CBN, banks, fintechs launch joint platform to fix payment gaps

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CBN

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•Unveil new payments vision as PSPC takes off

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By Babajide Komolafe

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The Central Bank of Nigeria (CBN), commercial banks and financial technology (fintech) operators have launched a joint industry platform aimed at addressing structural gaps in the nation’s payment system, even as the apex bank disclosed plans to unveil a new payments vision to drive the next phase of growth.

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The platform, known as the Payments Service Providers Committee (PSPC), was inaugurated in Lagos, yesterday, bringing together regulators, banks, mobile money operators, and fintech firms to deepen collaboration, accelerate innovation, and strengthen financial system stability.

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Speaking at the event, Deputy Governor, Economic Policy Directorate, Muhammad Sani Abdullahi, said the initiative became imperative given the rapid expansion of Nigeria’s digital payments ecosystem.

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He stated: “In 2024 alone, the system processed over 11.2 billion electronic transactions, amounting to over N1.07 quadrillion. This is the first time that digital payments crossed the quadrillion naira threshold, representing significant growth.”

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He added that the momentum has continued into 2025 and early 2026, stressing that: “This is an ecosystem that is significantly growing, that has significant implications for growth in Nigeria, for inclusive growth, for trade, and other significant positives for our country.”

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Abdullahi explained that the PSPC would serve as a strategic coordination platform to address industry challenges and sustain Nigeria’s leadership in digital payments.

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“It has become critical that the Central Bank of Nigeria inaugurates this committee to reinforce policy coordination, knowledge sharing, and ensure collective problem-solving by the industry itself and by the central bank,” he said.

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He further disclosed that the CBN would, within the next month, unveil a comprehensive roadmap for the sector.

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“Shortly, in about a month from today, we’ll be launching a new payment systems vision that outlines where we see the entire ecosystem going in the next three years. That vision has been co-created with financial technology players, mobile money operators, and payment service providers,” he said.

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Highlighting the expected impact, Abdullahi noted: “What you’re going to see over the next couple of years is significant growth in the system—growth that is inclusive, ensuring more Nigerians can use digital financial services to alleviate poverty, support businesses, and enhance economic activities.”

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On risk management, he added that the framework would also strengthen safeguards against financial crimes, stating that the system would “avoid and take care of fraud-related practices and money laundering or terrorism financing.”

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Also speaking, Deputy Governor, Financial System Stability Directorate, Philip Ikeazor, said the new platform would significantly improve regulatory engagement and reduce delays in resolving industry concerns.

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Ikeazor also disclosed progress in tackling fraud, stating: “Fraud numbers dropped between 2024 and 2025 by 50 per cent. We have also introduced a new policy for automated anti-money laundering and fraud solutions, which will further reduce incidents across banks and payment service providers.”

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