Banks, Fintechs Flag 42,082 Suspicious Transactions in 2025

Banks, fintech companies and other reporting institutions submitted 42,082 suspicious transaction reports to the Nigerian Financial Intelligence Unit in 2025, according to the agency’s latest annual report.

The NFIU said it also received more than 41.7 million Currency Transaction Reports and 10,513 Suspicious Activity Reports during the year, reflecting increased monitoring of financial transactions across the country.

Deposit Money Banks accounted for the largest proportion of suspicious transaction reports, with 38,715 filings, representing about 92 per cent of the total.

Other Financial Institutions submitted 2,185 reports, while designated non-financial businesses and professions filed 1,029.
Capital market operators and insurance companies recorded 104 reports, while Virtual Asset Service Providers, including cryptocurrency businesses, submitted 49 suspicious transaction reports.

The report showed that banks also dominated Suspicious Activity Reports, accounting for 8,313 of the 10,513 filings received by the NFIU.

Other Financial Institutions submitted 1,816, while capital market and insurance companies filed 295. VASPs accounted for 89 reports.

The NFIU said financial institutions are required by law to report transactions above N5 million for individuals and N10 million for corporate entities within seven days.

Transfers exceeding $10,000 must also be reported within 24 hours.
Banks’ suspicious transaction reports increased steadily throughout 2025, rising from 9,134 in the first quarter to 10,032 in the fourth quarter.

However, suspicious transaction reports fell sharply compared with the previous year.

The number dropped from 82,143 in 2024 to 42,082 in 2025, representing a decline of about 48.8 per cent. Suspicious Activity Reports also fell by approximately 55 per cent, from 23,364 to 10,513.

In contrast, Currency Transaction Reports increased significantly, rising from 25.8 million in 2024 to 41.7 million in 2025, an increase of about 61.6 per cent.

Reports involving Politically Exposed Persons also rose by 31.1 per cent, increasing from 21.5 million in 2024 to 28.1 million in 2025.

The NFIU said it conducted joint inspections of 29 reporting entities in the Federal Capital Territory, covering sectors including real estate, casinos, precious metals and stones, and consultancy services.

The agency said the exercise led to 20 new registrations on its RapidAML portal and contributed to the filing of 1,029 suspicious transaction reports.

The development comes amid efforts by the Central Bank of Nigeria to strengthen anti-money laundering controls through technology.

The CBN has proposed the use of automated systems, artificial intelligence and machine learning to monitor transactions, detect unusual patterns and improve the reporting of suspected financial crimes.

The proposed measures are expected to enhance real-time monitoring and strengthen Nigeria’s compliance with international anti-money laundering and counter-terrorism financing standards.

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