The Nigeria Inter-Bank Settlement System (NIBSS), an industry regulator, announced that over the past five years, fraud in the Nigerian banking sector has increased by 196%.

Le rapport de la NIBSS mentions that 52.26 billion naira (around 33 million euros) were embezzled in 2024, compared to 11.61 billion naira (7 million euros) in 2020. According to the regulator, “the amount lost to fraud has increased over the last five years with the growth of financial transactions in the digital payments sector.” According to the report, fraudsters tried to steal 86.36 billion naira (54 million euros) in 2024. For decades, the country has been facing the threat of fraudsters nicknamed “Yahoo boys”, because of their mastery of the

Nigeria is on the “grey list” of international supervisory bodies, alongside South Sudan, Bulgaria, Monaco and Croatia, due to its shortcomings in the fight against money laundering and terrorist financing.