Stakeholders across Nigeria’s payment ecosystem have been urged to make a decisive shift toward robust, enterprise-wide fraud management systems that are predictive, integrated, and continuously adaptive, in order to move into the next phase of addressing electronic fraud challenges.
The call was made by the Deputy Director, Financial Systems Stability at the Central Bank of Nigeria, Mr Phillip Ikeazor, at the opening of the 2026 Nigeria Electronic Fraud Forum Technical Kick-off Session.
Ikeazor emphasised that effective fraud management is no longer about isolated controls or post-incident response, but about deploying end-to-end systems that combine real-time transaction monitoring, enriched data analytics, behavioural profiling, identity intelligence, and immediate action processes across institutions.
“Institutions that invest in mature fraud management frameworks, supported by skilled personnel, clear governance, and accountability, are better positioned not only to detect and prevent fraud early, but to contain losses, protect customers, and preserve trust in the financial system,” he stated.
He said that while electronic fraud losses have risen sharply in recent years, the trajectory must be decisively reversed through bold, measurable fraud-reduction targets supported by clear strategic priorities.
According to Ikeazor, these targets include “full exploitation of ISO 20022 data, universal and real-time identity verification, enhanced 24/7 fraud monitoring and response, structured liability-sharing and consumer reimbursement frameworks, deeper engagement with payment service providers and telecoms, and rigorous performance measurement through transparent scorecards.”
In her remarks, the Director, Payments System Supervision Department and Chairman, Nigeria Electronic Fraud Forum, Dr Rakiya Yusuf, called for more coordinated policy actions from industry stakeholders to tackle the menace.
She said, “At the same time, the threat landscape continues to evolve. Through NeFF, the industry is expected to respond with coordinated policy actions, standardised frameworks, stronger operational controls, and commitments to faster response and recovery timelines. These efforts will reflect a clear shift towards a more proactive, system-wide fraud management.”
Also speaking, the Managing Director of the Nigeria Inter-Bank Settlement System, Premier Oiwoh, recommended collaboration with fiscal authorities to lower the cost of digital devices, as well as targeted integration of law enforcement agencies.
According to him, these measures are crucial to safeguarding the electronic ecosystem.