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E-Financial

Banks’ Customers Lose N51Bn to Fraud- Report

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Recent reports have surfaced, revealing Nigerian banking customers’ staggering loss of N51 billion in savings due to fraudulent activities, according to Leadership findings

Banks’ Customers Lose N51Bn to Fraud- Report

The findings also exposed a concerning trend, with cybercriminals now setting their sights on defrauding Fintech bank customers nationwide.

According to the report, from 2019 to July 2023, Nigerian banking customers fell victim to substantial losses, tallying up to N50.5 billion attributed to various forms of banking-related fraud.

The surge in financial deceit gained momentum, especially after the cash crunch resulting from the naira redesign and the implementation of cash withdrawal limits by the Central Bank of Nigeria (CBN).

As of July 2023, the recorded losses to fraud have surpassed N9 billion, sparking concerns that the figure could soar to over N20 billion by year-end.

Cybercriminals have intensified their efforts, targeting customers utilizing Fintech banks and exploiting perceived weaknesses in these platforms’ security protocols.

Fintech banks, initially conceived as streamlined payment platforms, have been misunderstood by certain segments of users, including market traders, artisans, and entrepreneurs.

This misinterpretation has resulted in numerous individuals falling prey to fraudulent activities, facing considerable challenges in recovering lost funds due to the absence of physical offices for these platforms.

Perpetrators often exploit Point of Sale (PoS) machines or trading platforms to execute illicit fund withdrawals, complicating restitution efforts.

Among the affected Fintech banks are prominent names like OPay, Palmpay, and Moniepoint. Instances have emerged where customers grappled with the arduous task of reclaiming vanished funds, intensifying apprehensions about the safety and security of digital platforms.

Despite concerns, certain users maintain steadfast confidence in Fintech platforms, praising their seamless services and reliability.

A store owner, Mr. Seyi, said he used all the POS terminals that are available because “if I want to do a transaction and there is a network problem, I can use another one. I have been using POS for the past two years. I save my money on it because if I withdraw the money today, for instance, and I want to use it for business the following day, I will still have to put money on it, so I just leave it there, and I have not recorded any fraudulent activities.”

Another POS user said she uses Microsystem POS.

“I can tell you I prefer its network to other fintech POS or deposit bank POS because of the problem they create for us. We leave our money there and this is because we use it for business,” he said.

Adamu Sanusi was, however, cautious of fintechs, saying, “I do not use all these payment apps. How can I leave the deposit money banks and start using a fintech bank? If I have an issue with them, how can I locate them? My friends use them and encounter challenges. I do not want to stress myself; hence, I stick with the bank. I know I can quickly enter their office and complain if there is an issue.”

Industry experts underscore the imperative for Fintech companies to enforce stringent Know Your Customer protocols, institute proactive fraud detection mechanisms, and conduct extensive customer education on account security.

Suggestions include the integration of biometric verifications such as fingerprint and facial recognition, along with rigorous transaction monitoring to identify and address suspicious activities promptly.

 

 


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Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

E-Financial

World Bank Approves Extra $65m for Nigeria’s SPESSE

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World Bank has approved an additional $65 million loan for Nigeria to support the Sustainable Procurement, Environmental, and Social Standards Enhancement (SPESSE) project, increasing the total financing for the initiative to $145 million.

World Bank Approves Extra $65m for Nigeria’s SPESSE

The approval was granted on June 24, 2025, according to details posted on the World Bank’s website, which also indicates that the project’s status has moved to “active” following the approval.

The SPESSE project, initially launched with an $80 million loan approved in February 2020, aims to strengthen institutional capacity for managing procurement, environmental, and social standards in both the public and private sectors across Nigeria.

The World Bank described the project’s development objective as the establishment of sustainable capacity in these areas.

This latest approval is part of a broader wave of financing expected from the World Bank to Nigeria in 2025.

The bank is scheduled to approve loans totalling $1.61 billion over the coming months, supporting various development initiatives.

Among these is a $300 million loan for the ‘Solutions for the Internally Displaced and Host Communities Project,’ expected to be finalised by the end of July.

This project aims to improve access to basic services and economic opportunities for internally displaced persons (IDPs) and host communities in selected local government areas in northern Nigeria.

In September, the World Bank plans to approve four additional loans: a $10.5 million facility to support technical assistance for the Central Bank of Nigeria, a $300 million Health Security Program targeting Western and Central Africa (Nigeria – Phase IV), a $500 million project for building resilient digital infrastructure (BRIDGE), and a $500 million loan under the Nigeria Sustainable Agricultural Value-Chains for Growth project aimed at promoting sustainable growth and job creation within key agricultural sectors.

Earlier in March 2025, the bank approved three financing requests amounting to $1.13 billion.

These funds are directed towards projects focused on enhancing quality education, boosting household and community resilience, and improving nutrition.

Among the approved loans were $80 million for the Accelerating Nutrition Results in Nigeria 2.0 project, $552 million for the HOPE for Quality Basic Education for All programme, and $500 million for the Community Action for Resilience and Economic Stimulus Programme.

In February, the Nigerian government announced expectations of new World Bank loans totalling $2.2 billion for six different projects in 2025. This follows a $1.5 billion loan disbursed in 2024 aimed at strengthening Nigeria’s economic stability and resource mobilisation efforts.


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E-Financial

Ecobank Taps Google Cloud to Deepen Financial Inclusion

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Ecobank, a pan-African financial services group, has partnered with Google Cloud in a deal to improve financial services with advanced analytics, AI and driving digital empowerment across Africa.

This collaboration will focus on leveraging Google Cloud’s advanced technologies and AI to enhance Ecobank’s digital offerings to accelerate the digital transformation of the Bank.

The partnership agreement is designed to empower individuals, support the growth of small and medium-sized enterprises (SMEs) in the region, and contribute to the overall economic development of Africa.

“Our collaboration with Google Cloud is a leap forward in Ecobank’s digital transformation journey. We look forward to leveraging Google Cloud’s world-class technology to unlock new possibilities for individuals and businesses to grow and scale across Africa,” said Jeremy Awori, group chief executive officer of Ecobank.

“This collaboration signifies our shared intent to explore building a more connected and financially inclusive future for the continent.”

Thomas Kurian, CEO, Google Cloud, stated that Google Cloud and Ecobank have a shared vision for using technology to help deliver financial empowerment to more people and businesses in Africa.

“We look forward to exploring the ways our cutting-edge AI, powerful data analytics, and scalable infrastructure can support Ecobank’s efforts to fuel the continent’s economic development and digital future.”

The collaboration aims to simplify and streamline money transfers, both domestically and across borders. By leveraging Google Cloud’s capabilities, including its powerful data analytics platform, BigQuery, for AI-driven insights, Ecobank will aim to develop solutions that improve access to finance for SMEs, simplify payment acceptance, and provide valuable data-driven insights to help businesses scale across more than 33 countries in Africa.


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E-Financial

Stanbic IBTC Holdings Rights Issue Oversubscribed by 21.9%

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Stanbic IBTC Holdings Plc has announced the successful close of the N148.7 billion Rights Issue subscription exercise following the completion of the verification exercise by the Central Bank of Nigeria (CBN) and final clearance by the Securities and Exchange Commission (SEC).

Stanbic IBTC Holdings said the Rights Issue was oversubscribed by 21.9 percent, adding that the holding company has injected N140 billion into Stanbic IBTC Bank.

Kunle Adedeji, acting Chief Executive, Stanbic IBTC Holdings Plc while commenting on the just concluded rights issue programme said that “The turnout and participation of existing shareholders taking up their rights was impressive such that the rights issue was oversubscribed by 21.9percent to the tune of N181.4 billion. Our shareholders’ interest shows the confidence they continue to have in the brand,” he said.

“We appreciate the support of the Central Bank of Nigeria, The Securities and Exchange Commission, the Lead Issuing house, Joint Issuing houses and other stakeholders in the successful completion of the recapitalisation exercise.

“We are optimistic about future opportunities, as the injection of new capital will position us to take advantage of them to enable us to deliver to our shareholders. To all shareholders, we are grateful for your unwavering belief and support for the Stanbic IBTC Brand and your willingness to continue this journey with us,” Adedeji said.

Having received an injection of N140 billion from the parent company, the Chief Executive of the Banking subsidiary, Wole Adeniyi, remarked that “the injection of the new capital into the banking subsidiary is a positive development. This will enable the Bank to seize additional opportunities within the industry and enhance our Single Obligor Limit (SOL).

“We deeply appreciate the dedication and hard work of our regulators, issuing houses, and all other stakeholders. We extend our sincere gratitude for your continued support.”


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