The Central Bank of Nigeria (CBN) has issued a new directive requiring banks and payment service providers to respond to suspicious transactions within 30 minutes. The move is part of a 2026 strategic push to achieve measurable reductions in electronic fraud across the country.
Speaking at the Nigeria Electronic Fraud Forum (NeFF) Technical Kick-Off Session, the CBN Deputy Governor for Financial System Stability, Mr. Philip Ikeazor, stated that the industry must move past fragmented controls. He called for the adoption of data-driven systems capable of delivering tangible results to protect the integrity of the financial system. Industry data presented at the forum showed significant progress.
Mr. Premier Oiwoh, CEO of the Nigeria Inter-Bank Settlement System (NIBSS), revealed that fraud losses in Nigeria fell by 51 percent in 2025, dropping to N25.85 billion from N52.26 billion the previous year. While total cases declined by 4 percent, the sharp drop in value was attributed to better collaboration and enhanced detection tools.
Despite these gains, officials warned that insider abuse has emerged as a top threat. To combat identity-related crimes, the CBN is pushing for universal, real-time identity verification by integrating Bank Verification Numbers (BVN) with National Identification Numbers (NIN).
The NIBSS also highlighted the Person of Interest Portal, a database of over 13,000 individuals linked to fraud since 2019, which is now being used by law enforcement agencies to track offenders.
In a move to ensure strict compliance, the CBN Director of Payment System Supervision, Dr. Rakiya Yusuf, announced that the apex bank would soon begin inspecting banks. She specifically warned against KYC Zero practices, reminding institutions that every account holder must have a verified identity.
The industry has collectively committed to the new 30-minute response rule, which the CBN describes as a critical step in improving fund recovery and maintaining public trust in digital payments.
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