E-Financial
Experts Seek Improved e-Channels Security, Banks Lose N237bn In 10 Years
By peter oluka
Fraudsters, especially through the electronic payment channels have stolen about N237 billion since 2007 from Nigerian banks.
This was made known on Monday by the Niyi Yusuf, country manager, Accenture, who declared that the e-payment sector was at the risk of huge losses.
Yusuf spoke as one of the lead presenters at this year’s edition of annual payment systems and fraud conference organised by the E-Payment providers Association of Nigeria (E-PPAN) in collaboration with the CBN and other major stakeholders in the e-payment industry.
Discussions at the forum were woven around the theme: ‘Leveraging Big Data Analytics in Combating Payment Fraud.’
According to him, as technology grows, the fraudsters also become sophisticated leveraging the pervasive Internet access, stating that since 2007, about N237 billion has been at the risk of fraud.
“As the adoption of e-payment rose in Nigeria, so also the amount lost to fraud. Only 12 per cent of fraud happens across the counters while the remaining 88 per cent is online,” he said.
According to Yusuf, the emerging trends in the financial industry will make combating fraud tougher and more essential in the next five to 10 years.
Speaking at the forum, Mr. Tunde Lemo, chairman, Lambeth Trust Limited and member, board of trustees, E-PPAN, said with increasing transactions, stakeholders have to come together to face tougher challenges in combating electronic fraud (e-fraud).
Also speaking, Mr. Adebayo Adelabu, deputy governor, Operations, CBN, challenged the players in the e-payment sector to take security measures very seriously, saying the apex bank would continue to implement policy framework that will continue to engender secure cashless transactions in the country.
In his submission, Mr. Dele Adeyinka, chairman, Committee of E-Banking Industry Heads (CeBIH), noted that the rising volume of transactions across different payment channels meant that “we need to constantly look for ways to ensure the e-channels are much more secure for people to transact without fear of losing their money.”
Meanwhile, of all the e-payment channels available in the country, ATM, web and mobile account for 77 per cent of fraud incidences, according to According to Head, Industry Security Services, NIBSS, Mr. Olufemi Fadairo.
Fadairo tasked stakeholders on the need to consolidate data in the industry towards mitigating fraud incidences.
Also, Kemi Okusanya, country director, Visa, emphasised the need to strengthen security of digital platforms, saying the proliferation of devices that now use Internet to access e-payment transactions is an indication that the future will continue to be mobile and “we all have a duty to collaborate to ensure we secure those platforms.”
She noted that 1.9 million records are stolen everyday with 53 per cent this linked to actual identities of people. “To secure our future, we must perfect our data, devalue it when necessary and harness it to prevent fraud,” she said.
Mrs. Regha Onajite, chief executive officer of E-PPAN, called on all stakeholders to leverage big data analytics to prevent fraud while also collaborating with each others in the area of sharing experiences on fraud incidences so as to prevent fraud in the system.
Meanwhile, over N57 trillion transactions are said to have been carried out across different e-payment platforms this year alone.
The platforms, according to experts who spoke at the event, cover cheque truncations system, National Instant Payment (NIP), NIBSS Electronic Funds Transfers (NEFT), Point of Sales (PoS) terminals, Automated Teller Machines (ATMs) and web-based transactions.
According to them “over N4 trillion cheque transaction has been done, NIP has done N40 trillion, NEFT has recorded N9 trillion, PoS has seen N975 billion, ATM transactions have reached N4.2 trillion while web-based transactions stand at N129 billion this year alone.”
They experts further hinted that the country is facing a tougher time in combating electronic fraud owing to the growth in emerging trends and technologies that make e-payment possible for bank customers.
Federal government is still open to crypto businesses operating in the country despite the ongoing lawsuit against Binance, crypto exchange and the high-profile detention of Tigran Gambaryan, Binance executive.
Mohammed Idris, minister of Information, said Friday, that the lawsuit was part of the government’s effort to strengthen regulations, not to target specific companies.
“This is part of the effort to strengthen our laws, not to cripple anybody. We are ensuring that no one comes and operates without regulation,” Idris told the outlet.
Nigeria filed an $81.5 billion lawsuit against Binance in February, claiming the exchange crashed Nigeria’s local currency, the naira, and said that Binance owed $2 billion in back taxes as the Nigerian government continues to grapple with sensible crypto policy.
“We are ensuring that no one comes and operates without regulation,” Idris said, noting that other crypto companies in Nigeria continue to operate without facing legal challenges.
“There are other companies operating in the crypto sector in Nigeria, you don’t see them [facing charges],” he added.
Idris also highlighted concerns over the potential misuse of cryptocurrency for illicit activities, including terrorism financing, money laundering, and tax evasion.
He pointed out that the issue of illicit financial flows is a global concern, stressing the importance of international cooperation to ensure that transactions in the crypto space align with financial regulations.
“It is not just Nigeria. Internationally it’s also important to address illicit financial flows. You can’t have a huge amount of transactions that do not meet the operations of financial dealers,” Idris said.
Flutterwave, Africa’s leading payments technology company, is now enabling digital tax collections for the Federal Inland Revenue Service (FIRS), making it one of the few fintechs supporting the government in modernizing tax payments.
L-R: Mr Gbenga Badejo; Mrs. Olufunmilayo Olaniyi, Senior Vice President, Business Development, Flutterwave; Dr. Zacch Adedeji, Chairman, FIRS; Mr. Olugbenga ‘GB’ Agboola, Founder and CEO, Flutterwave and Mr Oluwabankole Falade, Chief Legal, Regulatory Affairs & Public Policy Officer.
This development allows the FIRS to leverage Flutterwave’s seamless and secure payment infrastructure to collect taxes, levies, and other payments from businesses and individuals across Nigeria.
Flutterwave’s payment technology simplifies tax payments for individuals, Small and Medium Enterprises (SMEs), and large corporations, ensuring a fast, transparent, and accessible tax payment experience.
By integrating with the FIRS, Flutterwave provides diverse digital payment options, real-time reporting and tracking, offline tax payment capabilities, and a secure payment system for Nigerians both at home and in the diaspora.
Olugbenga ‘GB’ Agboola, CEO of Flutterwave, stated: “At Flutterwave, we are committed to leveraging technology to drive efficiency and economic growth. By making tax payments easier and more transparent, we are helping to digitize government collections and support national development which is in line with our mission.”
This integration also brings key advantages, including real-time reporting and tracking of payments, diverse digital and mobile payment options, offline tax payment capabilities, enhanced transparency for both taxpayers and the FIRS, and providing Nigerians in the diaspora an avenue to seamlessly pay their taxes.
These advancements align with the commitment of the Federal Inland Revenue Service to modernize government collections and improving user experience.
Olufunmilayo Olaniyi, Senior Vice President, Business Development at Flutterwave, emphasized the company’s dedication to serving Nigerians: “Working with the public sector is pivotal to shaping the future of digital payments in Nigeria. This underscores our commitment to delivering solutions that serve Nigerians better, foster trust, and drive impactful innovation through strategic collaboration.”
With its proven track record across Africa, Flutterwave continues to play a key role in public sector digitization efforts in Nigeria.
In 2024, Flutterwave also partnered with the Economic and Financial Crimes Commission (EFCC) to establish a cybercrime research center, reinforcing its dedication to financial security and innovation.
As one of the primary fintechs facilitating government tax collections, Flutterwave remains at the forefront of financial technology solutions that enhance business operations and enable growth across Nigeria and beyond.
Bank of Industry (BOI) has launched a special intervention programme, Project Guaranteed Loans for Women (GLOW), valued at ₦10 billion to support female entrepreneurs across the country.
The initiative, launched in collaboration with the Women Chamber of Commerce, Industry, Mines, and Agriculture (WCCIMA), seeks to bridge the financial inclusion gap for women-led businesses.
Dr. Olasupo Olusi, managing director, BoI, said at the launch in Lagos, yesterday, the Nigeria leads the world in women’s entrepreneurial activity, with 23 million female entrepreneurs accounting for 41 per cent of the country’s micro-businesses.
Olusi decried that access to finance remained a major challenge for women looking to scale their businesses.
He, however, noted that BOI was committed to supporting female entrepreneurs with strategic funding initiatives designed to drive economic growth and innovation.
According to him, the bank’s 2025-2027 strategy prioritises gender-focused financial inclusion, targeting critical financing gaps and exploring actionable solutions for female-led businesses.
“Women entrepreneurs drive innovation, create jobs, and strengthen communities. However, financing remains one of their biggest challenges.
“Our goal today is to listen, simplify financing processes, and build a strong network that fosters sustainable growth,” Olusi stated.
He also reaffirmed BOI’s commitment to providing financial solutions for women-led businesses in partnership with the Women Chamber of Commerce, Industry, Mines, and Agriculture (WCCIMA).
Olusi revealed that the ₦10 billion GLOW Fund was established in collaboration with WCCIMA to enhance access to capital for female entrepreneurs.
Additionally, he outlined other BOI financial interventions, including: the BOI Impact Fund, $2 million investment in Aruwa Capital, a female-led investment firm and $50 million partial risk guarantee partnership with the African Guarantee Fund
Dr Weyinmi Eribo, director general, WCCIMA, emphasised the need for sector-specific financing tailored to women-led businesses.
She pointed out that while women-owned businesses were among the fastest-growing in Nigeria, the financial sector had yet to fully recognise them as a critical market segment.
Eribo noted that the financing gap for women-owned businesses exceeded $42 billion, describing this as a missed opportunity for national economic growth, job creation, and poverty reduction.
She warned that without intentional, tailored financing, women-led businesses would struggle to scale and compete effectively.
“Women entrepreneurs account for over 40 per cent of Nigeria’s small and medium-sized enterprises (SMEs), yet many remain excluded from mainstream financing due to systemic barriers,” she stated.
Eribo commended BOI for launching the GLOW Fund and acknowledged the contributions of the bank’s gender desk team.
She pledged that WCCIMA, in partnership with BOI, would ensure that these funding initiatives translated into measurable impacts for female entrepreneurs.
Nigeria to Launch $40 Million Fund for Tech Startups
NAFDAC Destroys over N1 Trillion Fake Drugs in Anambra
Visa to Establish Data Centre in Nigeria to ‘Boost Digital Economy’
Nigeria, Kenya among Nations Running out of HIV Drugs – WHO
Nigeria Still Open Crypto Business despite $80Bn Lawsuit against Binance – FG
E-Financial3 days agoUBA Launches Afrigo Card to Revolutionise Domestic Payments
E-Business3 days agoFirm Offers Steps to Prevent a WhatsApp Account from being Hacked
E-Financial3 days agoCourt Slams Zenith Bank with N30m Damages over Fraudulent Debits in Customer’s Account
Broadcasting2 days agoPublic Outrage, Legal Threats as Abuja Council Demands N500, 000 as TV Levy
E-Financial2 days agoFIRS Partners Flutterwave for Digital Payment Collection
News3 days agoEmpowering Women in STEM: Tosin Eniolorunda Foundation Hosts Financial Literacy Workshop @OAU
Telecom3 days agoSamsung Unleashes AI, Introduces New Galaxy A56 5G, Galaxy A36 5G and Galaxy A26 5G
Telecom2 days agoNigeria Charts New Course to Bridge Gender Digital Divide at UN’s CSW69