Nigeria’s financial landscape is set for another major shake-up as the Central Bank of Nigeria (CBN) prepares to unveil a new payment systems vision within the next month, aimed at guiding the country’s fast-growing digital economy over the next three years.
The announcement was made by the Deputy Governor, Economic Policy Directorate, Muhammad Sani Abdullahi, during the inaugural meeting of the Payment Service Providers Committee in Abuja.
According to him, the upcoming framework was developed jointly with key stakeholders in the financial ecosystem, including fintech companies, mobile money operators, and other payment service providers.
He explained that the vision is designed to deepen financial inclusion, strengthen stability in the financial system, and sustain Nigeria’s position as a leading player in Africa’s digital payments space.
Nigeria’s electronic payment sector has recorded rapid expansion in recent years, with over 11.2 billion transactions valued at more than ₦1.07 quadrillion processed in 2024 alone. This marks the first time the country crossed the quadrillion-naira threshold in digital transactions.
Abdullahi noted that this growth trend has continued into 2025 and 2026, driven by increased adoption of mobile payments, fintech innovation, and expanding digital financial services across urban and rural areas.
He also stressed that the new strategy would focus not only on growth but also on safeguarding the system against fraud, money laundering, and terrorism financing, ensuring Nigeria avoids international financial restrictions such as grey listing.
The newly inaugurated Payment Service Providers Committee brings together regulators and key institutions including the Nigerian Communications Commission (NCC), Nigeria Deposit Insurance Corporation (NDIC), and the Securities and Exchange Commission (SEC). The committee is expected to meet quarterly to address industry challenges and improve coordination.
Deputy Governor for Financial System Stability, Philip Ikeazor, also revealed that fraud in the payment system dropped by about 50 percent between 2024 and 2025, attributing the improvement to stronger oversight and new anti-money laundering frameworks introduced by the apex bank.
Industry stakeholders have welcomed the development, describing it as a long-awaited platform that will improve collaboration between regulators and operators.
The Managing Director of the Nigeria Inter-Bank Settlement System (NIBSS), Premier Oiwoh, described the initiative as historic, saying it would strengthen Nigeria’s global financial competitiveness. Similarly, fintech and mobile payment operators said the move would help reduce long-standing regulatory bottlenecks and support innovation.
The CBN says the ultimate goal is a more inclusive, secure, and efficient payment ecosystem that supports businesses, improves access to financial services, and strengthens trust in Nigeria’s digital economy.
