Nigeria eyes IMF blueprint to curb digital fraud

Nigeria’s digital payment fraud losses jumped to ₦52.26 billion in 2024, up from ₦17.67 billion the prior year, despite existing safeguards such as the Bank Verification Number (BVN) and National Identification Number (NIN) integration. A 2026 policy brief reported that losses fell to ₦25.85 billion in 2025. Even with the correction, the amount of fraud remains a persistent threat to financial stability, erodes consumer confidence, and forces institutions to allocate ever-greater resources to loss prevention.

The problem goes beyond sheer volume. Fraudsters exploit gaps in detection, enforcement, and cross-institutional coordination. A January report from the National Institute for Legislative and Democratic Studies identified phishing, SIM swaps and insider collusion as the most common techniques that continue to bypass existing controls. These methods thrive because banks, fintech firms and law-enforcement agencies often work in silos, making rapid intelligence sharing and coordinated action difficult.

On October 14, 2026, the IMF and World Bank, together with the Bank of Thailand, released the Bangkok Blueprint to combat cyber-enabled financial fraud on a global scale. The framework calls for stronger legal regimes, more sophisticated detection tools, enhanced cross-border cooperation and clearer consumer protections. For Nigeria, the Blueprint offers a roadmap that can be adapted rather than requiring a brand-new system.

The Central Bank of Nigeria (CBN) has already moved forward by establishing the Nigeria Electronic Fraud Forum (NeFF), a platform that brings banks, fintech companies and regulators together. Nevertheless, reporting remains inconsistent, enforcement actions lag behind incidents, and data exchange between participants is still fragmented. By applying the Blueprint’s recommendations, Nigeria could shift from a fragmented, bank-by-bank approach to a coordinated network where regulators, technology providers and police forces act in real time.

Consumer safeguards also need strengthening. At present, victims must first lodge a complaint with their own bank and only after a two-week waiting period may they approach the CBN. The process lacks transparency; many complainants are left without clear timelines or assurances of reimbursement. The brief called for stricter deadlines on complaint handling and more explicit rules on fund recovery, pointing to clear areas where Nigeria’s system can be tightened.