Fintechs in Nigeria are launching a framework to combat the increasing threat of fraud in the country’s electronic payments ecosystem. The framework, set to be released in January, aims to improve fraud reporting and risk mitigation. The initiative has received support from financial institutions and fintech companies, demonstrating a collective commitment to strengthening the security of Nigeria’s digital financial landscape. Online fraud has grown alongside the rise of online payment transactions, with cashless transactions in the country increasing by 44.84% in Q1 2023.
Electronic payment fraud hit 78,584 cases in a year, according to a recent report by FITC. The report highlighted that fraud cases were recorded on various e-payment channels such as computer/web, mobile, and point of sale terminals. The growth in online fraud underscores the need for improved security measures in Nigeria’s digital payments ecosystem.
