Electronic payment transactions in Nigeria grew by 50 per cent in 2014 according to the Nigeria Inter Bank Settlement System’s (NIBSS) latest figures.
NIBSS said e-payment in Nigeria is increasing in volume and value of transactions especially through internet banking, e-commerce, Point of Sales (PoS), Automated Teller Machines (ATM) and mobile.
NIBSS said it processed over 100 million transactions worth more than NGN40 trillion (over $208 billion) last year. It added the volume of transactions grew by over 50 per cent between 2013 and 2014 with its value also growing by 28 per cent.
Concerning cases of fraud, NIBSS said internet banking and ATM were the lead channels for perpetuating e-fraud in 2014. In 2014, NIBSS said Nigeria recorded 1,461 cases of fraud compared to 822 in 2013.
It explained that from the 1,461 cases, the value of attempted fraud reported was N7, 750, 152, 748, while the actual loss was N6, 215, 987, 323 in 2014 compared to N19, 148, 787, 069 attempts and N485, 194, 350 actual loss value reported in 2013.
The figures depict that more fraud occurred in 2014 and more loss was recorded in terms of value compared to the attempted fraud value.
NIBSS said: “As for 2013, there were quite substantial amount fraudulent transactions in terms of volume on Internet banking and Web based transactions. Also, Across the Counter accounted for almost N16 billion of the attempted fraud, which is the bulk of fraud witnessed in 2013.”
