year from BusinessDay BAFI.
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