Nigeria’s biggest banks are processing record volumes of digital payments, but this is also increasing their exposure to fraud.
Access Holdings Plc, Guaranty Trust Holding Company Plc (GTCO), and United Bank for Africa Plc (UBA) lost a combined ₦2.13 billion ($1.56 million) to fraud and forgery incidents in 2025, according to an analysis of their audited financial statements.
Most of the incidents were electronic, with the total number of fraud incidents declining by 15.03% in 2025. However, the amount extracted per successful attack increased, indicating that fraudsters are becoming more efficient at exploiting banks’ vulnerabilities.
The three banks lost an average of ₦44,454 ($32.65) per fraud incident in 2025, up from ₦40,488 ($29.74) in the previous year.
The amount linked to fraud incidents declined by 0.87% to ₦10.29 billion ($7.56 million).
Only 20.66% of that amount became actual losses, suggesting the three banks were able to recover or block part of the stolen funds before settlement.
The 2025 Bank Fraud Landscape
Not all defense lines hold equal. By comparing the total volume fraudsters targeted against the actual financial impact, we can see how efficiently different banks intercepted attacks before settlement.
UBA
26,400 IncidentsAccess Bank
5,981 IncidentsGTCO
15,469 Incidents
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