Financial institutions in Nigeria are targeting fraud response times of less than 30 minutes as part of industry-wide efforts to combat electronic payment fraud, regulators announced at a technical forum in Lagos.
The commitment was revealed on Wednesday during the 2026 Nigeria Electronic Fraud Forum (NeFF) Technical Kick-Off Session, where the Central Bank of Nigeria (CBN) and the Nigeria Inter-Bank Settlement System Plc (NIBSS) gathered with banks, payment service providers, identity agencies and law enforcement.
Speaking at the event, CBN’s Deputy Governor for Financial System Stability, Mr Philip Ikeazor, emphasised the need for faster, integrated responses to evolving fraud tactics.
Through his representative, Mr Ibrahim Hassan, Director of the Development Finance Institutions Supervision Department, he noted that threats such as social engineering, SIM-swap abuse, insider compromise and Authorised Push Payment scams demand more agile countermeasures.
“The industry is committed to reducing fraud response times to under 30 minutes and to adopt enterprise-wide fraud management systems leveraging real-time analytics and shared intelligence,” Hassan stated on behalf of the deputy governor.
He credited ongoing cooperation through NeFF since 2011 with bolstering the resilience and security of Nigeria’s payments infrastructure, enabling fraud losses to fall even as digital transaction volumes surge.
Among the protective measures now in place are EMV chip-and-PIN cards, two-factor authentication, enhanced transaction monitoring, centralised fraud reporting, and the linking of the Bank Verification Number (BVN) with the National Identification Number (NIN).
NIBSS Managing Director and CEO, Mr Premier Oiwoh, reported that electronic payment fraud losses dropped significantly in 2025, attributing the progress to coordinated interventions by the CBN, the Nigerian Financial Intelligence Unit (NFIU), security agencies and improved monitoring throughout the payments ecosystem.
Despite the encouraging trend, Oiwoh cautioned that internet banking and e-commerce continue to be the primary fraud channels, with social engineering and insider-assisted fraud becoming increasingly prevalent.
He stressed that maintaining these gains requires stricter controls, stronger regulatory compliance and sustained collaboration across the industry. The NIBSS chief warned of zero tolerance for unreported fraud incidents, pointing out that weak reporting, inadequate identity verification and misuse of transaction limits still leave the system vulnerable.
Oiwoh underscored the importance of robust Know-Your-Customer (KYC) and Know-Your-Device (KYD) processes, backed by real-time validation of NIN and BVN, as essential tools for fraud prevention.
He revealed that enhanced reporting requirements, collective industry action and a central database tracking over 13,000 “Persons of Interest” have strengthened detection and prevention capabilities.
Looking ahead, Oiwoh disclosed that NIBSS is collaborating with the CBN and other stakeholders on advanced AI-driven monitoring tools and new national payment infrastructure designed to further reinforce fraud prevention and expand financial inclusion.
Dr Rakiya Yusuf, Director of the Payments System Supervision Department at CBN and Chairman of NeFF, called for sustained coordinated action among regulators, banks, payment providers and law enforcement.
While acknowledging achievements such as EMV chip-and-PIN migration, two-factor authentication, and improved identity management, Yusuf cautioned that emerging threats require standardised frameworks, faster response times, and proactive deployment of ISO 20022 and analytics to maintain downward pressure on fraud.
She expressed optimism that the forum’s discussions would strengthen the foundations for a safer and more trusted digital financial ecosystem in Nigeria.
The 2026 NeFF Technical Kickoff Session was held under the theme “Shrinking Fraud Losses With ISO 20022 and Identity Management.”
