CBN Establishes Committee to Enhance Payment Services
The Central Bank of Nigeria (CBN) has initiated the formation of a Payment Service Providers Committee aimed at fostering collaboration among stakeholders, addressing existing challenges, and facilitating the sustained growth of digital payments in the country.
New Commission Aims to Foster Unity among Service Providers
Dr. Abdullahi Sani, Deputy Governor for Economic Policy at CBN, announced that the inaugural meeting of the committee would take place in Lagos, bringing together licensed payment providers and essential regulators. This initiative aims to create a unified platform for discussing strategies and solutions.
Digital Payment Landscape in Nigeria Shows Significant Growth
The digital payments sector in Nigeria has witnessed significant expansion recently, with Dr. Sani noting a remarkable uptick in adoption across various industries. He highlighted that in 2024 alone, electronic transactions exceeded 11.2 billion, accumulating a total value of over N107 trillion.
Transaction Values Reflect Rapid Sector Growth
The value of electronic transactions crossed the N10 trillion mark for the first time, a clear indicator of the sector’s rapid growth trajectory. Sani expressed confidence that this momentum will extend into 2025 and early 2026, signifying a vibrant ecosystem that has implications for inclusive growth and increased trade.
Commission to Promote Collaboration and Knowledge Sharing
The new committee is set to enhance policy coordination, knowledge sharing, and collective problem-solving among participating stakeholders. Regulators including the Nigerian Communication Commission (NCC), Nigeria Deposit Insurance Corporation (NDIC), and the Securities and Exchange Commission (SEC) will engage in quarterly meetings to address challenges proactively.
Innovative Vision for Future Payment Systems
Dr. Sani confirmed that CBN will unveil a strategic vision for a new payment system within the month, aimed at guiding the ecosystem over the next three years. This vision is being developed in partnership with fintech companies to promote inclusive growth and broaden digital financial access, while also prioritizing safeguards against fraud, money laundering, and terrorist financing.
Decline in Fraud Cases and Enhanced Security Measures
Philip Ikeazor, Deputy Governor for Financial System Stability, reported a 50% decrease in fraud cases from 2024 to 2025. New automated policies for anti-money laundering and fraud detection are expected to further mitigate financial crimes across banks and payment service providers.
Historic Launch Promises Improved Financial Services
Prime Minister Oyewo, Managing Director of the Nigeria Interbank Payment System, described the launch of the committee as historic, emphasizing its potential to deepen collaboration between banks and fintech companies. Meanwhile, Chief Financial Innovation and Access Enhancement Officer Foyinsorami Akinjayeju remarked on the importance of balanced regulation that nurtures innovation while promoting inclusive growth.
Commitment to Enhanced Solutions and Financial Inclusion
Stakeholders, including Jay Arabraba, president of the Association of Licensed Mobile Payment Operators, expressed that this committee has long been anticipated. The collective sentiment is one of optimism, with expectations that it will strengthen collaboration and fortify Nigeria’s standing in global financial services. CBN’s Director of Payment System Policy, Mr. Musa Jimoh, characterized the initiative as a substantial milestone that aims to bolster dialogue, resulting in a more resilient and efficient payment system for consumers across the nation.
