Nigerian Banks Lost N42.6b To Fraud In Q2 2024 — AMMBAN

October 18, (THEWILL) – Nigeria banks lost N42.6 billion to fraud in the second quarter of 2024, the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), said on Friday.

Citing report from the Financial Institutions Training Centre (FITC), National President of the Association, Fasasi Sarafadeen Atanda, attributed the losses to agent locations where fraudulent activities involved stolen cards, phones, fake alerts, and ransom cash-outs.

Atanda spoke on Friday, at the 8th Annual National Conference of AMMBAN held in Benin City, the Edo State capital.

To address the rising trend of fraud, Atanda said AMMBAN has introduced an automated verifiable identity card for agents and established a Joint Task Force (JTF) in partnership with the Inspector General of Police (IGP), the Department of State Services (DSS), the Nigeria Security and Civil Defence Corps (NSCDC), and other security agencies.

“The 8th AMMBAN Annual National Conference is unique as it aims to match data with actions. Which data and what action? Data on access to financial inclusion: As of our last report in 2023, financial inclusion was at 64%, but over 300 local government areas in Nigeria still do not have bank branches (AMMBAN Survey, 2024).

“Why is access to commercial banks a concern? The recent CBN regulation on mandatory BVN and/or NIN for opening an account or wallet requires the presence of bank branches, as these are the primary structures for BVN enrollment and modification”, said Atanda.

He stated that AMMBAN is leading initiatives to translate data into actionable financial solutions, including the introduction of the NFIC, agent QR-coded ID cards, the Agent Joint Task Force, the AMMBAN cooperative, and the AMMBAN women’s wing.

On his part, Deputy Governor of Financial Stability at the Central Bank of Nigeria (CBN), Philip Ikeazor, stressed the CBN’s commitment to enhancing financial inclusion and building a robust financial system that accommodates all Nigerians.

Represented by Michael Mgbeze, the Controller of the CBN, Benin Branch, Ikeazor, acknowledged AMMBAN’s significant contributions in providing access to financial services, particularly for underserved communities.