Prembly, a leading Nigerian identity verification and compliance platform, convened a historic summit on July 28, 2026, bringing together over 200 stakeholders from the country’s financial ecosystem to establish a unified front against the escalating threat of financial fraud. The event, held in Lagos, marked the first time such a broad coalition of banks, fintech firms, regulators, and law enforcement agencies agreed on a joint action plan.
Unprecedented Collaboration Targets Fraud Losses
Nigeria lost an estimated N2.5 trillion to financial fraud in 2025, according to data presented by the Nigeria Inter-Bank Settlement System (NIBSS) at the summit. In response, Prembly CEO Chinedu Okafor announced a new industry-wide initiative called the Fraud Intelligence Sharing Network (FISN), which will enable real-time exchange of fraud indicators among members. “No single organization can defeat fraud alone. This network will let us share threat data instantly, closing the window criminals exploit,” Okafor said.
Key Agreements Reached
Participants signed a memorandum of understanding committing to adopt common identity verification standards and report suspicious transactions within 24 hours. The Central Bank of Nigeria (CBN) representative, Deputy Governor Adebayo Shonubi, praised the move. “The CBN has long advocated for collective action. This framework aligns with our regulatory expectations and will strengthen the entire financial system,” Shonubi stated. Over 50 financial institutions have already pledged to join FISN, covering more than 70% of Nigeria’s banking assets.
Technology and Capacity Building
A key component of the initiative is the deployment of a shared fraud detection platform powered by artificial intelligence. Prembly will provide the initial technology infrastructure, with costs shared among members. Additionally, the group will conduct quarterly training sessions for fraud analysts across participating organizations. The first training is scheduled for September 2026, targeting 500 professionals.
Impact on Consumers and Businesses
For consumers, the collaboration means faster resolution of fraud cases and reduced incidence of account takeover. Businesses, especially small and medium enterprises that are often most vulnerable, will benefit from free access to a blacklist of known fraudsters. The initiative also includes a public awareness campaign to educate Nigerians on safe digital practices, set to launch in August.
Long-term Vision
Prembly’s Okafor outlined a three-year roadmap aiming to cut fraud losses by 40% by 2029. The group will meet quarterly to review progress and adapt strategies. “This is just the beginning. We are building a sustainable ecosystem where trust and security are the foundations of digital finance,” he added. The next summit is planned for January 2027 to assess initial outcomes.
