CBN To Launch New Payment System As E-Transactions Hit N1.07 Quadrillion
The Central Bank of Nigeria (CBN) is poised to launch a new payment systems vision within the next month, as the country's electronic transactions have surged to an unprecedented N1.07 quadrillion. This announcement comes as the apex bank aims to strengthen and sustain the rapid growth of Nigeria's digital payments ecosystem over the next three years.
Strategic Roadmap for Digital Payments
Deputy Governor of the Economic Policy Directorate, Muhammad Sani Abdullahi, revealed that the new framework will provide a strategic roadmap for the sector, with a focus on enhancing financial inclusion, fostering innovation, and ensuring system stability. He emphasized that Nigeria processed over 11.2 billion electronic transactions in 2024 alone, marking the first time transaction values have crossed the quadrillion-naira threshold.
Abdullahi noted, "The proposed vision was developed in collaboration with financial technology firms, mobile money operators, and other payment service providers to ensure broad industry alignment." This collaborative approach is expected to unlock opportunities for businesses and consumers, enabling more Nigerians to access digital financial services, supporting economic activities, and reducing poverty.
Growth and Regulatory Measures
The CBN has reported that the growth momentum in digital payments has continued through 2025 and into early 2026, reflecting the increasing role of electronic transactions in driving economic activity. To support this expansion, the apex bank recently inaugurated a Payment Service Providers Committee to enhance coordination among regulators and industry operators.
This committee includes representatives from key regulatory bodies such as:
- Nigerian Communications Commission (NCC)
- Nigeria Deposit Insurance Corporation (NDIC)
- Securities and Exchange Commission (SEC)
The committee is expected to meet quarterly to address industry challenges and drive innovation, ensuring a robust and secure payment environment.
Decline in Fraud and Industry Support
In a positive development, the CBN disclosed that fraud in the payment system declined by 50% between 2024 and 2025. This improvement is attributed to stronger regulatory oversight and enhanced monitoring frameworks, which have bolstered safeguards against fraud, money laundering, and terrorism financing.
Industry stakeholders have welcomed the new payment systems vision, describing it as a critical step toward deepening collaboration, improving efficiency, and positioning Nigeria as a leader in the global digital payments space. The initiative is seen as essential for maintaining the sector's growth and addressing emerging challenges.
Inclusive Payment Innovations
Earlier reports highlighted efforts by the Nigeria Inter-Bank Settlement System (NIBSS) to introduce offline payment solutions aimed at reaching millions of Nigerians who lack reliable internet access. This move is expected to deepen financial inclusion and reduce exclusion from the digital payments ecosystem.
Ngover Nwankwo, Executive Director for Business and Products at NIBSS, explained that while digital payments are expanding rapidly, a significant segment of the population still struggles with poor connectivity, limited data access, and low digital literacy. Offline payments are designed to bridge this gap, ensuring that payment innovations are inclusive by design.
The CBN's new payment systems vision, combined with initiatives like offline payments, underscores a comprehensive approach to transforming Nigeria's financial landscape. As electronic transactions continue to rise, these efforts are crucial for fostering a more accessible, secure, and innovative digital economy.
