Opinion
Mitigating Banking Fraud through Financial Safety Education
Published
5 years agoon
By
Oludayo TadeEnhancing financial literacy education and risk management in mobile/electronic transactions by deposit money banks, in Nigeria, are some of the ways to reduce the fear of fraud which is a threat to seamless financial inclusion of under-served banking population in the country.
To date, the phenomenon of fraud in Nigeria’s cashless ecosystem is pushing people away from accessing the opportunities in formal banking. Since July 1, 2014, when cashless policy became fully operational in Nigeria, a major downside of its introduction has been pervasive electronic banking fraud (e-fraud). Although the policy is to foster transparency, curb corruption/leakages, and drive financial inclusion, the growing perpetration of fraud nonetheless threatens the cashless ecosystem. This has implications not only for the adoption of e-banking as a secured platform by the banked but is also a major threat to efforts made to capture the unbanked populace.
The fear of being defrauded has scared many a bank customer off electronic transactions. For instance, Ade, a political science professor has threatened to close his account with his bank should the latter attempt to force him to use its online platforms.
“They have described me as ‘old school’ and unyielding to change but I don’t mind the label. I simply told them, ‘If you are not ready to keep my money again, just hand it back to me safely.’ Sometimes there is a spiritual dimension to the online fraud. This people have committed their fraud by simply dialing the number of some account holders and hypnotizing them to supply their account details and by so doing made away with their money! I can’t allow that to happen to me at this age. I would rather be old school and be safe” he said.
The incessant reports of cyberfraud committed against unsuspecting bank customers have also prevented the latter from embracing the use of the Automated Teller Machine (ATM) card. Instead, they enter the banking hall to make cheque withdrawals at the counter. The stress, some have argued, is worth it; they do not want to experience a situation whereby their bankers would blame them for compromising their Personal Identification Number (PIN) – a common excuse by banks when customers complain about unauthorised and fraudulent debit on their accounts via the ATM.
Despite the cashless policy vigorously advocated by the country’s banks and the financial sector, in general, Akin, a first generation bank customer, is not ready to comply anytime soon. He said, “I don’t want to die of heart attack by just receiving debit alert on my phone when I have not made any transaction. I don’t want to be blamed for compromising my account by the bank. If anything happens to my account I can hold the bank responsible. This fraud thing happened to four of my friends and their experiences were unpalatable. I should learn from their experiences and not make myself a victim of the same scam.”
While these secondary victims are staying away from online transactions, victims of online banking fraud are pulling out of their internet-banking subscription. Mosun, a university student, recalled her experience, when her money disappeared from her account without transacting on her ATM card. According to her, when she lodged a complaint to her bank, she was accused of compromising her secret code, and the issue was never resolved. This forced her to close down her account with the bank.
She said, “Why will I use the bank again? I closed my account with them and I stopped using the bank. I moved to another bank because I don’t want to suffer another fraud. It was more of a trust issue. I believed they could have traced the source of the fraud in-house considering the fact that it happened to other people too. They claimed somebody used my ATM and when there was no transaction on my account, they said they would do something to it. I was able to label the bank and stopped some people from banking with them in my school.”
It is more worrisome when banking staff are involved. The 2019 data from Nigerian Deposit Insurance Corporation showed that temporary staff accounted for the highest frequency of insider frauds. Although, the number of temporary staff involved dropped from 394 (48.8%) in 2018 to 343 (41%) in 2019, their involvement indicate the need to pay attention to why more frauds get committed by this category.
Following temporary staffs are officers and executive officers, whose percentage involvement in frauds dropped from 22.91% in 2018 to 12.22% in 2019. These are supervisors and managers who are supposed to provide leadership and enforce control mechanisms. Together, they accounted for 13.24% of the fraud committed by staff in 2018. While majority of the staff categories involvement dropped from the previous year of 2018, clerks and cashiers increased from 65 (7.23%) in 2018 to 144 (17.25%) in 2019 signifying need to tighten fraud control on bank staffs. While COVID-19 has forced many to use digital banking options, fraud attempt and actual losses have also increased between third-quarter of 2019 and September 2020. Within this period, 91% of fraud attempts were successful with a total loss of five billion naira according to Nigerian Inter-Bank Settlement Systems (NIBSS). This data shows is that the likelihood of increase in fraudulent attacks is possible as more people enter into Nigerian financial ecosystem. This fraud trend is dangerous if the dream to attract more Nigerians through the financial inclusion policy is to become a reality.
When people feel unsafe about technologically mediated transactions, they are more likely to adopt avoidance behaviour. This is because trust underlies customer–bank relations when the former save their monies in banks. Building public confidence may be the way out of the woods when sound fraud governance is put in place.
To control insider fraud, banking industry may need to review its policy on casualisation and reduce fraud opportunities. This is because majority of insider fraud are committed by temporary staff who have increased their propensity to fraud because of the fraud opportunities. Banks must aggressively engage in anti-fraud campaigns involving financial literacy and safety education for their customers. Already some banks send fraud alert messages to their customers and on their websites but this approach exclude the illiterates. Deposit Money banks need to characterise their customers and design anti-fraud literacy education to meet their peculiar needs. Internal governance systems must be strengthened and efficient to ensure risk management.
Conscious investment must be made in cybersecurity are erected to check system vulnerabilities and douse uncertainties in the minds of bank customers.
Dr Tade, is solution journalism advocate
Related
Growing support has continued to trail a youthful politician and technology advocate, Hon. Khalil Mustapha Adegboyega, popularly known as Repete, as many youths in Ibadan North Federal Constituency expressed confidence in his leadership style and vision for development.
Across several communities within the constituency, residents, particularly students, artisans and young professionals, described Repete as one of the emerging political figures with strong grassroots appeal and a passion for youth empowerment.
Supporters said his growing popularity stems from his consistent advocacy for innovation, entrepreneurship and skills development aimed at addressing unemployment and creating opportunities for young people.
As an engineer and technology enthusiast, Repete is also said to possess a deep understanding of the evolving digital economy and the need to position youths for global competitiveness.
Many of his supporters noted that his approach to leadership focuses on practical solutions, mentorship and capacity-building initiatives capable of helping young people become self-reliant and economically productive.
Some community stakeholders who spoke on his rising profile said his humility, accessibility and relationship with the grassroots have continued to endear him to many residents within the constituency.
They added that Repete’s engagement with youths and community groups reflects his commitment to inclusive governance and people-oriented representation.
Observers within the constituency also maintained that the increasing support for the politician reflects a growing desire among residents for a new generation of leaders driven by innovation, competence and accountability.
According to them, many young people see Repete as a symbol of hope and progressive leadership capable of contributing meaningfully to the development of Ibadan North Federal Constituency.
Related
The All Progressives Congress (APC) in Oyo State stands on the edge of a consequential decision—one that may define not only its fortunes in Ibadan North Federal Constituency but also its broader political relevance in the state.
As the countdown to the party primaries intensifies, the question before APC leaders is no longer routine. It is strategic. It is urgent. And it is decisive: will the party align with the clear preference of the people or risk repeating costly political miscalculations?
At the centre of this debate is Hon. Khalil Mustapha Adegboyega, widely known as Repete—a name that has, over time, evolved from a political identity into a grassroots phenomenon.
A Candidate Rooted in the People
In contemporary Nigerian politics, where voter awareness is rising and expectations are shifting, candidates are increasingly judged not by promises but by presence. On this scale, Adegboyega stands tall.
His political journey is marked by consistent engagement with constituents—far beyond the optics of election seasons. From youth empowerment initiatives that provide practical skills and startup support, to sustained interventions in healthcare access for the elderly and indigent, his footprint across Ibadan North reflects a model of leadership anchored on service.
Unlike the transactional approach that often defines political relationships, Adegboyega’s connection with the people appears organic—built on trust, accessibility, and continuity. These are not mere campaign attributes; they are political assets.
The Danger of Political Disconnect
History offers the APC a clear lesson: parties that ignore grassroots sentiment often pay a heavy electoral price. The imposition of candidates perceived as distant or untested has, in several instances, resulted in voter apathy, internal dissent, and eventual defeat at the polls.
Ibadan North presents no exception.
With opposition parties closely monitoring the APC’s internal dynamics, any misstep in candidate selection could provide a ready opening. A divided house, coupled with a candidate lacking widespread acceptance, is a formula the opposition is well-positioned to exploit.
The implication is straightforward: this is not merely about party loyalty; it is about electoral viability.
Echoes from the Grassroots
Across the length and breadth of Ibadan North—markets, motor parks, religious centres, and community gatherings—a consistent pattern emerges in political conversations. The name “Repete” resonates with familiarity and acceptance.
Such organic support is not easily manufactured. It is cultivated over time through visible impact and sustained presence. For a party seeking electoral certainty in a competitive environment, this level of grassroots validation is not just desirable—it is critical.
A Test of Leadership and Judgment
For the APC leadership in Oyo State, the moment calls for clarity of purpose. Decisions driven by narrow interests, personal alignments, or short-term calculations may carry long-term consequences.
The task, therefore, is to balance internal considerations with external realities. Elections are ultimately decided by voters, not by party caucuses. A candidate who commands public confidence offers the strongest pathway to victory.
The Stakes Are Clear
Ibadan North is too strategic a constituency for experimentation. The cost of error is not limited to a single seat; it extends to party cohesion, credibility, and future positioning within the state’s political landscape.
In this context, the argument for Adegboyega is less about sentiment and more about strategy. His visibility, acceptability, and record of engagement place him in a strong position to consolidate support and mobilise voters effectively.
Conclusion: A Choice with Consequences
As the APC moves closer to its primaries, the decision before it is both simple and significant: align with a candidate who reflects the mood of the electorate or risk conceding advantage to a watchful opposition.
In politics, moments such as this often separate foresight from hindsight.
For APC in Ibadan North, this may well be one of those defining moments.
Aderibigbe Akanbi, a political analyst, writes from Ibadan.
Related
Opinion
Ibarapa East: Yusuf Ramon’s Quest for Responsive Representation
Published
3 months agoon
February 14, 2026As the road to 2027 gradually unfolds across Oyo State, political conversations are shifting from routine permutations to deeper questions about competence, generational leadership, and measurable impact. In Ibarapa East, that conversation has found a new voice in Yusuf Abiodun Ramon — a Lanlate-born technocrat whose entry into the race for the State House of Assembly is redefining what representation could mean for the constituency.
In a political environment often dominated by familiar faces and conventional calculations, Ramon presents a profile shaped by technical discipline, structured thinking, and solution-driven engagement. His professional background, anchored in analytical precision and systems management, forms the foundation of his public service aspiration.
For him, representation must move beyond ceremonial presence to practical responsiveness — laws that reflect local realities, oversight that protects public resources, and advocacy that translates into visible development.
Ramon argues that the future of Ibarapa East lies in leadership that listens deliberately, plans strategically, and delivers measurably. He speaks of strengthening rural infrastructure, expanding youth-driven economic opportunities, and institutionalising transparency as core pillars of his agenda. In his view, governance must not merely be symbolic; it must be structured, accountable, and people-centred.
Rooted in Ile Odede, Isale Alubata Compound, Ward Seven of Ibarapa East Local Government, and maternally linked to Ile Sobaloju, Isale Ajidun Compound, Eruwa, Ramon’s story is not one of distant ambition but of lived experience. He is, in every sense, a son of the soil — shaped by the same roads, schools, and economic realities that define daily life in Ibarapa East.
“I was born here. I grew up here. I understand our struggles, our strengths, and our untapped potential,” he says. “Representation must go beyond occupying a seat; it must translate into preparation, competence, and genuine commitment to development.”
His academic journey mirrors that philosophy of steady growth. He began at Islamic Primary School, Lanlate (1995–2001), proceeded to Baptist Grammar School, Orita Eruwa (2001–2007), and later earned a National Diploma in Mechanical Engineering Technology from Federal Polytechnic, Ilaro, between 2009 and 2011. Refusing to plateau, he advanced his intellectual horizon and is now completing a Bachelor of Science in Business Administration at the University of Lagos. “Education,” he reflects, “is continuous capacity building. Leadership today requires both technical knowledge and administrative insight.”
That blend of engineering precision and managerial training has defined a professional career spanning more than a decade. Shortly after his diploma, Yusuf joined Mikano International Limited as a generator installer, gaining hands-on experience in industrial power systems — a sector central to Nigeria’s infrastructural backbone. He later transitioned into telecommunications at Safari Telecoms Nigeria Limited, where he received specialized training in Industrial, Scientific, and Medical radio bands, strengthening his expertise in network operations.
In 2013, he became a Field Support Engineer at Netrux Global Concepts Ltd., then a leading ISM service provider in Nigeria. Over four formative years, he immersed himself in telecom infrastructure deployment and maintenance, mastering field coordination, logistics management, and real-time technical problem-solving.
Since July 2017, he has served as a Field Support Engineer with Specific Tools and Techniques Ltd., a power solutions firm providing services to major operators including MTN Nigeria and Airtel Nigeria. In that capacity, he operates at the frontline of ensuring energy reliability and network uptime — responsibilities that demand discipline, accountability, and systems thinking.
For political observers in Ibarapa East, this trajectory matters. It reflects more than résumé credentials; it speaks to a mindset anchored in efficiency, coordination, and measurable outcomes — qualities increasingly demanded in legislative representation.
Beyond the private sector, Ramon’s political exposure is neither sudden nor superficial. A loyal member of the progressive political family in Lagos, he once served as a personal assistant to a former lawmaker, gaining practical insight into legislative procedure and constituency engagement. Within his community, he has quietly extended financial support to small-scale entrepreneurs and students — modest but consistent interventions rooted in personal responsibility.
“My interest is my people,” he states firmly. “Ibarapa East deserves strategic, responsive, and capable leadership at the State Assembly. We must move from rhetoric to results.”
Across the constituency — from Lanlate to Eruwa — development priorities remain clear: youth employment, vocational empowerment, rural road rehabilitation, stable power supply, agricultural value-chain expansion, improved educational standards, and stronger lawmaking that directly reflects community needs.
Political analysts argue that Ramon’s technocratic background positions him uniquely at the intersection of policy formulation and practical implementation. At a time when national discourse increasingly favours competence over grandstanding, his profile resonates with a broader generational shift toward performance-driven governance. His engineering discipline reinforces problem-solving; his business training strengthens administrative understanding; his grassroots roots anchor his empathy.
For Ibarapa East, the 2027 election cycle may represent more than a routine democratic exercise. It may mark a recalibration of expectations — a demand for representation that understands both the soil beneath its feet and the systems that drive modern development. As political alignments gradually crystallize in Oyo State, Yusuf Abiodun Ramon’s declaration signals the arrival of a candidate seeking to translate private-sector structure into public-sector impact.
One thing is clear: the conversation about the future of Ibarapa East has begun — and it is now framed around competence, credibility, and capacity.
Oluwasegun Idowu sent in this piece from Eruwa, Ibarapa East LG, Oyo State
Related
Advertisement
Entertainment
Adekunle Gold, Simi welcome twins
Ayefele drops new album, Reflections
Reggae Legend, Jimmy Cliff, Dies At 81
Photos: Davido blows $3.7m on lavish Miami white wedding for Chioma
FAAN probes K1 for spilling alcohol on airport officer during boarding
Odunlade Adekola loses father
MegaIcon Magazine Facebook Page
MEGAICON TV
Advertisement
Trending
-
Politics3 days ago2027: APC Perfects Consensus Strategy for Oyo
-
Opinion3 days agoWhy Ibadan North youths are rooting for Repete
-
Politics5 days ago2027: Oyo APC Set for Credible Direct Primaries, Says Alake Adeyemo
-
Crime & Court3 days agoUNIBEN killing: Edo security squad arrests 12 suspected cultists, seals initiation centres