Thanks to the availability of online banking, certain banks have experienced growth in their digital channels. According to Semrush data, UBA ranked number one, with 2.36 million visits in June 2024.

According to the Nigeria Inter-Bank Settlement System’s (NIBSS) latest data, Nigeria’s e-payment transactions surged to N234 trillion in the first quarter of 2024.

This marked an 89.3 percent increase from the N123.8 trillion recorded in the same period in 2023.

The development showed a notable increase in growth, showcasing the expanding digital presence in the country’s financial landscape.

In June, Paystack customers accounted for 2.23 million visits, making them the second-highest visitors.

Other financial institutions have seen an increase in their digital channels due to online banking choices as their client base becomes more and more accustomed to using digital technologies. In Nigeria, the bulk of financial institutions now use digital banks.

A significant portion of Nigerians have steadily shifted from using traditional banking techniques to the simpler self-service choices offered by banks, which involve using computers and cellphones for ease when transacting.

A system of average monthly visitors was used to rank the websites of commercial banks and other financial services organisations.

The United Bank for Africa (UBA), with 2.36 million visits in June 2024, is at the top of the ranking. Paystack customers were the second-highest visitors with 2.23 million visits in June.

With 1.25 million visitors, Guaranty Trust Holding Company Plc (GTCO Plc) came in third. The top 10 banking websites Nigerians visit the most are as follows: ubagroup.com (2.36 million), paystack.com (23 million), gtbank.com (1.25 million), zenithbank.com (1.17 million), accessbankplc.com (1.15million), wise.com (950,250), firstbanknigeria.com (855,360) xe.com (17,150), providusbank.com (713,760) and mastercard.com (400,100).

In the same way, as digital payments grow in Nigeria and the country makes progress in its financial inclusion drive, fraud incidents have also reached worrying levels.

In the past year, banks and fintech have lost billions of naira to bad actors, sparking industry-wide conversations on tighter Know Your Customer (KYC) processes. In December 2023, the Central Bank mandated stricter KYC processes for banks and fintechs.

Perhaps on the strength of these efforts, fraud losses decreased to N3.007 billion in first quarter (Q1) 2024 from N5.47 billion in Q4 2023, according to data from the NIBSS fraud industry report. The decline in fraud losses was despite an increase in fraud attempt. There were 20,638 attempts in Q1 2024 and 7,423 in February alone.

While fraud occurs across several channels, mobile, PoS and web are the most popular choices for bad actors. Channels like ATM and internet banking saw only a handful of attempts.

It is crucial to state that the numbers reflected in the NIBSS report are subject to how diligently banks and financial institutions report their fraud data.

“In Q1 2024, 27 deposit money banks, 65 microfinance banks, 20 payment service providers, five mobile money operators, two payment service banks and three EFT Switches and 15 other financial instituitons complied with this directive,” said the NIBSS report.

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