Fun, Fraud, And Fintech

Nothing. Nothing tells the story of a city better than data. Accurate data from a reliable source is a picture. It shows you the inner workings of your city and your place in it. For instance, how much do you know about Lagos state? Take a short test below to see if you know Lagos.
On The One Hand
Let’s ask Google. Google says Lagos is a major African financial centre. It is the economic hub of Lagos State and Nigeria. It influences commerce. Entertainment. Technology. Education. Politics. Tourism. Art. Fashion in Africa. It is among the top 10 of the world’s fastest-growing cities. End. Google would not say Lagos is a city of Fintech, fraud, and fun.
On the other hand
Google Los Angeles: Google’s reply: Los Angeles has a diverse economy with a broad range of industries. It is popular as the home of the Hollywood film industry. It is the world’s largest by revenue. It has one of the busiest container ports in the Americas. End. Google would not talk about gang warfare, riots, and earthquakes.
In The Long Term
The majority of fintech incumbents and start-ups reside in Lagos. Even some Fintech firms that bear California addresses have a physical presence in Lagos. The banks are in Lagos. The banks’ Fintech appendages are in Lagos. Few banks that had headquarters outside of Lagos have relocated. Why not? Lagos is the city of excellence. It is also the city of Fintech, fraud, and fun.
Lagos may not have the oomph and gloss of Silicon Valley. But Silicon Valley mentees and mentors abound. It may lack the sleaze of Colombia drug lords. We have an equivalent. It may lack a 24-hour business hub. Nevertheless, this city never sleeps! It is the only state with a BRT Corridor. Lagos is a unique city.
That is why the faithful, the fruitful, and the fraudsters hobnob in Lagos. Like ants to honey, every shade lives in Lagos. Lagos is a guinea pig. The cashless policy was tested in Lagos. The other cities followed. If it worked in Lagos, it would work in paradise!
No wonder Lagos recorded the highest fraud count and value. In the Nigerian Inter-Bank Settlement System (NIBSS) report, Lagos accounted for 57 per cent of all reported frauds in Nigeria. And 55 per cent of the total loss. With this data, do not ask about the health of other states. Lagos is a city of Fintech. It is a city of fraud. Fraudsters follow the money.
The mobile channel and web had the highest fraud cases with 8,549 and 6,404 hits. The fraudsters exploited the mobile and point of sales in the first quarter of 2024. That was why the channels had N1.28 billion and N714.8 million losses.
In February, the month of love, the fraudsters hit a goldmine. A whopping 7,243 fraud cases. In January 2024, N1.01 billion was lost. In January 2023, it was N2.75 billion.
Across the sea, the United States had the highest number of fraud cases among foreign countries in this period. The United States had 0.3 per cent of the total fraud cases. Ireland, the UK, Singapore, and the Netherlands followed. According to the report, most fraud cases abroad came from card compromise.
In The Short Term
Here is the fun part of Lagos. Do you desire pleasure? Visit Yahoo Junction. If you cannot locate it, Google it.