CBN Inaugurates Payments Committee to Boost Digital Economy

The Central Bank of Nigeria (CBN) has inaugurated a Payments Service Providers’ Committee to strengthen coordination, address challenges and sustain growth in digital payments.

CBN’s Deputy Governor (Economic Policy), Dr Abdullahi Sani, said the committee unites licensed providers and key regulators at its inaugural Lagos meeting.

Sani said Nigeria’s digital payments landscape had recorded remarkable expansion in recent years, reflecting growing adoption across sectors.

“In 2024 alone, over 11.2 billion electronic transactions valued above N1.07 quadrillion were processed,” he said.

He noted this marked the first time transactions exceeded the quadrillion-naira threshold, underscoring rapid sector growth.

“The momentum has continued into 2025 and early 2026, reflecting a fast-growing ecosystem with implications for inclusive growth and trade,” he said.

Sani said the committee would enhance policy coordination, knowledge sharing and collective problem-solving among stakeholders.

He added that regulators, including the NCC, NDIC and SEC, would participate in quarterly meetings.

“The initiative will enable joint efforts to address challenges and position Nigeria competitively in the global payments space,” he said.

Sani noted that Nigeria remained a leader in payment innovation, with fintech solutions surpassing many regional peers.

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