The value of USSD transfers dropped by over ₦685 billion in 2022

The value of transactions conducted over Unstructured Supplementary Service Data (USSD) in Nigeria in 2021 was ₦5.2 trillion, 73% higher than 2020 figures. The total transaction value dropped by ₦685 billion in 2022, a 13.3% decline. The transaction volume also witnessed a 6% decline.

Source:

Central Bank of Nigeria

Period:

2020 - 2022
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Kenya’s mobile banking fraud in 2024 exposed KES 981.7 billion, leading to losses of KES 810.7 billion
  • Kenya’s total fraud exposure in 2024 hit KES 2.0T, with KES 1.6T actually lost.
  • Mobile banking fraud was the largest contributor, with KES 981.7B exposed and KES 810.7B lost.
  • Mobile banking had an 82.6% loss rate, making it one of the riskiest fraud channels.
  • Computer fraud and internet scams recorded 100% loss rates, showing no funds were recovered.
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  • Standard Chartered’s profits fell by 21%, highlighting the struggles of foreign banks.
  • Stanbic Holdings also declined by 9%, contrasting with local banks’ upward trend.
Mobile banking fraud cases increased by 87.2% to 146, the highest in 2024
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  • Mobile banking fraud cases jumped by 87.2% to 146, making it the most common fraud type.
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  • Identity theft increased by 51.4%, reaching 56 reported cases in 2024.
  • Internet scams increased by 28.6%, totalling 9 cases in 2024.
With 146 cases, mobile banking fraud resulted in the highest loss of KES 810.7B
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  • Mobile banking fraud, with 146 cases, was the biggest threat, causing KES 810.7B in losses.
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  • Internet scams had the fewest cases (9) but still caused KES 6.1B in losses.
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