The IMF and World Bank have launched a new framework for tackling cyber-enabled financial fraud, offering Nigeria a reference point as it confronts persistent losses from digital payment scams despite an existing arsenal of anti-fraud rules.

Nigerian financial institutions lost ₦52.26 billion to fraud in 2024, up from ₦17.67 billion in 2023, according to figures from the Nigeria Inter-Bank Settlement System (NIBSS). A 2026 policy brief reported that losses fell to ₦25.85 billion in 2025, but the amount remains substantial. The figures point to a challenge that goes beyond the number of reported cases: preventing fraudsters from converting weaknesses in digital financial services into actual financial losses.

The Bangkok Blueprint, launched on October 14, 2026 by the International Monetary Fund (IMF) and the World Bank in cooperation with the Bank of Thailand, is designed to help countries prevent, detect and respond to cyber-enabled financial fraud. Its recommendations span stronger legal frameworks, improved fraud detection, cooperation between institutions and across countries, and consumer protection.

Existing Defences Fall Short

Nigeria is not starting from scratch. The Central Bank of Nigeria (CBN) established the Nigeria Electronic Fraud Forum (NeFF) to bring financial institutions and other stakeholders together to address electronic payment fraud. The country also relies on identity verification measures, including the Bank Verification Number (BVN) and its integration with the National Identification Number (NIN). These measures appear to be making a difference.

However, a January 2026 policy brief from the National Institute for Legislative and Democratic Studies identified persistent problems with fraud reporting, enforcement, data sharing and consumer protection. The brief also highlighted phishing, SIM swaps, compromised accounts and insider collusion as continuing threats — attacks that exploit people and processes as much as systems, which helps explain why technical controls on their own have struggled to keep losses down.

The challenge is not only that fraudsters keep devising new tactics. It is also whether banks, fintech companies and law enforcement agencies can share information and act quickly enough when money is stolen.

A Coordinated Approach

The Bangkok Blueprint offers a framework for addressing these weaknesses. Rather than treating fraud as the responsibility of individual banks, it calls for a coordinated response involving regulators, financial institutions, technology providers and law enforcement agencies. It also stresses cooperation across national borders, recognising that digital fraud can involve criminals, victims and accounts spread across multiple countries.

For Nigeria, that means building on existing efforts rather than introducing another policy. Banks and fintech companies need effective mechanisms to flag suspicious transfers, exchange intelligence and alert one another quickly when stolen funds move between accounts.

Consumer Redress Remains a Weak Point

Consumer protection also requires attention. The CBN currently directs customers to lodge complaints with their financial institution first, with the option of escalating unresolved complaints to the regulator after two weeks. That process provides a route to redress, but victims also need clear information about what happens after they report a scam, how quickly an investigation should proceed and whether they can recover their money.

Speed matters particularly when stolen funds can pass through several accounts before a victim realises what has occurred. The 2025 policy brief recommends clearer timelines for resolving complaints and reimbursing victims, along with more precisely defined responsibilities for banks, payment providers and customers. These are areas where Nigeria could strengthen its existing approach.

Implementation Will Decide Impact

The decline in reported fraud losses in 2025 is encouraging, but it does not mean the problem is solved. Nigeria still needs consistent reporting, stronger enforcement and better coordination among the institutions responsible for protecting digital transactions.

The Bangkok Blueprint does not automatically deliver new protections for Nigerian customers. Its value will depend on whether regulators and financial institutions translate its recommendations into practical changes — whether bodies such as the CBN and NeFF reference the framework in future policy updates, and whether subsequent NIBSS reporting shows the 2025 decline holding.

For people who rely on bank apps, USSD services and fintech platforms, the test is straightforward: can suspicious transactions be stopped sooner, can stolen money be traced faster, and can victims get a clear answer when they report fraud?

Until those improvements become routine, the growth of digital payments will continue to rest on something every financial service needs but cannot guarantee through technology alone: trust.