Abuja, Nigeria — E be like say United Bank for Africa (UBA) don dey take fraud matter serious, as dem cut unauthorised transfer losses by 45.35% for di first half of 2025. Omo, dem report say losses don reduce to ₦288 million ($192,130) as dem profit after tax rise small-small to ₦335.53 billion ($223.84 million). Some pipo fit dey wonder as e take happen, but e no be magic, na hard work and investment!
No be wah! Most of di fraud wey happen na through electronic channels—una know wetin I mean?—and about ₦2.40 billion ($1.60 million) worth of transactions link to fraud attempts show say dem dey try, but just 12% of dem turn to wahala. Last year (H1 2024), dem report fraud attempts totalled ₦2.39 billion ($1.59 million), and a bigger percentage (22%) carry wahala, leading to losses totalling ₦527.01 million ($351,579). Dem dey learn small by small sha!
Abeg, electronic fraud wey cost UBA ₦229.10 million ($152,837) last year don drop to ₦99 million ($66,044) this year. As dem dey build better IT systems, e dey show how dem fit handle di situation even when fraudsters dey try to shine their eyes. Na Nabila Mohammed, research analyst for Chapel Hill Denham, talk say new tech systems dey help reduce dis kind wahala for dem customers.
For H1 2025, dem spend as much as ₦6.72 billion ($4.48 million) on IT upgrades, small portion of dat amount fit sound gree-gree to some big boys, but for bank move, na serious investment wey dey yield better results! Davido fit even drop a song about di investment way UBA dey make!
As Nigerian banks dey face serious heat for di fraud matter, dem report say while fraud cases drop by 33.8% in Q1 2025, di money wey dem use carry fraud don increase by 240%. “E mean say fraud don dey get smarter, no be say dem don reduce,” FITC talk. Fraud dey everywhere! Even though some losses don reduce, all eyes dey on cheque-related fraud wey don increase by over 19,470.8%. Na serious matter be this o! FITC don raise alarm say dem need to beef up security for cheques.
Wetin dem go do? Di Central Bank of Nigeria don join matter as dem don tell NIBSS to dey debit accounts wey collect fraud proceeds. Dis one na strategy to force banks to tighten dem own internal controls so that dem fit curtail di wahala wey dey follow fraud. UBA men and women no wan slack as dem talk say dem get internal procedures wey go fit safeguard dia assets.
Make we no forget, e go better if we keep our ears to di ground because Moonshot by TechCabal dey come back for Lagos on October 15-16! Dis na chance to meet top founders, creatives and tech leaders wey sabi di game well. No miss am!
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