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Nigerian Banks Lose Millions of Naira in Frauds Due to Lack of Live Detection

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Nigeria Inter-Bank Settlement System (NIBSS) has revealed that the country’s financial sector lost around N52.26 in 2024 to fraudsters, some of whom enrolled fake identities for Bank Verification Numbers (BVNs).

Nigerian Banks Lose Millions of Naira in Frauds Due to Lack of Live Detection

These incidents, observers say, evoke the need for liveness detection systems to secure biometric identity verification by banks and financial institutions in the country.

Specifically, about N329 million from this total amount was directly lost to fraudsters using static images of BVNs to activate financial transactions, NIIBSS said in its latest report on financial fraud trends in Nigeria.

According to Punch, the NIBSS report indicates that the BVN fraud scheme was facilitated by some enrollment agents registering still images as if they were live, allowing ill-intentioned individuals to use those fraudulent BVN records to open bank and mobile money accounts to carry out transactions.

Liveness or presentation attack detection is not always used for in-person biometric enrollments, but if not the integrity of enrollments can be undermined by the kind of collusion observed in these incidents.

Per the report, many of the fraudulent BVNs were given Nigerian names to dissipate any strong suspicion, but the fake accounts were eventually discovered and deleted with the suspects tracked down for arrest and possible prosecution.

An additional N400 million ($270,000) in fraud was carried out with stolen identities in the past year, according to 21st Century Chronicle.

Nigeria introduced the BVN system in 2014 with the idea being to strengthening banking security. It has since been an official requirement for anyone opening a bank account or carrying out a banking transaction.

The federal government insists that all bank accounts must be linked to the biometric bank ID number.

Last year, Dermalog said it now ensures BVN use for over 64 million Nigerian bank account owners.

“Still images of Asians and Nigerians are taken and enrolled for BVN by recalcitrant agents. An estimated N329m being proceeds of fraud was received into some of the accounts opened with the BVN generated with these still images a few days before the fraud,” Punch quoted the NIBSS report as stating.

The report offers insights into other fraud indicators, noting for example that the 52.26 billion Naira lost to fraudsters in 2024 is a massive jump from the 11.6 billion Naira loss recorded four years earlier. Paradoxically, there were more fraud cases reported then than in 2024.

In the face of the growing financial sector threats and scams, actors in the industry are of the opinion that stronger response measures need to be taken, in terms of strengthening the regulatory frameworks.

Adaora Eze, fintech expert and CEO of Digital Finance Solutions, told Blueprint newspaper that “the regulatory landscape needs to evolve in response to these emerging threats” and that “financial institutions must implement stricter compliance measures, and the government should introduce more stringent policies to ensure accountability.”

“Without these interventions, fraud losses will continue to rise,” she opines.

NIBSS released a similar annual fraud landscape report in 2023 in which it also noted high levels of financial sector fraud in the country.


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Conoil Bonanza Winners Emerge

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Conoil Plc is spreading joy this Valentine season as the first group of winners in its Valentine Bonanza promotion have been announced and rewarded. Launched on February 14, the campaign continues to delight customers at participating retail outlets.

The initial raffle draw, conducted on February 21, saw fortunate customers receive ₦10,000 worth of free petrol each. The draw was carried out publicly, with media representatives present to ensure full transparency. With the promotion still ongoing, more customers have the opportunity to join in and potentially be among the next winners.

A Conoil Management spokesperson explained that the initiative is a way to show appreciation to loyal customers for their ongoing support. “Our customers have responded impressively to the bonanza, with strong participation recorded across our stations,” the spokesperson said.

The second and final phase of the promotion is now in motion. Customers who purchase at least 10 litres of petrol at any participating Conoil station remain eligible to win in the grand finale raffle.

The grand finale is set for February 28 at 12 noon. Motorists in Lagos and Ogun states are encouraged to visit Conoil outlets to collect their tickets and take part in the exciting conclusion of this Valentine celebration.


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PalmPay Couples Show How Love Is Funded Digitally

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PalmPay users took to the #LoveWithPalmPay campaign to show how experiences are powered through seamless banking.

It’s the month of love and social media has been filled with couples showing affection with gifts. As digital payments become embedded in everyday life, the way relationships are planned, funded, and experienced is evolving.

Recent insights from SBM Intelligence 2025 ‘Love in the Air’ report show that despite economic pressures, most Nigerians still set aside dedicated budgets for Valentine’s Day, with the largest percentage planning to spend between N51,000 and N100,000, while less than 5% are willing to spend above N500,000.

This growing intentionality highlights the need for platforms that help people manage their money more effectively, offering features like free transfers and tools that make it easier to send, track, and preserve funds while still showing up for meaningful moments.

Through the #LoveWithPalmPay campaign, PalmPay set out to show how the platform is enabling users to plan, pay, and celebrate meaningful moments with greater ease.

During the Valentine’s season, PalmPay invited couples across Nigeria to share their stories through the #LoveWithPalmPay campaign, celebrating how digital banking supports their individual expressions of love.

The campaign saw strong participation, with many PalmPay couples submitting entries that showcased how they use the app to plan surprises, pay for outings, and stay connected through everyday transactions.

From these entries, four couples were selected, each showcasing how PalmPay has enabled fast and reliable transactions in key moments.

One video from @simply.omotoshan, one of the selected couples, captures the role of seamless payments in making their spontaneous moments possible.

She said in her entry video: “Our cutest money moment with PalmPay was when we planned our Valentine’s picnic and realized we had forgotten half of the things we needed; literally, half of everything. We rushed to the mall to get cakes, food, decorations, and all the essentials. When it was time to pay, we used PalmPay.

“The transaction was smooth, fast, and stress-free.  In no time, we were done setting up our Valentine-themed picnic with everything perfectly ready. Honestly, all our experiences with PalmPay have been easy and satisfying, but this one is definitely our cutest money moment. Thank you, PalmPay.”

A testimonial from the fourth selected couple, Mohammed and his wife, reflects his excitement: “Hello PalmPay, thank you so much for selecting us as one of the winners of the #LoveWithPalmPay campaign. We truly appreciate this. My wife and I are very grateful. Thank you, PalmPay, for the love and support. We’re so happy and thankful for the N100,000 reward. We love you, PalmPay, and long live PalmPay. Thank you so much.”

Beyond the feel-good stories, the campaign reflects a broader shift: fintech is no longer just about transactions, it’s about enabling experiences. Reliable payments, fast transactions, and accessible financial tools reduce the friction that can disrupt important moments, allowing users to focus on connection rather than logistics.

From paying for dinner to managing other expenses, PalmPay continues to demonstrate how digital financial services support modern relationships, proving that in today’s economy, love is not only felt, it’s funded digitally.

 


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KPMG Strengthens Africa Leadership to Support Long‑term Growth Across the Continent

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KPMG has appointed Tola Adeyemi as Chief Executive Officer for KPMG in Africa, alongside the addition of Professor Olayinka David‑West and George Njenga as independent members of the Africa Governance Council (AGC).

Effective from March 2026, the appointments reinforce the firm’s leadership expertise, underscore a long‑term commitment to Africa and highlight confidence in the continent’s growth potential.

“Africa is one of the most dynamic and promising regions in the global economy, and KPMG is committed to playing a meaningful role in its growth story,” said Tola Adeyemi, incoming CEO for KPMG in Africa.

He continued: “It is a privilege to step into this role at such a pivotal moment for both KPMG and the continent. I look forward to building on our strong, connected and high‑performing base to deepen collaboration and deliver consistent quality and impact across our markets.”

KPMG is recognised globally for its commitment to quality, integrity and professional excellence, supported by a strong global network of member firms. Trust remains the foundation of the audit and accounting profession, with high standards of governance, ethics and audit quality increasingly demanded across Africa’s public and private sectors.

KPMG One Africa’s approach brings the continent closer together with strong leadership to strengthen cross-border collaboration and offer shared expertise and consistency which is business‑critical to help clients navigate complex risks and unlock sustainable growth opportunities.

Commenting on the appointment, Professor Ben Marx, Chairman of the Africa Governance Council, said: “Tola Adeyemi is exceptionally well positioned to lead KPMG One Africa. In addition to his global perspective as a member of the KPMG Global Council, he brings significant influence and credibility as a respected business leader across the continent.”

The appointments of Professor David‑West and Mr Njenga to the Africa Governance Council, which provides board level governance, further strengthens independent oversight, bringing strong academic credentials alongside deep strategic and business expertise.

“These appointments reinforce KPMG’s commitment to strong governance, accountability and leadership depth,” Marx added. “They complement our established African leadership team, in‑country managing partners and regional senior partners, further enhancing our client‑centric approach across Africa.”

 


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