The Digest:
The Central Bank of Nigeria (CBN) has directed commercial banks to respond to electronic fraud complaints within 30 minutes, as losses from e-fraud dropped by 51% in 2025 compared to the previous year. According to Leadership News, fraud losses declined from ₦52.26 billion in 2024 to ₦25.85 billion in 2025, while the total number of fraud incidents fell by 4%. The CBN Deputy Governor for Financial System Stability, Philip Ikeazor, highlighted the industry’s agreement on faster intervention to improve recovery outcomes and limit systemic exposure. The bank also emphasized the adoption of the ISO 20022 messaging standard to enhance fraud detection and data traceability.
Key Points:
- The new mandate aims to strengthen consumer trust and reduce financial losses by accelerating fraud resolution in Nigeria’s digital banking ecosystem.
- The significant drop in e-fraud losses reflects improved security measures and increased industry coordination through platforms like the Nigeria Electronic Fraud Forum (NeFF).
- The focus on ISO 20022 compliance signals a shift toward data-rich, structured transaction systems to combat evolving cyber threats.
- Lagos remains the epicenter of e-fraud in Nigeria, accounting for over 63% of incidents, highlighting regional vulnerabilities.
- The policy reinforces regulatory pressure on banks to enhance Know Your Customer (KYC) protocols and internal monitoring.
Sources: Leadership News, Vanguard
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