21% of the ₦17.67 billion lost to fraud in 2023 was recorded in October, totaling ₦3.76 billion
Fraud data submitted to the Nigeria Inter-Bank Settlement System by financial institutions in 2023 reveals that customers lost ₦17.67 billion across 95,630 cases, with the highest loss of ₦3.76 billion occurring in October 2023
As ATMs struggle with cash shortages, Nigerians have turned to POS to fill the gap — even when using them comes with higher fees. POS transactions in Nigeria jumped from just below one million in 2009 to nearly 10 billion in 2023.
The largest single-year increase in POS transactions occurred in 2023, while ATM usage peaked in 2020 but has since dropped consistently. In 2021, POS transactions surpassed ATM volumes for the first time, signalling a major change in how Nigerians handle these financial services.
In 2023, 66% of fraud cases were committed using social engineering, the most common technique. Mobile channels accounted for 50% of fraud, followed by web channels (23%) and POS channels (18%).
Technique: How the fraud is committed.
Channel: Where the fraud is committed.
Techniques refer to the methods fraudsters use to deceive victims, and Channels refer to the platforms through which the fraud is carried it.
Bitcoin has experienced a remarkable surge, with an increase close to $20,000 in just ten days to reach an all-time high (ATH) of $89.6K on November 11, 2024. This rapid rise depicts the potential of cryptocurrency markets, with Bitcoin leading the charge as the world's most recognised digital asset. The recent price movement shows a growing interest in Bitcoin as an investment asset.
Guaranty Trust Holding Company (GTCO) sets a new milestone with ₦1.08t profit after tax in the first three quarters of 2024, following its record-breaking first quarter.
Ten states in Nigeria account for 67% of all commercial bank branches. Lagos has over 1,000 branches, while no other state has more than 350. Thirteen states have less than 50 branches each, and Yobe, Ebonyi, and Taraba each have less than 25.
Data from 11 Nigerian banks in H1 2024 reveals that 10 of them experienced profit growth, showcasing resilience in the sector. Leading the way is GTCO with a remarkable ₦905.6 billion profit, representing a 223% YoY increase.
Zenith Bank follows closely with ₦578 billion, reflecting 98% growth. Jaiz Bank, while having the smallest profit at ₦11.28 billion, posted a strong 199% rise. UBA saw a decline, with its profit being 16% lower than in H1 2023.
