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.
Tap, pay, go: CashAfrica wants to make payments easy, but first it must change customer behaviour
CashAfrica launched in 2023 to provide contactless payment solutions. The fintech has processed ₦1 billion from B2C customers using its Cash Mobile app.
Prospa Faces Withdrawal Issues Again, Halting Transactions for the Second Time in Five Months
Persistent delays in processing customer withdrawals at Prospa Customers have reported delays since May 2024
YC-backed Prospa is unable to process withdrawals for the second time in 5 months
Persistent delays in processing customer withdrawals have led to complaints and social media callouts for Prospa. Customers have experienced similar delays in the past, with service downtime impacting transaction speeds.
The Clash Between Nigeria’s Banks & Fintech Upstarts Over Fraud Continues To Escalate
Wema Bank suspends fintech partners from its payment gateway platform to combat fraud. Reported losses to fraud in the fintech industry amount to NGN 685 M in 2023.
