Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Connect with us

E-Financial

Banks Lose N2.09Bn to Frauds in Q4 2023 – FITC 

Published

on

Kindly share this post

Nigerian banks lost a total of N2.09 billion to frauds in Q4 2023 with mobile emerging as the top channel through which the largest amount was lost, according to report by Nairametrics.

Banks Lose N2.09Bn to Frauds in Q4 2023 – FITC 

This was revealed in the latest Fraud and Forgeries report released by the Financial Institutions Training Centre (FITC).

According to the report, the N2.09 billion loss recorded in Q4 was a 77.58% increase compared with N1.18 billion lost by the banks in Q3 2024.

FITC in the report also revealed that a total of 12,405 cases of fraud were recorded in Q4 2024. When compared to the 12,066 cases recorded in Q3, this shows a 2.81% increase.

“The data for the last quarter of 2023 indicates that computer/web fraud, mobile fraud, and POS-related fraud were the three most prevalent types of fraud, continuing the trend observed all year round in 2023,” the report added.

However, in terms of the actual loss through the channels, FITC said mobile fraud accounted for the highest loss at 17.039% with a value of N356.57 million, while suppression of cash entries accounted for 3.75%, totaling N78.45 million.

The report noted that there was an overall increase in the amount lost across all channels except for Bank Branch which recorded a decline and Van and Agents which didn’t record any fraud cases, while the amount lost via the web, bank branch, and PoS channel decreased.

“In their order of magnitude, the amount lost through the ATM channel grew by 711.15%, raising the value to 40.47 million from N4.99 million in Q3. POS fraud also witnessed a surge in the amount lost by 95.01% from N7.5 million to N14.6 million.

“For Web fraud, the amount lost increased significantly by 50.49%, rising from N19.12 million to N28.77 million. However, bank branch-related frauds saw a decline of 59.73%, with the amount lost shrinking from N884.96 million in the previous quarter to N356.34 million in Q4 2023,” it said.

Strengthening security in banks

Advising the banks to respond adequately to the rising cases of fraud, FITC said Nigerian banks will need to invest heavily in upgrading and fortifying their digital infrastructure. This, it said, involves implementing cutting-edge cybersecurity measures, robust identity verification systems, and real-time transaction monitoring.

According to the organization, regular security audits and penetration testing are essential for promptly identifying and addressing system vulnerabilities.

“Furthermore, banks should prioritize customer and employee education to raise awareness about prevalent fraud schemes and promote effective prevention practices. Collaborating closely with law enforcement agencies is crucial to enhancing the capacity for investigating and prosecuting fraud cases.

“Regulatory compliance should be a top priority, requiring banks to stay current with evaluating regulations related to fraud prevention and data security.

Compliance not only ensures adherence to legal standards but also demonstrates a commitment to safeguarding customers’ financial assets,” FITC advised.

It added that following these recommendations would empower Nigerian commercial and merchant banks to better protect themselves and their customers against fraud and forgeries in the current situation.

 


Kindly share this post

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

SEC Launches Capital Market Technology Survey

Published

on

Kindly share this post

Securities and Exchange Commission (SEC) has unveiled a technology adoption assessment survey for registered capital market operators as part of efforts to deepen innovation and efficiency in the Nigerian capital market.

SEC Launches Capital Market Technology Survey

In a circular, the SEC stated that the exercise was designed to evaluate the level of adoption of advanced technologies among CMOs operating within the Nigerian capital market.

According to the notice, “The following technology adoption survey is designed by the Commission to assess the adoption of advanced technologies among registered Capital Market Operators.”

The SEC directed all registered operators to log into the e-portal at using their current access credentials to complete the survey. The exercise will run for two weeks, from 5 to 20 May 2025.

Speaking recently on the role of innovation in the capital market, Emomotimi Agama, director-general of the SEC, urged stakeholders to embrace technology as a catalyst for growth, improved transparency, operational efficiency, and market resilience.

He noted that the SEC recognises the emergence of new financial products and services driven by technological advancements, and remains committed to adapting its regulatory framework to meet the evolving needs of the market.

According to him, the commission’s approach to innovation is anchored on three pillars: investor safety, market deepening, and problem-solving aimed at building a robust and efficient capital market ecosystem.

Agama also highlighted the commission’s Regulatory Incubation Programme, which allows fintech startups to operate within a controlled environment for one year while appropriate rules are developed to govern their activities.

He said the programme is part of the SEC’s broader strategy to support innovation while safeguarding market integrity and investor interests.


Kindly share this post
Continue Reading

E-Financial

IMF Confirms Nigeria’s Full Repayment of $3.4bn COVID-19 Loan

Published

on

Kindly share this post

International Monetary Fund (IMF) ,has confirmed that Nigeria has fully repaid about US$3.4 billion loan it got in April 2020 under the Rapid Financing Instrument to help alleviate the impact of the COVID-19 pandemic and the sharp fall in oil prices.

IMF Confirms Nigeria's Full Repayment of $3.4bn COVID-19 Loan

IMF said the loan has been repaid as of April 30, 2025 in a statement issued in Abuja, Nigeria’s capital on Thursday.

However, IMF said Nigeria is still expected to honour some additional payments in forms of Special Drawing Rights charges hat will amount to US$30 million annually.

“In line with the IMF’s Articles of Agreements, these charges, levied at the SDR interest rate, which is updated at the beginning of each week, apply to the difference between Nigeria’s SDR holdings (SDR 3,164 million) (US$4.3 billion) and its cumulative SDR allocation (SDR 4,027 million) (US$5.5 billion)

“The net payment of the charges stops when Nigeria’s SDR holdings reach the cumulative allocation amount,” IMF said in the statement. Online fitness

 

 

 


Kindly share this post
Continue Reading

E-Financial

CBN Raises N598.3Bn Through Treasury Bills Auction

Published

on

Kindly share this post

Central Bank of Nigeria (CBN) has allotted N598.33 billion in Nigerian Treasury Bills across three different maturities, with the 365-day bill dominating the auction, accounting for 80 percent of total sales and subscriptions.

A total of N482.62 billion was sold in the 365-day tenor, highlighting strong investor interest in the longer-term security.

The 91-day bill saw the least demand, with subscriptions of N48.4 billion and actual sales amounting to just N38.4 billion. This latest issuance brings the total Treasury bill sales for the year to N7.248 trillion.

At the auction held on Wednesday, May 7, the CBN offered N550 billion across the three maturities, N50 billion for the 91-day, N100 billion for the 182-day, and N400 billion for the 364-day bills. Despite total subscriptions dipping to N1.08 trillion from N1.53 trillion recorded at the previous auction, the auction was still oversubscribed, reflecting continued high liquidity in the financial system.

This demand pressure kept yields largely stable. The 365-day bill saw a marginal increase in yield to 24.41 percent from 24.36 percent, while the 182-day and 91-day yields remained unchanged at 20.38 percent and 18.85 percent, respectively. Yields have maintained a consistent level over the last four auctions, indicating a stable interest rate environment despite fluctuations in demand.

As of May 6, 2025, system liquidity stood at N1.21 trillion. When combined with maturing bills worth N287.98 billion, the total available liquidity more than tripled the N550 billion offered at the auction, further underscoring the robust investor appetite for government securities amid high market liquidity.


Kindly share this post
Continue Reading

Trending