Exploring the surge in fraud in Nigeria's burgeoning fintech industry
- 11,532 fraud cases reported in Q2 2024, up from 11,472 in Q1.
- Losses from fraud increased from ₦2.9 billion in Q1 to ₦56.3 billion in Q2 2024.
- Flutterwave lost ₦11 billion to a security breach in 2024.
The rising trend of fraud in Nigeria's fintech sector underscores the urgent need for robust regulatory frameworks and collaborative efforts among financial institutions. While regulations are being introduced, the inconsistent enforcement highlights systemic vulnerabilities that must be addressed. Consumer education and advanced fraud detection technologies are essential to empower users and safeguard their financial information.
