CBN Inaugurates First PSP/Regulators Committee to Boost Payment System

The Central Bank of Nigeria (CBN) has inaugurated the first Payment Service Providers (PSP) Committee, in a move aimed at strengthening coordination, innovation, and growth within the country’s rapidly expanding digital payments ecosystem.
Deputy governor, Economic Policy Directorate, Muhammad Sani Abdullahi, speaking at the end of the inaugural meeting in Lagos on Thursday, disclosed that the committee, chaired by the apex bank, brings together key licensed payment service providers alongside regulators to enhance collaboration and address industry challenges.
He noted that Nigeria’s digital payment landscape has witnessed remarkable growth in recent years, with over 11.2 billion electronic transactions valued at more than N1.07 quadrillion recorded in 2024, marking the first time transactions crossed the quadrillion-naira threshold.
According to him, “the momentum has continued in 2025 and into the first few months of 2026,” underscoring the sector’s growing importance to inclusive growth, trade, and overall economic development.
Abdullahi explained that the inauguration of the committee had become necessary to reinforce policy coordination, facilitate knowledge sharing, and promote collective problem-solving between regulators and industry players.
He added that the committee includes representatives from key regulatory bodies such as the Nigerian Communications Commission (NCC), Nigeria Deposit Insurance Corporation (NDIC), and the Securities and Exchange Commission (SEC), who will meet quarterly with industry operators.
“We want to ensure that over the next five to 10 years, Nigeria maintains its leadership in the payment systems space and continues to deliver more value to the economy,” he said, adding that the CBN would, within a month, unveil a new payment systems vision outlining the trajectory of the ecosystem over the next three years, developed in collaboration with fintech firms, mobile money operators, and other stakeholders.
Abdullahi stressed that the initiative would drive inclusive growth, expand access to digital financial services, and support efforts to curb fraud, money laundering, and terrorism financing, while sustaining financial system stability.
Also speaking, deputy governor, Financial System Stability Directorate, Philip Ikeazor, said fraud incidents declined by 50 per cent between 2024 and 2025, adding that new policies on automated anti-money laundering and fraud detection systems would further reduce risks across the sector.
He described the committee as a long-awaited platform that would eliminate delays in engagement between operators and regulators. “In the past, companies had to wait a significant amount of time to interface with the central bank. Today, we now have a platform that brings everyone together, removing the bottleneck of coordination and enabling faster development in the payment systems space,” Ikeazor stated.
Also speaking at the end of the meeting, the chief executive officer of Enhancing Financial Inclusion and Advancement (EFInA), Foyinsolami Akinjayeju, described the inaugural meeting as an important step towards balancing regulation with innovation. She said the platform would ensure that innovation is not stifled while promoting inclusive and sustainable growth through expanded access and strengthened trust in the system.
On his part, the managing director and chief executive officer of the Nigeria Inter-Bank Settlement System (NIBSS), Premier Oiwoh, described the development as “historic,” noting that it would deepen partnerships between banks and fintechs and position Nigeria more strongly on the global financial services landscape.
Similarly, the chairman of the Association of Licensed Mobile Payment Operators (ALMPO), Jay Alabraba, said the committee had been long anticipated by industry players, adding that it would foster collaboration and support sustained growth in the sector.
Director of Payment System Policy at the CBN, Musa Jimoh, said the inauguration marked a major milestone in Nigeria’s payment system development, noting that the platform would enhance dialogue among stakeholders and lead to a more resilient and efficient system. He added that the ultimate beneficiaries of the initiative would be Nigerian consumers, as improved collaboration would drive better service delivery and broader access to financial services.