Central Bank of Nigeria Establishes Payments Service Providers’ Committee to Regulate Rapidly Expanding Digital Ecosystem

The CBN inaugurates a Payments Service Providers’ Committee to manage Nigeria's digital transactions, which topped N1.07 quadrillion in 2024.

By: AXL Media

Published: Apr 3, 2026, 4:44 AM EDT

Source: The information in this article was sourced from THISDAYLIVE

Managing a Quadrillion-Naira Ecosystem

The Central Bank of Nigeria (CBN) has taken a decisive step toward formalizing the governance of the nation’s booming digital economy by inaugurating the Payments Service Providers’ Committee. During the inaugural meeting in Lagos, CBN Deputy Governor (Economic Policy) Dr. Abdullahi Sani revealed staggering growth metrics that necessitated this new body. In 2024, Nigeria processed over 11.2 billion electronic transactions, with their total value exceeding N1.07 quadrillion for the first time in history. This momentum has continued into early 2026, positioning the digital payments sector as a critical pillar of national trade and financial inclusion.

Inter-Agency Collaboration and Policy Harmony

The newly formed committee is designed to act as a central hub for knowledge sharing and collective problem-solving. It brings together licensed payment providers and a broad spectrum of regulators, including the Nigerian Communications Commission (NCC), the Nigeria Deposit Insurance Corporation (NDIC), and the Securities and Exchange Commission (SEC). These stakeholders will participate in structured quarterly meetings to eliminate coordination bottlenecks. By aligning the interests of fintech firms, traditional banks, and government regulators, the CBN hopes to position Nigeria more competitively within the global financial services landscape.

A New Vision for Payment Systems

Dr. Sani announced that the CBN is set to unveil a comprehensive "payment systems vision" within the next month. This strategy, co-created with industry operators and fintech innovators, will serve as a three-year roadmap for the ecosystem. A primary focus of this upcoming vision will be the implementation of robust safeguards against money laundering, terrorism financing, and systemic fraud. The goal is to drive inclusive growth while ensuring that the infrastructure remains resilient against the sophisticated tactics of modern financial criminals.