The Central Bank of Nigeria (CBN) has inaugurated a Payments Service Providers’ Committee to strengthen coordination, address challenges and sustain growth in digital payments.
Dr Abdullahi Sani, CBN Deputy Governor (Economic Policy), said the committee unites licensed providers and key regulators at its inaugural Lagos meeting.
Sani said Nigeria’s digital payments landscape had recorded remarkable expansion in recent years, reflecting growing adoption across sectors.
“In 2024 alone, over 11.2 billion electronic transactions valued above N1.07 quadrillion were processed,” he said.
He noted this marked the first time transactions exceeded the quadrillion-naira threshold, underscoring rapid sector growth.
“The momentum has continued into 2025 and early 2026, reflecting a fast-growing ecosystem with implications for inclusive growth and trade,” he said.
Sani said the committee would enhance policy coordination, knowledge sharing and collective problem-solving among stakeholders.
He added that regulators, including the NCC, NDIC and 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 noted Nigeria remained a leader in payment innovation, with fintech solutions surpassing many regional peers.
He said the CBN would unveil a new payment systems vision within a month to guide the ecosystem over three years.
“The vision has been co-created with fintechs and operators to drive inclusive growth and expand digital financial access,” he said.
Sani added the strategy would prioritise safeguards against fraud, money laundering and terrorism financing risks.
Mr Philip Ikeazor, CBN Deputy Governor (Financial System Stability), said fraud incidents dropped by about 50 per cent between 2024 and 2025.
Ikeazor said a new policy on automated anti-money laundering and fraud detection would further curb financial crimes.
“The policy will be implemented across banks and payment service providers,” he said.
He added the committee would eliminate coordination bottlenecks through structured engagement between regulators and operators.
Mr Premier Oiwoh, Managing Director, Nigeria Inter-Bank Settlement System, described the inauguration as historic.
“The platform will deepen collaboration between banks and fintech firms and improve financial services,” he said.
Mrs Foyinsolami Akinjayeju, Chief Executive, Enhancing Financial Innovation and Access, said the meeting provided a platform to exchange ideas and address ecosystem challenges.
She stressed the need for balanced regulation that supports innovation and promotes inclusive, sustainable growth.
Akinjayeju noted non-bank providers had driven financial inclusion and could further expand access.
“The committee will fast-track solutions and strengthen trust in the sector,” she said.
Mr Jay Alabraba, Chairman, Association of Licensed Mobile Payments Operators, said stakeholders had long anticipated the committee.
“It will foster collaboration and support sustainable growth in the payments sector,” he said.
He expressed optimism the initiative would strengthen alignment and enhance Nigeria’s global financial services position.
Mr Musa Jimoh, CBN Director of Payment System Policy, described the inauguration as a major milestone.
“The committee will enhance dialogue towards a more resilient and efficient system,” he said.
Jimoh added consumers would benefit through improved service delivery and broader financial access.
