Online gambling in Nigeria is extremely risky financially, with banks reporting a loss of N9.5 billion in 2023

The Nigerian Inter-Bank Settlement System (NIBSS) estimates that by 2023, the country's banks will have already lost almost N9.5 billion. This was said by Premier Owoih, the managing director of NIBSS, at the Lagos-based Nigeria Electronic Fraud Forum's (NeFF) third-quarter meeting.The MD expressed worries about the worrisome increase in electronic fraud in the nation's financial sector, notably in the online gaming industry, through Temidayo Adekanye, the NIBSS Chief Risk Officer. He emphasized that the surge in banking sector e-fraud is partially attributable to the CBN's cashless plan. “Recently, we had the cashless policies from CBN, which was incurring a dramatic increase in the volume of transactions in the industry which variably was the impact of the volume of fraud in the industry itself,” the Chief Risk Officer relayed. “The increased efficiency has also meant that fraud has dramatically increased across the industry. For Q1 2023, the total fraud reported through the industry forum portal was at N5.1 billion,” he added.