The Central Bank of Nigeria (CBN) has inaugurated a Payments Service Providers’ Committee to strengthen coordination, address industry challenges, and sustain growth in Nigeria’s digital payments ecosystem.
Speaking at the committee’s inaugural meeting in Lagos, CBN Deputy Governor (Economic Policy), Abdullahi Sani, said the platform brings together licensed payment providers and key regulators to deepen collaboration.
He noted that Nigeria’s digital payments landscape has expanded significantly in recent years, driven by increasing adoption across sectors.
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“In 2024 alone, over 11.2 billion electronic transactions valued at more than ₦1.07 quadrillion were processed,” Sani said, adding that this marked the first time transaction value crossed the quadrillion-naira threshold.
According to him, the momentum has continued into 2025 and early 2026, reflecting a rapidly growing ecosystem with strong implications for inclusive growth and trade.
Sani explained that the new committee would promote policy coordination, knowledge sharing, and collective problem-solving among stakeholders. He added that regulators, including the Nigerian Communications Commission (NCC), Nigeria Deposit Insurance Corporation (NDIC), and the Securities and Exchange Commission (SEC), would participate in quarterly meetings.
“The initiative will enable joint efforts to address challenges and position Nigeria competitively in the global payments space,” he said.
Sani further disclosed that the CBN would unveil a new payment systems vision within a month to guide the ecosystem over the next three years. The framework, he said, was co-created with fintech firms and industry operators to drive inclusive growth and expand digital financial access, while prioritising safeguards against fraud, money laundering, and terrorism financing.
Also speaking, CBN Deputy Governor (Financial System Stability), Philip Ikeazor, revealed that fraud incidents declined by about 50 per cent between 2024 and 2025.
He said a new policy on automated anti-money laundering and fraud detection would further strengthen the system and would be implemented across banks and payment service providers.
“The policy will help curb financial crimes and enhance system integrity,” Ikeazor added.
Managing Director of the Nigeria Inter-Bank Settlement System (NIBSS), Premier Oiwoh, described the inauguration as historic, noting that it would deepen collaboration between banks and fintech companies.
Similarly, Chief Executive of Enhancing Financial Innovation and Access (EFInA), Foyinsolami Akinjayeju, said the platform would facilitate idea exchange and help address ecosystem challenges, while promoting balanced regulation that supports innovation and inclusive growth.
Chairman of the Association of Licensed Mobile Payments Operators, Jay Alabraba, said stakeholders had long anticipated the initiative, expressing confidence that it would strengthen alignment and support sustainable sector growth.
Also, CBN Director of Payment System Policy, Musa Jimoh, described the development as a major milestone, noting that the committee would enhance dialogue and drive a more resilient and efficient payments system.
He added that consumers would ultimately benefit through improved service delivery and broader financial access.
