New industry platform targets fraud, innovation, and coordination as digital transactions cross N1 quadrillion….
Nigeria’s fast-growing digital payments space is entering a new phase, as the Central Bank of Nigeria teams up with commercial banks and fintech operators to tackle long-standing structural challenges in the system.
At the center of this push is the newly launched Payments Service Providers Committee (PSPC), an industry-wide platform designed to bring regulators and operators into closer alignment, improve coordination, and strengthen the overall stability of the financial ecosystem.
The initiative was unveiled in Lagos, drawing participation from key players across the payments value chain including banks, mobile money operators, and financial technology firms.
Why the New Platform Matters
Speaking at the launch, Deputy Governor for Economic Policy, Muhammad Sani Abdullahi, said the creation of the PSPC reflects the urgent need for a more coordinated approach as Nigeria’s digital payments landscape expands at record speed.
According to him, the scale of growth has been unprecedented.
In 2024 alone, the system processed more than 11.2 billion electronic transactions, with a total value exceeding N1.07 quadrillion—a milestone that underscores how deeply digital finance is now embedded in the economy.
That momentum, he noted, has continued into 2025 and early 2026, positioning the sector as a key driver of inclusive growth, trade, and economic activity.
A New Vision for Payments
Beyond the launch of the PSPC, the central bank is already looking ahead.
Abdullahi revealed that a comprehensive payments roadmap will be unveiled within weeks, outlining the direction of the ecosystem over the next three years.
The vision, he said, has been jointly developed with fintech companies, payment service providers, and mobile money operators signaling a more collaborative approach to policy design.
The goal is clear: to sustain rapid growth while ensuring that more Nigerians can access and benefit from digital financial services.
Tackling Fraud and System Risks
As transaction volumes surge, so do concerns around security.
The CBN says the new framework will place strong emphasis on risk management, including tighter safeguards against fraud, money laundering, and terrorism financing.
Deputy Governor for Financial System Stability, Philip Ikeazor, disclosed that progress is already being made.
He revealed that reported fraud cases dropped significantly between 2024 and 2025, following the introduction of new policies and automated anti-money laundering systems across financial institutions.
The expectation is that deeper collaboration through the PSPC will further reduce vulnerabilities while speeding up the resolution of industry challenges.
What Comes Next
With the PSPC now in place and a new payments vision on the horizon, Nigeria’s financial ecosystem appears set for another wave of transformation.
For consumers and businesses alike, this could mean faster transactions, improved security, and broader access to digital financial tools.
For the industry, however, the message is more strategic: collaboration not competition alone will define the next stage of growth.
