E-Financial
NIBSS Says Electronic Payment Transactions Increased 50% in 2014
Nigeria Inter Bank Settlement System (NIBSS) has disclosed, in its latest statistics, that 50% growth was recorded in the level of usage of various electronic payment transactions in the country in 2014.
According to NIBSS, across all payment channels in the financial industry, including electronic and non-electronic based platform, Nigeria has experienced a massive rise in the volume and value of transactions processed yearly.
The electronic payments platforms include the Internet banking, e-Commerce, Point of Sales (PoS), Automated Teller Machines (ATM) and the mobile platforms.
NIBSS, in its ‘2014 E-Payment Fraud Landscape in Nigeria showed that in 2014, it processed over 100 million transactions in terms of volume with a corresponding value of over N40 trillion (over $208 billion).
It also disclosed that the volume of transactions grew by over 50 per cent between 2013 and 2014 with its value also growing by 28 per cent.
Meanwhile, the Central Switch said fraud in the Nigerian payments system and also on a global scale has been on the increase over the past few years as technological advances impact on the way people pay.
According to NIBSS, Internet banking, the ever-increasing use of the ATMs and other electronic platforms have in one way or the other accelerated the growth of fraudulent activities, adding that cheques and over-the-counter fraud has given more room to a sophisticated and more concise electronic type of fraud.
In Nigeria, it disclosed that Internet banking and ATM were the lead channels for perpetuating e-fraud in 2014.Specifically, NIBSS disclosed that in 2014, Nigeria recorded 1,461 cases of fraud compared to 822 in 2013.
It explained that from the 1,461 cases, the value of attempted fraud reported was N7, 750, 152, 748, while the actual loss was N6, 215, 987, 323 in 2014 compared to N19, 148, 787, 069 attempts and N485, 194, 350 actual loss value reported in 2013.
The figures depict that more fraud occurred in 2014 and more loss was recorded in terms of value compared to the attempted fraud value”, the document stated.
NIBSS disclosed that in 2014, ATM machines were the major victims of fraudulent activities in terms of volume as it experienced the highest number of fraudulent transactions. It however, said that Internet banking actually accounted for a loss of about N3.2 billion to fraudulent transactions in terms of value.
“As for 2013, there were quite substantial amount fraudulent transactions in terms of volume on Internet banking and Web based transactions. Also, Across the Counter accounted for almost N16 billion of the attempted fraud, which is the bulk of fraud witnessed in 2013”, the document disclosed.
According to NIBSS, electronic platforms such as Internet Banking had 287 volume of fraud for 2014; ecommerce 114; Point of Sales 166; Web 218; ATM 491, Mobile 21. Non-electronic platforms including Across Counter and Cheques recorded 153 and 11 volume of transactions.
NIBSS, while giving more insight into the menace, explained that in the first quarter of 2014, the country recorded 336 volume of fraud, whose attempted value was N1, 003, 124, 742 with an actual loss of N172, 920, 263, which was 17 per cent actual loss value in attempted fraud value.
In the second quarter, 298 volume was recorded, with and attempted value of N523, 849, 238 and actual loss value of N441, 714, 718 and 84 per cent actual loss value in attempted fraud value.
For the third quarter, there were 366 fraud cases, N3, 708, 992, 359 attempted value and N3, 170, 221, 230 actual loss value and 85 per cent actual loss value in attempted fraud value.
For the last quarter of 2014, the figure increased to 461, with an attempted value put at N2, 514, 186, 408 and actual loss value of N2, 431, 131, 110, resulting in 97 per cent actual loss vale in attempted fraud value.
NIBSS informed that in the year under review, as part of the investigation process, a number of suspects and criminals were apprehended after fraud had been reported.
“Although, the figures show that more work needs to be done to improve apprehension rate. However, the low number is due to some constraints like the law/legal context that isn’t clearly defined when it comes to financial and cyber-crimes carried out using electronic platforms. A major issue is the collaboration of the law enforcement agents and the financial industry”, it stated.
In the document, NIBSS said 2014 was quite alarming in terms of fraud as it recorded very high volume and value of fraudulent transactions in Nigeria (Note that we suspect that the actual volumes and values are usually way higher than reported).
However, fraudulent transactions (attempted fraud value) as a percentage of the total transactions value for 2014 were less than one per cent.
This generally showed that transactions are highly secure but the success rate at which attempted fraudulent transactions are successful is equally high up to 80 per cent in 2014 as against three per cent in 2013.
Speaking on fraud outlook for 2015, NIBSS posited that the advent of the fraud scene in 2014, which was a rollercoaster ride for all holders of critical intellectual and financial property all over the world and in Nigeria, 2015 must not be underestimated.
“Here at NIBSS, we give a concise look towards the future on possible trends and events that might potentially occur in the fraud scene in Nigeria,” the document read.
In mitigating the effect in 2015, NIBSS said the introduction of the biometrics project, also known as Bank Verification Number (BVN), which is a number used for proper customer identification, and can be used as verification at the point of Banking operations, said this initiative is expected to solve the age long problem of proper identity in the banking sector.
“We believe that once the BVN is made mandatory, e- payment and Bank frauds would reduce by about 60 per cent. It is being hoped that the BVN would be made mandatory before the end of 2015.
“From 2014, the Federal Government of Nigeria, CBN and major players in the financial industry took steps to better improve security measures in the country. In terms of legal aspect to improve prosecution, the National Assembly in collaboration with the Senate passed a Cybercrime Bill. This bill spells out punishment for e-crimes that were hitherto not deemed as crimes before. We believe this would serve as deterrents to fraudsters.
“However, if the bill is not signed into law by the president before the expiration of the tenure on May 29th 2015, the Cyber-crime bill would have to start its process all over again from the beginning”, NIBSS stated.
Independent revenue remittance by the Government-Owned Enterprises (GOEs) moved from ₦200 billion in 2013 to over ₦2 trillion in 2024, Fiscal Responsibility Commission (FRC) confirmed the updated figure, on Wednesday.
FRC attributed the surge to collaboration between it and House of Representatives Public Accounts Committee (PAC).
Speaking at 2025 National Conference on Public Accounts and Fiscal Governance, held at the Transcorp Hilton, Abuja, Executive Chairman of the Fiscal Responsibility Commission (FRC), Victor Muruako, Esq however notes with concern persistent challenge despite achievements. He cited weak enforcement mechanisms, limited public awareness, and the slow domestication of the FRA at the subnational level as according to him, only 26 out of 36 states have adopted similar laws.
He advocated for the establishment of a National Fiscal Governance Framework to improve coordination and strengthen audit and oversight structures.
Muruako further underscored the need for strict adherence to constitutional provisions, particularly regarding public debt and borrowing, which remain under the exclusive legislative list. He urged federal and sub-national actors to align their fiscal policies under the renewed hope agenda of President Tinubu’s administration.
Muruako called on state and local government operators across Nigeria to adopt and fully implement fiscal responsibility laws in line with the federal framework.
The event organized by House of Representatives Public Accounts Committee (PAC), brought together key financial stakeholders to discuss strategies for promoting transparency and sustainable development in Nigeria’s public financial management.
He lauded administration’s of president Bola Ahmed Tinubu commitment to strengthening financial policies aimed at driving economic growth. He emphasized that states and local governments must “key into” the Fiscal Responsibility Act (FRA) to ensure fiscal discipline and alignment with federal financial standards.
Highlighting a critical legislative gap, Muruako noted that the FRA 2007 currently outlines 54 offenses but does not prescribe punishments for offenders. He called for the urgent amendment of the Act to include stronger penalties, thereby enhancing compliance and service delivery.
“The Act must be amended speedily for efficiency and to deliver real value to Nigerians,” he stressed.
He congratulated the PAC, led by Hon. Bamidele Salam, for hosting the conference, which he described as a pivotal step toward strengthening accountability in the public sector.
He advocated for the establishment of a National Fiscal Governance Framework to improve coordination and strengthen audit and oversight structures.
Muruako further underscored the need for strict adherence to constitutional provisions, particularly regarding public debt and borrowing, which remain under the Exclusive Legislative List. He urged federal and subnational actors to align their fiscal policies under the Renewed Hope agenda of President Tinubu’s administration.
Reaffirming the FRC’s commitment to advancing transparency and reducing financial leakages, Muruako pledged continued support to the PAC in institutionalizing sound public financial management practices.
He also congratulated the committee for securing Nigeria’s hosting rights for the 2025 West African Association of Public Accounts Committees (WAPAC) Annual Conference, describing it as a testament to Nigeria’s leadership in regional fiscal governance.
PalmPay, a leading digital banking platform in Africa has announced the launch of strategic partnerships with top-tier insurance providers to offer accessible, affordable and simplified insurance products directly within the PalmPay app.
This initiative reflects the brand’s continued commitment to deepening financial inclusion and underscores its mission to improve the wellbeing of everyday Nigerians.
With only about 8.9% of Nigerians currently covered by any form of health insurance, the country remains one of the least insured populations in Africa. Barriers such as low awareness, affordability challenges, and trust issues continue to hinder broader adoption of insurance products.
PalmPay’s new insurance offering directly addresses these challenges by simplifying the purchase and management of insurance policies within the app. The PalmPay insurance feature is designed to make essential coverage, from health to device, and life insurance easily accessible at affordable prices, eliminating the traditional complexities often associated with insurance.
“Insurance is often perceived as complex or inaccessible, especially among underserved communities.” said Habib Kowontan, Head of Wealth Product at PalmPay. “Through these partnerships, we aim to break down those barriers by offering simple, reliable and affordable insurance options that are easily accessible within the PalmPay app.”
With over 35 million users across Nigeria, PalmPay continues to evolve as a smart, consumer-first digital banking platform. The integration of insurance services complements its growing suite of offerings, which includes transfers, bill payments, high-interest savings, and debit card services, making PalmPay one of the most comprehensive digital banking platforms in the African market.
“Our goal at PalmPay is to remove barriers and make essential services easily accessible to everyone,” said Mr Chika Nwosu, Managing Director of PalmPay. “Through these strategic partnerships, we’re expanding our services to be more inclusive and empowering our users with products that will positively impact their lives and finances.”
This rollout marks a significant milestone in PalmPay’s broader strategy to empower users with tools that enhance their daily lives. Building not just a payments app, but a smart and trusted financial partner for millions of Nigerians.
In a timely gesture aimed at improving the plight of internally displaced persons (IDP) in Benue State, leading financial institution, Fidelity Bank Plc, has distributed mattresses and essential food items to over 2,000 victims of the Yelwata attacks currently taking refuge at the Ultra-Modern International Market IDP Camp in Makurdi.
Team Lead, CSR, Fidelity Bank Plc, Victoria Abuka (Left); CEO, The Abbasid Charity Foundation, Hauwa Abbas (Centre); and Branch Leader, Fidelity Bank Plc, Makurdi, Terwase (Right), representing the Regional Bank Head, North Central, Sadi Zawiya, with some beneficiaries during the Fidelity Food Bank distribution event in Makurdi, Benue State recently.
The donation, which was carried out in collaboration with the Abbasid Charity Foundation, is part of Fidelity Bank’s ongoing commitment to supporting vulnerable communities through its flagship Fidelity Food Bank program. Since its launch in April 2023, the Food Bank has distributed over 200,000 food packs to beneficiaries across Nigeria’s six geo-political zones.
Speaking about the donation event, the bank’s Divisional Head, Brand and Communications, Dr. Meksley Nwagboh reaffirmed Fidelity Bank’s dedication to Corporate Social Responsibility (CSR) and its mission to uplift communities.
His words, “Since its launch, the Fidelity Food Bank initiative has helped to alleviate the effect of poverty and malnutrition across the country. We are honored to be back in Benue State to continue this impactful initiative, and we hope that today’s donation brings much-needed relief and comfort to the beneficiaries during this difficult time”.
In her remarks, the Executive Officer, the Abbasid Charity Foundation, Mrs. Hawa Abbas, emphasized the importance of restoring dignity to the displaced, stating that the donation of mattresses was to ensure the IDPs no longer sleep on bare floors.
“This gesture is our way of letting the displaced persons know that they are not forgotten. We care deeply for them, and we hope this donation offers some comfort and hope, even in these difficult circumstances,” Abbas noted.
The Executive Secretary of the Benue State Emergency Management Agency (SEMA), Dr. James Iorpuu, who was represented by Camp Manager, Mr. Robert Nyom, expressed deep appreciation to Fidelity Bank and the Abbasid Charity Foundation for their timely support.
“Your intervention has brought much-needed relief to the camp and we thank you for your compassion and generosity towards improving the welfare of the displaced persons,” he said.
The bank’s outreach to the International Market IDP Camp in Makurdi represents the most recent of its ongoing critical and timely interventions. Previously, through its Food Bank Initiative, the bank provided essential food items to more than 1,500 residents impacted by the recent flood disaster in Mokwa, Niger State.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.
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