By Seun Ibiyemi
The Central Bank of Nigeria (CBN) has inaugurated a Payments Service Providers’ Committee aimed at strengthening coordination among stakeholders, addressing industry challenges and sustaining the rapid growth of digital payments in the country.
Speaking at the committee’s inaugural meeting in Lagos, CBN Deputy Governor (Economic Policy), Abdullahi Sani, said the initiative brings together licensed payment service providers and key regulators to foster collaboration within the ecosystem.
Sani noted that Nigeria’s digital payments landscape has experienced significant expansion in recent years, driven by increased adoption across sectors.
He disclosed that in 2024 alone, over 11.2 billion electronic transactions valued at more than N1.07 quadrillion were processed, marking the first time transactions crossed the quadrillion-naira threshold.
According to him, the growth momentum has continued into 2025 and early 2026, highlighting the increasing importance of digital payments in driving inclusive economic growth and facilitating trade.
He explained that the newly inaugurated committee would serve as a platform for enhanced policy coordination, knowledge sharing and collective problem-solving among stakeholders. Regulators such as the Nigerian Communications Commission (NCC), Nigeria Deposit Insurance Corporation (NDIC) and Securities and Exchange Commission Nigeria (SEC) are expected to participate in quarterly engagements.
Sani added that the CBN would unveil a new payment systems vision within a month, designed to guide the ecosystem over the next three years.
The framework, he said, has been co-created with fintech firms and operators to deepen financial inclusion and expand access to digital financial services, while strengthening safeguards against fraud, money laundering and terrorism financing.
Also speaking, CBN Deputy Governor (Financial System Stability), Philip Ikeazor, revealed that fraud incidents declined by about 50 per cent between 2024 and 2025.
He attributed the improvement to ongoing regulatory measures and disclosed plans for a new policy on automated anti-money laundering and fraud detection to further curb financial crimes across banks and payment service providers.
Managing Director of the Nigeria Inter-Bank Settlement System, Premier Oiwoh, described the committee’s inauguration as a historic development that would deepen collaboration between banks and fintech companies.
Similarly, Chief Executive of Enhancing Financial Innovation and Access (EFInA), Foyinsolami Akinjayeju, said the platform would enable stakeholders to exchange ideas, address challenges and promote balanced regulation that supports innovation and sustainable growth.
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Chairman of the Association of Licensed Mobile Payments Operators, Jay Alabraba, noted that the committee had long been anticipated by industry players and would enhance collaboration and alignment across the sector.
Also, CBN Director of Payment System Policy, Musa Jimoh, described the initiative as a major milestone that would improve dialogue and drive the development of a more resilient and efficient payment system.
Stakeholders expressed optimism that the committee would not only fast-track solutions to industry challenges but also enhance service delivery, strengthen consumer trust and expand financial access across Nigeria.
