Market News

By : Isaac Chibuife

The Central Bank of Nigeria (CBN) has established the Payment Service Providers Committee (PSPC) as part of its renewed commitment to tightening regulation in the ecosystem, accelerating reforms, improving coordination, and resolving industry bottlenecks.

The committee, inaugurated by CBN Governor, Olayemi Cardoso, at its inaugural meeting in Lagos yesterday, has as part of its agenda the development of a new payments system vision.

The committee brings together the CBN, the Nigerian Communications Commission (NCC), the Nigeria Deposit Insurance Corporation (NDIC), the Securities and Exchange Commission (SEC), and the Nigeria Inter-Bank Settlement System Plc, marking the birth of a structured inter-agency engagement on the issues affecting the payment system in Nigeria.

Deputy Governor of the Economic Policy Directorate, Muhammad Sani Abdullahi, stated that the committee was established to reinforce policy alignment, deepen knowledge sharing, and facilitate collective problem-solving in a sector that has become increasingly central to economic growth.

He said the CBN is set to unveil a new payment systems vision in a move aimed at shaping the trajectory of Nigeria’s fast-evolving digital finance ecosystem over the next three years.

Abdullahi said: “Over the last number of years, the digital payment landscape in Nigeria has recorded remarkable growth. 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.

“The momentum has continued. In 2025, we saw significant growth, and of course, in the first few months of 2026 as well. 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.

“It has become critical, therefore, that the CBN inaugurates this committee to reinforce policy coordination, knowledge sharing and ensure collective problem-solving by the industry itself and by the Central Bank.

He explained that before the committee’s establishment, engagement between operators and regulators was often fragmented, relying on supervisory processes that could slow response times. The new framework, he noted, was expected to deliver faster resolution of issues and more proactive policy development.

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

Deputy Governor in charge of Financial System Stability, Philip Ikeazor, said new policies on automated anti-money laundering and fraud controls would be deployed across banks and payment service providers to strengthen safeguards.

“In mitigating the risks associated and the extent of fraud, I think we are all aware that the fraud numbers dropped between 2024 and 2025 by 50 per cent. We have just come up with a new policy for automated anti-money laundering and fraud solutions, so that would go a significant way in reducing incidents of fraud once the policies are implemented across all, both in banks and payment service providers,” he said.

Also speaking at the meeting, the Managing Director of NIBSS, Premier Oiwoh, commended the apex bank on the initiative, saying it would deepen the development of payment systems.

From an industry perspective, Chief Executive Officer of Enhancing Financial Inclusion and Advancement (EFInA), Foyinsolami Akinjayeju, noted: “We have recorded great progress in financial inclusion on the back of development and innovation from the non-bank financial services providers, mainly through payments. So, the potential of payment service providers’ responsibilities and roles to enhance inclusive growth is tremendous. This platform is such a great and welcome development to ensure that we can get quick resolutions to issues that are plaguing the payment system in Nigeria.”