CBN Targets Launch Of New Payment System

The Central Bank of Nigeria (CBN) is set to unveil a new payment systems vision within the next month, outlining a strategic roadmap for Nigeria’s rapidly expanding digital payments ecosystem over the next three years.

Deputy governor, Economic Policy Directorate, Muhammad Sani Abdullahi, disclosed this at the inaugural meeting of the Payment Service Providers Committee.

According to him, the proposed vision, co-created with financial technology firms, mobile money operators and other payment service providers, would drive inclusive growth, strengthen financial stability and position Nigeria to sustain its leadership in the global payments space.

“In about a month from today, we will be launching a new payment systems vision that really outlines where we see the entire ecosystem going in the next three years. That vision has been co-created together with the financial technology players, the mobile money operators, and payment service providers across the board,” he stated.

Pointing to the opportunities for growth in the financial system, he said what would be seen “over the next couple of years is significant growth in the system that is inclusive, that ensures that many more Nigerians can use digital financial services to alleviate poverty, to provide growth, to do their businesses, and ensure that Nigeria continues to play a leading role in this space in a way that also avoids and takes care of fraud-related practices and money laundering or terrorism financing, to ensure that Nigeria continues to stay off the grey list and continues to advance in our financial stability space.

According to him, Nigeria’s digital payments ecosystem has witnessed remarkable expansion in recent years, with over 11.2 billion electronic transactions valued at more than N1.07 quadrillion processed in 2024 alone, marking the first time transactions crossed the quadrillion naira threshold.

He noted that the growth momentum has continued through 2025 and into the early months of 2026, underscoring the increasing importance of digital payments in supporting trade, economic activity and financial inclusion.

“It has become critical that the Central Bank inaugurates this committee to reinforce policy coordination, knowledge sharing and ensure collective problem-solving across the industry,” Abdullahi stated.

The newly inaugurated committee, chaired by the CBN with representation from key regulators including the Nigerian Communications Commission (NCC), Nigeria Deposit Insurance Corporation (NDIC), and the Securities and Exchange Commission (SEC), will meet quarterly to address industry challenges and accelerate innovation.

Abdullahi explained that the platform would eliminate longstanding bottlenecks in engagement between regulators and operators, enabling faster resolution of issues and more responsive policymaking.

Also speaking, Deputy Governor, Financial System Stability Directorate, Philip Ikeazor, said fraud in the payment system had declined significantly, dropping by 50 per cent between 2024 and 2025. He attributed the improvement to enhanced regulatory oversight and disclosed that the apex bank had introduced a new policy framework for automated anti-money laundering and fraud management solutions, expected to further curb financial crimes across banks and payment service providers.

Industry stakeholders welcomed the initiative, describing the committee as a long-awaited platform for collaboration.

The chief executive officer of Enhancing Financial Inclusion and Advancement (EFInA), Foyinsolami Akinjayeju, said the forum would ensure that regulation supports innovation while expanding access to financial services.

She noted that non-bank financial service providers, particularly in payments, have played a critical role in advancing financial inclusion, adding that the new platform would help sustain progress and address systemic challenges more efficiently.

Also, the managing director of the Nigeria Inter-Bank Settlement System (NIBSS), Premier Oiwoh, described the development as “historic,” noting that it would deepen collaboration between banks and fintech firms while positioning Nigeria more strongly on the global financial services landscape.

Similarly, fhairman of the Association of Licensed Mobile Payment Operators (ALMPO), Jay Alabraba, said the initiative had been long anticipated by industry players, stressing that the platform would enhance engagement not only with regulators but also among operators.

Director of Payment System Policy at the CBN, Musa Jimoh, described the inauguration as a major milestone in Nigeria’s payment system evolution. He said the committee would foster more resilient and inclusive payment infrastructure, ultimately benefiting consumers and strengthening trust in the financial system.