E-Financial
Experts Seek Improved e-Channels Security, Banks Lose N237bn In 10 Years
By peter oluka
Fraudsters, especially through the electronic payment channels have stolen about N237 billion since 2007 from Nigerian banks.
This was made known on Monday by the Niyi Yusuf, country manager, Accenture, who declared that the e-payment sector was at the risk of huge losses.
Yusuf spoke as one of the lead presenters at this year’s edition of annual payment systems and fraud conference organised by the E-Payment providers Association of Nigeria (E-PPAN) in collaboration with the CBN and other major stakeholders in the e-payment industry.
Discussions at the forum were woven around the theme: ‘Leveraging Big Data Analytics in Combating Payment Fraud.’
According to him, as technology grows, the fraudsters also become sophisticated leveraging the pervasive Internet access, stating that since 2007, about N237 billion has been at the risk of fraud.
“As the adoption of e-payment rose in Nigeria, so also the amount lost to fraud. Only 12 per cent of fraud happens across the counters while the remaining 88 per cent is online,” he said.
According to Yusuf, the emerging trends in the financial industry will make combating fraud tougher and more essential in the next five to 10 years.
Speaking at the forum, Mr. Tunde Lemo, chairman, Lambeth Trust Limited and member, board of trustees, E-PPAN, said with increasing transactions, stakeholders have to come together to face tougher challenges in combating electronic fraud (e-fraud).
Also speaking, Mr. Adebayo Adelabu, deputy governor, Operations, CBN, challenged the players in the e-payment sector to take security measures very seriously, saying the apex bank would continue to implement policy framework that will continue to engender secure cashless transactions in the country.
In his submission, Mr. Dele Adeyinka, chairman, Committee of E-Banking Industry Heads (CeBIH), noted that the rising volume of transactions across different payment channels meant that “we need to constantly look for ways to ensure the e-channels are much more secure for people to transact without fear of losing their money.”
Meanwhile, of all the e-payment channels available in the country, ATM, web and mobile account for 77 per cent of fraud incidences, according to According to Head, Industry Security Services, NIBSS, Mr. Olufemi Fadairo.
Fadairo tasked stakeholders on the need to consolidate data in the industry towards mitigating fraud incidences.
Also, Kemi Okusanya, country director, Visa, emphasised the need to strengthen security of digital platforms, saying the proliferation of devices that now use Internet to access e-payment transactions is an indication that the future will continue to be mobile and “we all have a duty to collaborate to ensure we secure those platforms.”
She noted that 1.9 million records are stolen everyday with 53 per cent this linked to actual identities of people. “To secure our future, we must perfect our data, devalue it when necessary and harness it to prevent fraud,” she said.
Mrs. Regha Onajite, chief executive officer of E-PPAN, called on all stakeholders to leverage big data analytics to prevent fraud while also collaborating with each others in the area of sharing experiences on fraud incidences so as to prevent fraud in the system.
Meanwhile, over N57 trillion transactions are said to have been carried out across different e-payment platforms this year alone.
The platforms, according to experts who spoke at the event, cover cheque truncations system, National Instant Payment (NIP), NIBSS Electronic Funds Transfers (NEFT), Point of Sales (PoS) terminals, Automated Teller Machines (ATMs) and web-based transactions.
According to them “over N4 trillion cheque transaction has been done, NIP has done N40 trillion, NEFT has recorded N9 trillion, PoS has seen N975 billion, ATM transactions have reached N4.2 trillion while web-based transactions stand at N129 billion this year alone.”
They experts further hinted that the country is facing a tougher time in combating electronic fraud owing to the growth in emerging trends and technologies that make e-payment possible for bank customers.
The next currency crisis could accelerate the shift of the roughly $315 billion global stablecoin market into a digital-dollar alternative for citizens in emerging economies, notably in regions like sub-Saharan Africa and Latin America.
As local fiat currencies face devaluation and high inflation, citizens and businesses are increasingly utilizing smartphone-based stablecoins (such as USDT and USDC) as hedges and primary mediums of exchange.
According to the International Monetary Fund (IMF), the rapid adoption of dollar-linked digital assets—particularly in countries heavily affected by inflation like Nigeria—poses significant risks to monetary sovereignty.
With up to 95% of surveyed individuals in some African markets preferring to receive payments in stablecoins over local fiat, the rising volume of these decentralized, cross-border channels weakens domestic currency demand and dilutes the effectiveness of local monetary policy.
IMF observed in a report titled “Stablecoins in Nigeria: A Growing Cross-Border Channel” noted that the widespread use of stablecoins poses risks to monetary sovereignty, particularly as more individuals and businesses turn to digital dollar-linked assets for savings and transactions.
Nodding in agreement is Future Investment Initiative Institute (FII Institute), a non-profit organisation run by the Public Investment Fund, Saudi Arabia’s main sovereign wealth fund.
FII Institute said that central banks face structural challenges.
And according to the institute, when citizens move savings out of national banks and into private digital wallets, conventional capital controls lose their grip.
Institutions like the Bank for International Settlements warn that interest-bearing stablecoins compete directly with domestic-currency deposits, complicating financial oversight and making smartphone-based transfers incredibly difficult for authorities to monitor.
In Nigeria, Naira depreciation has pushed users toward dollar-stablecoins, according to report by Gino Matos in cryptoslate.com.
A stablecoin is a type of cryptocurrency designed to maintain a steady value by pegging its price to a reserve asset, such as a fiat currency (e.g., the U.S. dollar) or a commodity (e.g., gold).
They act as a bridge between traditional money and the digital asset world, providing the speed of crypto without the extreme price swings of assets like Bitcoin.
Federal government has reopened three federal government of Nigeria (FGN) bond issues valued at N1.2 trillion for subscription as part of efforts to raise long-term funds from the domestic debt market.
The Debt Management Office (DMO), which announced the offer on Tuesday, said the three reopened bond issues are each valued at N400 billion.
According to the DMO, the first offer is the January 2035 FGN Bond, a 10-year reopening, carrying an interest rate of 22.60 per cent per annum.
The second is the May 2028 FGN Bond, a 15-year reopening, with a coupon rate of 15.45 per cent per annum, while the third is the June 2037 FGN Bond, a 20-year reopening, also valued at N400 billion.
The office said the bond auction is scheduled for July 20, while successful subscriptions will be settled on July 22.
It explained that the bonds are offered at N1,000 per unit, with a minimum subscription of N50 million and additional investments in multiples of N1,000.
For the reopened bonds, the DMO said successful bidders would pay a price based on the yield-to-maturity that clears the auction, in addition to any accrued interest on the instruments.
Interest on the bonds will be paid every six months, while the principal will be repaid in full on the respective maturity dates.
The DMO reaffirmed that FGN bonds are backed by the full faith and credit of the Federal Government and constitute obligations chargeable on the general assets of the federation.
It added that the bonds qualify as trustee investment securities under the Trustee Investment Act and enjoy tax exemptions for eligible investors, including pension funds, under the Company Income Tax Act and Personal Income Tax Act.
The bonds are listed on the Nigerian Exchange (NGX) and FMDQ Securities Exchange and also qualify as liquid assets for banks in computing their liquidity ratios.
FGN bonds are long-term debt instruments through which investors lend money to the Federal Government in exchange for periodic interest payments and repayment of the principal at maturity.
Gigbanc, Nigerian fintech startup, has announced it is winding down operations, after three years, citing a tough fundraising climate.
Paul Omoregie Okundaye, and Babatope Oni, co-founders of Gigbanc
The company, which set out to build cross-border financial infrastructure for African freelancers, creators, entrepreneurs and businesses, confirmed the decision in a statement signed by its co-founders.
“After careful consideration, Gigbanc’s leadership has made the difficult decision to wind down operations,” the company said, adding that the move “reflects the broader funding environment affecting early stage startups in Africa, a challenge that has been widely documented across the ecosystem.”
Since its founding, Gigbanc grew a community of more than 150,000 people across multiple countries and processed over $7.28 million (N10 billion) in payment volume, helping thousands of users receive their first international payment.
The company also ran conferences, fellowships and community events aimed at connecting entrepreneurs and creators across the continent.
`Despite the shutdown, Gigbanc said it is not walking away emptyhanded.
The company disclosed that it is in active acquisition discussions with a prominent financial infrastructure firm, with further details to be shared once the process closes.
Paul Omoregie Okundaye, co-founder and CEO, and Babatope Oni, co-founder and CTO, framed the closure as the end of a chapter rather than the erasure of Gigbanc’s impact.
“While Gigbanc is winding down operations, we don’t see this as the end of what we built together. Instead, we see it as the completion of an important chapter,” the founders said. “The relationships, lessons, community, and impact we’ve created will continue to outlive the company itself.”
The founders thanked users for their trust throughout the company’s run, citing everything from transactions and feature requests to bug reports and criticism as forces that shaped the product
“We leave this journey incredibly proud. Proud of our team, who gave everything they had.
Proud of the community that rallied behind us,” they said.
Gigbanc’s exit adds to a growing list of African startups that have shut down or scaled back operations in recent years as venture funding on the continent has tightened, with founders increasingly citing capital scarcity as the primary driver behind closures and consolidations.
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