Nigerian banks lost N52.26 billion to fraud in 2024 — nearly three times the N17.67 billion they lost the year before.

That's according to the Nigeria Inter-Bank Settlement System (NIBSS), which tracks electronic payment fraud. The 196% jump happened even as the country's digital economy boomed: electronic payment transactions crossed N1 quadrillion in 2024.

The most common attack channels were internet banking fraud, mobile banking fraud, phishing, SIM-swap fraud, identity theft, and insider-assisted account takeovers.

What's worrying is that while the number of reported fraud incidents actually fell, the amount stolen went up. That means cybercriminals are getting better at hitting high-value targets instead of going after small accounts.

But there's some good news. In 2025, fraud losses dropped sharply to about N25.85 billion — a decline of more than 50%. Fraud cases also fell from 70,111 in 2024 to 67,518 in 2025.

Four leading banks prevented approximately N14.5 billion in attempted fraud losses during 2025 alone. They did this by investing in cybersecurity infrastructure, fraud detection systems, artificial intelligence tools, and real-time monitoring technologies.

Cyber threats aren't just hitting banks. Telecom operators face network intrusions, customer-data theft, SIM-related attacks, and service disruption attempts. Small and medium enterprises (SMEs) are especially vulnerable because many don't have dedicated cybersecurity budgets or skilled security personnel.

Mastercard is stepping in. Dr. Folashade Femi-Lawal, Country Manager for Mastercard West Africa, said: "Every year, cybercrime costs Africa close to 10% of its GDP. That is the real story behind every breach in the headlines, including the recent developments across Nigeria."

She added: "Cybersecurity has moved out of the server room and into the boardroom. For governments, banks, fintech companies and the broader digital economy, it's no longer a technology line item. It's a business issue, a trust issue and an economic resilience issue."

Mastercard's Safety Net technology has prevented close to $50 billion in fraud across its global network in the last three years. Every 10 days, the company assesses the cybersecurity risk of 19 million entities.

Femi-Lawal said three things matter most: real-time intelligence at the executive level, stronger collaboration across the ecosystem, and a culture where cyber awareness sits at the top of the decision-making table.

Mastercard Threat Intelligence recently won a Gold Award for Fraud Prevention at the 2026 Cybersecurity Excellence Awards. The company also convenes the annual Cyber Resilience Forum in Nigeria alongside the Committee of E-Banking Industry Heads.

"Threats are evolving faster than reactive defenses can keep up," Femi-Lawal said.

  • N52.26 billion: losses in 2024
  • N17.67 billion: losses in 2023
  • 196%: increase over five years
  • N25.85 billion: losses in 2025 (down 50%+)
  • 70,111: fraud cases in 2024
  • 67,518: fraud cases in 2025
  • N14.5 billion: prevented by four banks in 2025
  • $50 billion: fraud prevented by Mastercard Safety Net in 3 years