Banks and their customers lost a combined N134.48 billion after criminals using illegal stole from financial institutions and its depositors  between 2020 and 2025.

Attempted fraud across the banking and payments ecosystem amounted to N187.79 billion during the six-year period, while actual losses stood at N134.48 billion, according to data contained in Nigeria Payments System Vision 2028 document, issued by the Central Bank of Nigeria (CBN).

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 N11.61billionin 2020 to N12.77 billion in 2021 and N14.32 billion in 2022.

The figure rose further to N17.67 billion in 2023 before surging dramatically to N52.26 billion 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 N134.48 billion 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 N14.48 billion in 2021, N16.41 billion in 2022 and N19.72 billion in 2023 before jumping to N86.36 billion in 2024.

However, both attempted fraud and actual losses declined in 2025, falling to N37.57 billion and N25.85 billion, respectively.

The report attributed the sharp rise in fraud losses in 2024 largely to a major internal fraud case involving N30 billion.

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, Olayemi Cardoso, governor, CBN, 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.

The federal government has issued the general guidelines for the implementation of the Tax Acts 2025, establishing a formal framework for managing the country’s transition from its repealed tax laws to a new tax regime that takes effect from January 1, 2026.

The guidelines, released by the Federal Ministry of Finance on Thursday, are addressed to taxpayers, tax practitioners, revenue authorities and other stakeholders, and cover a wide range of issues arising from the changeover — including the treatment of existing tax liabilities, ongoing audits, pending incentive applications, and transactions that straddle both the old and new legal regimes.

Speaking on the release, Finance Minister and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, described the document as a framework for managing transitional issues while ensuring that the new laws are not applied with retroactive effect.

“The Guidelines are anchored on three key principles — clarity, fairness and administrative certainty,” Oyedele said.

The Tax Acts 2025 comprise four statutes: the Nigeria Revenue Service (Establishment) Act, the Nigeria Tax Act, the Nigeria Tax Administration Act, and the Joint Revenue Board (Establishment) Act. Each law carries its own commencement date as enacted. The Nigeria Tax Act, 2025, in particular, takes effect from January 1, 2026.

Under the guidelines, all tax liabilities, assessments, audits, investigations, disputes and enforcement actions relating to periods before January 1, 2026, will continue to be handled under the repealed laws.

Tax returns covering accounting periods that ended before that date must also be filed under the previous legal framework, while returns due from January 1, 2026, onward will fall under the new regime.

Existing tax incentives and exemptions granted under the repealed laws will remain valid until they expire, providing continuity for businesses and investors that had secured such reliefs under the old framework.

However, new applications and pending requests will be reviewed under the provisions of the Tax Acts 2025.

The document also addresses the treatment of income taxes and transaction taxes, development levies, record-keeping obligations, and cross-regime transactions that begin under one legal order and conclude under the other.

The ministry said the guidelines are intended to ensure uniformity in implementation across all revenue administration bodies, including the Nigeria Revenue Service, State Internal Revenue Services, the FCT Internal Revenue Service, Local Government Revenue Committees, and the broader community of tax practitioners.

The minister described the Tax Acts 2025 as a significant milestone in Nigeria’s ongoing tax reform programme, saying the guidelines clarify how existing obligations, live matters and future transactions will be treated as the country moves from the old regime to the new framework.

Fidelity Bank Plc, leading financial institution, has reaffirmed its commitment to sustainable social impact and economic inclusion through the empowerment of women and schoolchildren in Anambra State.

Fidelity Bank

The landmark intervention, held recently in Awka during the 2026 Fidelity Empowerment Programme, featured the distribution of 200 sewing and grinding machines to women entrepreneurs, N25 million in seed capital support, 1,500 food packs to vulnerable households, and 250 solar-powered school bags to schoolchildren.

The initiative was implemented in partnership with Healthy Living with Nonye Soludo, a Non-Governmental Organisation led by the Wife of the Governor of Anambra State, Dr. Mrs. Nonye Soludo.

Speaking at the event, the Managing Director and Chief Executive Officer of Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe, described the programme as a reflection of the Bank’s enduring commitment to empowering individuals, strengthening communities, and creating opportunities for sustainable growth.

According to the bank’s CEO, the initiative marked the first time that three of Fidelity Bank’s flagship social impact initiatives—the Fidelity Food Bank Initiative, Lighting Young Minds Programme, and Give Her Power Initiative—were brought together under a single intervention platform; and Anambra State is the first beneficiary.

“Today is more than an empowerment event; it is a demonstration of our belief that meaningful progress begins when people are given the tools and opportunities to succeed.

“At Fidelity Bank, our purpose goes beyond banking. We are committed to helping individuals realize their aspirations, overcome challenges, and build better lives.

“When communities thrive, businesses thrive; when families prosper, societies become stronger; and when people are empowered, possibilities become endless,” she stated.

Dr. Onyeali-Ikpe further noted that the Fidelity Food Bank Initiative continues to provide critical support to vulnerable households across Nigeria, particularly during a period of economic challenges affecting many families.

“Access to food remains a basic human need. By supporting vulnerable families, we are restoring dignity, strengthening resilience, and fostering greater social inclusion within our communities,” she added.

Speaking on the Lighting Young Minds Programme, Dr. Onyeali-Ikpe explained that the solar-powered school bags distributed to pupils are designed to enhance learning outcomes by providing a reliable source of light for studying after dark, especially in communities with limited access to electricity.

The programme also featured the Give Her Power Initiative, through which women received vocational tools and financial support aimed at promoting entrepreneurship, enhancing household income, and advancing women’s economic participation.

In her remarks, the Wife of the Governor of Anambra State, Dr (Mrs.) Nonye Soludo, commended Fidelity Bank for its unwavering commitment to uplifting vulnerable groups and investing in community development.

“We gather today, not merely to distribute items or celebrate another social impact initiative, but to reaffirm a simple truth: when we invest in people, we invest in the future. Every woman supported, every child empowered, and every family assisted represents a step towards building a stronger, healthier, and more prosperous Anambra State,” she said.

Mrs. Soludo expressed appreciation to Fidelity Bank for aligning with the vision of empowering communities and improving lives through impactful interventions.

“Beyond the empowerment items being distributed today, Fidelity Bank is investing in human potential, family stability, and community development. This partnership demonstrates the important role socially responsible organisations can play in advancing sustainable development and improving the quality of life of the people they serve,” she added.

The Fidelity Empowerment Programme forms part of Fidelity Bank’s broader commitment to driving positive social impact across Nigeria through targeted interventions in education, economic empowerment, food security, health, and community development.

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving more than 10 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

The Bank is a recipient of multiple local and international awards, including the 2025 Development Bank of Nigeria (DBN) Innovation Award for MSME support; Best Retail and SME Bank Award from Independent Newspapers; Best Bank for Export & Trade Finance and Most Innovative Bank of the Year at the 2025 BusinessDay Banks and Financial Institutions (BAFI) Awards; and Nigeria’s Best Private Bank at the 2025 Euromoney Awards. The Bank also received the inaugural Most Improved Commercial Bank of the Year award by Nairametrics, the SME Bank of the Year award by NewsDirect, and the Straight-Through Processing (STP) Excellence Award by Citi Group, in addition to recognition by Global Brands Magazine for Excellence in Community Empowerment.