Central Bank of Nigeria (CBN), alongside commercial banks and fintech operators, has unveiled the Payments Service Providers Committee (PSPC) to tackle gaps in the country's payment infrastructure. The apex bank also announced a forthcoming payments vision to propel future expansion.
Inaugurated yesterday in Lagos, the PSPC unites regulators, banks, mobile money providers, and fintech companies. Its goals include fostering collaboration, spurring innovation, and bolstering financial stability.
Deputy Governor for Economic Policy, Muhammad Sani Abdullahi, highlighted the need for the platform amid booming digital payments. "In 2024 alone, the system processed over 11.2 billion electronic transactions worth more than N1.07 quadrillion—the first time it crossed this threshold, marking huge growth," he said.
Abdullahi noted the trend persists into 2025 and early 2026, driving inclusive growth, trade, and economic benefits. The PSPC will coordinate policies, share knowledge, and solve industry issues collectively.
He revealed CBN plans to launch a three-year payments roadmap next month, co-developed with stakeholders. This vision promises inclusive expansion, poverty reduction, business support, and stronger defenses against fraud, money laundering, and terrorism financing.
Deputy Governor for Financial System Stability, Philip Ikeazor, emphasized improved regulatory talks and faster issue resolution. He reported fraud cases fell 50% from 2024 to 2025, aided by new automated anti-money laundering policies for banks and payment providers.
The initiative positions Nigeria as a digital payments leader, promising safer, broader access for millions.
