‎Central Bank Sets 30-Minute Response Time For Banks to Address Customers’ Electronic Fraud Complaints

‎Central Bank Sets 30-Minute Response Time For Banks to Address Customers’ Electronic Fraud Complaints
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‎The Central Bank of Nigeria (CBN) has mandated a response time of less than 30 minutes for commercial banks to address electronic fraud complaints, as new data reveals a sharp 51 per cent drop in e-fraud losses across the financial sector.
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‎This policy shift, announced amid declining cyber threats, aims to bolster consumer protection and accelerate resolutions in Nigeria’s burgeoning digital banking landscape.
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‎The amount of funds lost to fraud declined significantly in 2025, dropping by 51 per cent when compared to losses recorded in 2024.
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‎The apex bank said it would begin ensuring compliance with ISO 20022 as part of measures to curb fraud within the financial sector.
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‎Data released by the managing director of the Nigeria Inter-Bank Settlement System (NIBSS), Premier Oiwoh, at the Nigeria Electronic Fraud Forum (NeFF) Technical Kick-off Session in Lagos revealed that the amount lost to fraud dropped by 51 per cent from N52.26 billion in 2024 to N25.85 billion last year.
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‎The fraud count declined marginally by four per cent from 70,111 to 67,518, with the highest fraud count coming from Lagos.
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‎The data showed that Lagos accounted for 63.43 per cent of the total fraud volume, with Abuja taking a distant second, accounting for just 3.12 per cent of fraud perpetrated in the country.
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‎Speaking at the session, CBN deputy governor, Financial System Stability, Philip Ikeazor, who was represented by the director, Development and Finance Institutions Supervision, Ibrahim Umar Hassan, stressed the importance of Nigeria’s ongoing migration to ISO 20022 in strengthening fraud detection and response capabilities.
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‎To this end, Ikeazor said the industry had reached a consensus on faster intervention, noting that “the industry has agreed to reduce fraud response time to under 30 minutes, a decisive step that materially improves recovery outcomes and limits systemic exposure.” According to him, delays in responding to fraud incidents often worsen losses and weaken public confidence in electronic payment channels.