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.

He said the CBN would unveil a new payment systems vision within a month to guide the ecosystem over three years.

“The vision has been co-created with fintechs and operators to drive inclusive growth and expand digital financial access,” he said.

Sani added the strategy would prioritise safeguards against fraud, money laundering and terrorism financing risks.

CBN’s Deputy Governor (Financial System Stability), Mr Philip Ikeazor, said fraud incidents dropped by about 50 per cent between 2024 and 2025.

Ikeazor said a new policy on automated anti-money laundering and fraud detection would further curb financial crimes.

“The policy will be implemented across banks and payment service providers,” he said.

He added that the committee would eliminate coordination bottlenecks through structured engagement between regulators and operators.

The Managing Director, Nigeria Inter-Bank Settlement System, Mr Premier Oiwoh, described the inauguration as historic.

“The platform will deepen collaboration between banks and fintech firms and improve financial services,” he said.

The Chief Executive, Enhancing Financial Innovation and Access, Mrs Foyinsolami Akinjayeju, said the meeting provided a platform to exchange ideas and address ecosystem challenges.

She stressed the need for balanced regulation that supports innovation and promotes inclusive, sustainable growth.

Akinjayeju noted that non-bank providers had driven financial inclusion and could further expand access.

“The committee will fast-track solutions and strengthen trust in the sector,” she said.

The Chairman, Association of Licensed Mobile Payments Operators, Mr Jay Alabraba, said stakeholders had long anticipated the committee.

“It will foster collaboration and support sustainable growth in the payments sector,” he said.

He expressed optimism that the initiative would strengthen alignment and enhance Nigeria’s global financial services position.

CBN’s Director of Payment System Policy, Mr Musa Jimoh, described the inauguration as a major milestone.

“The committee will enhance dialogue towards a more resilient and efficient system,” he said.

Jimoh added that consumers would benefit through improved service delivery and broader financial access. (THISDAY)

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