Nigeria recorded an estimated ₦25.85 billion in losses to digital payment fraud in 2025, according to the Central Bank of Nigeria (CBN), despite improvements in the country’s electronic payment security framework. Despite the decline, the CBN warned that Nigeria’s expanding digital payment ecosystem remains vulnerable to increasingly sophisticated cybercriminals and operational risks. It said failures involving key payment providers could disrupt transactions nationwide because of the growing interconnection among banks and fintech platforms, potentially affecting millions of users. The report further identified poor interoperability as a major challenge within Nigeria’s digital payments ecosystem. The CBN also cautioned Nigerians against using unlicensed payment service providers, warning that such operators function outside regulatory oversight and expose customers to significant financial and legal risks.