The Central Bank of Nigeria (CBN) has announced plans to introduce a new Payment System Vision designed to accelerate digital finance and support economic growth across the country.
The roadmap, expected within the next month, will outline the direction of Nigeria’s payments ecosystem over the next three years, with a strong focus on financial inclusion, innovation, and system stability. The announcement was made in Lagos during the inaugural meeting of the Payments Service Providers’ Committee (PSPC), which brings together banks, fintech firms, and mobile money operators under a unified platform.
Speaking at the event, Deputy Governor for Economic Policy, Muhammad Sani Abdullahi, said the new framework is aimed at expanding access to digital financial services and driving broader economic participation. He noted that the initiative would help more Nigerians leverage digital tools to grow businesses and contribute to economic development.
The CBN also signaled efforts to improve coordination across the ecosystem and reduce regulatory bottlenecks. Deputy Governor for Financial System Stability, Philip Ikeazor, revealed that fraud incidents have already declined by about 50 percent, with additional automated safeguards expected to further strengthen system security.
Industry stakeholders at the meeting welcomed the initiative, expressing optimism that it will strike a balance between innovation and regulation while deepening financial inclusion.
Chief Executive Officer of Enhancing Financial Inclusion and Advancement, Foyinsolami Akinjayeju, emphasized the need to ensure that innovation is not stifled as the industry evolves. Meanwhile, Managing Director of the Nigerian Inter-Bank Settlement System, Premier Oiwoh, highlighted the importance of stronger collaboration between banks and fintech companies.
With a new roadmap on the horizon and increased alignment among key players, Nigeria’s payments ecosystem appears set for a more coordinated and transformative phase.
Lillian Jijingi- Agudah
