In the past ten years, Nigerian bank clients have lost ₦45 billion due to fraud and forgery
Over the past ten years, there has been a rising trend of fraud and forgery cases in Nigerian banks. Although there was an 88% increase in reported cases in 2021, there was a 27% decrease in 2022, resulting in a 221% increase in financial losses of ₦9.5 billion.
Majority trust will be moderate to high: 92.6% of Nigerians are expected to have either high (43.9%) or moderate (48.7%) trust in financial institutions by 2025.
Transparency is the biggest driver of trust as 46.2% of respondents believe transparent policies and fees will most improve their trust.
Security is a rising priority; 30.2% of Nigerians highlight improved security features as a key factor in strengthening confidence in financial institutions.
Customer service and regulation still matter as 17% emphasise better customer service and 6.6% stronger regulatory oversight, showing that while oversight has a role, people prioritise fairness, safety, and service.
Kenya recorded 353 fraud cases in 2024, totalling KES 1.6T in losses.
Mobile banking fraud, with 146 cases, was the biggest threat, causing KES 810.7B in losses.
Card fraud had only 24 cases but resulted in KES 263.3B lost, showing its high risk. Computer fraud recorded 12 cases, leading to KES 203.4B in damages.
Identity theft saw 56 cases, costing banks and customers KES 199.1B.
Online banking fraud was the second most frequent (106 cases), but losses were relatively lower at KES 111.8B.
Internet scams had the fewest cases (9) but still caused KES 6.1B in losses.
