Nigeria’s financial sector is set for a major transformation as the Central Bank of Nigeria (CBN) prepares to introduce a new payment systems vision aimed at shaping the country’s digital economy over the next three years.
The announcement was made by the Deputy Governor for Economic Policy, Muhammad Sani Abdullahi, during the inaugural meeting of the Payment Service Providers Committee in Abuja.
According to him, the framework was developed in collaboration with key players in the financial ecosystem, including fintech firms, mobile money operators, and other payment service providers. The initiative is expected to deepen financial inclusion, strengthen system stability, and maintain Nigeria’s leadership in Africa’s digital payments space.
Nigeria’s electronic payment sector has experienced rapid growth, recording over 11.2 billion transactions valued at more than ₦1.07 quadrillion in 2024, the first time the country surpassed the quadrillion naira mark. This momentum has continued into 2025 and 2026, driven by increased adoption of mobile payments and expanding digital financial services.
Abdullahi noted that the new vision will not only focus on growth but also on enhancing security by addressing fraud, money laundering, and terrorism financing risks.
The Payment Service Providers Committee includes major regulatory bodies such as the Nigerian Communications Commission (NCC), Nigeria Deposit Insurance Corporation (NDIC), and the Securities and Exchange Commission (SEC). The committee is expected to meet regularly to tackle industry challenges and improve coordination.
Also speaking, Deputy Governor for Financial System Stability, Philip Ikeazor, disclosed that fraud within the payment system declined by about 50 percent between 2024 and 2025, attributing the improvement to stronger regulatory oversight and anti money laundering measures.
Industry stakeholders have welcomed the development, noting that it will improve collaboration between regulators and operators while addressing long standing challenges in the sector.
The Managing Director of the Nigeria Inter Bank Settlement System (NIBSS), Premier Oiwoh, described the initiative as a significant step toward enhancing Nigeria’s global financial competitiveness.
The CBN said the ultimate goal is to build a more inclusive, secure, and efficient payment ecosystem that supports businesses, expands access to financial services, and strengthens trust in the country’s digital economy.
