Despite progress in financial inclusion, Nigeria faces a major setback as fraud cases surge with data from the Financial Institutions Training Centre (FITC) showing a 65% rise in fraud incidents, with attackers attempting to steal N115.9 billion in Q3 2024 alone—a 105% jump from Q2.
Surpassing the N9.4 billion recorded in 2023, losses for the first nine months of 2024 stand at N53.4 billion.
These incidents have shaken public confidence, with victims like traders and farmers losing life savings, discouraging many Nigerians from adopting digital financial services.
This skepticism poses a threat to the country’s goal of 95% financial inclusion by 2024, particularly for women and rural communities.
In order to combat this, the CBN has mandated fraud desks in banks and established the National Economic and Financial Crimes Forum (NEFF) to enhance fraud detection and prevention.
Experts recommend deploying Artificial Intelligence and increasing consumer awareness to bolster security and restore trust.
Additionally, collaboration among banks, regulators, and customers is crucial to addressing this growing challenge.
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