Lagos, Nigeria – 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.
The platform, named the Payments Service Providers Committee (PSPC) , was inaugurated in Lagos to bring together regulators, banks, mobile money operators, and fintech firms. The goal is to deepen collaboration, accelerate innovation, and strengthen financial system stability.
Speaking at the event, the Deputy Governor of the Economic Policy Directorate, Muhammad Sani Abdullahi, noted that the initiative is critical given the rapid expansion of Nigeria’s digital payments ecosystem. He revealed that in 2024 alone, the system processed over 11.2 billion electronic transactions, amounting to more than N1.07 quadrillion—the first time digital payments crossed the quadrillion naira threshold. This momentum has continued into 2025 and early 2026.
Abdullahi explained that the PSPC will serve as a strategic coordination platform for collective problem-solving, reinforcing policy coordination and knowledge sharing among industry players and the central bank.
He also disclosed that the CBN will, within the next month, unveil a new payment systems vision—a comprehensive three-year roadmap co-created with fintechs, mobile money operators, and payment service providers. The vision aims to drive inclusive growth, help more Nigerians use digital financial services to alleviate poverty, and support businesses.
On risk management, Abdullahi stated the framework will strengthen safeguards against financial crimes, including fraud, money laundering, and terrorism financing.
Meanwhile, the Deputy Governor of the Financial System Stability Directorate, Philip Ikeazor, added that the platform will improve regulatory engagement and reduce delays in resolving industry concerns. He also reported progress in tackling fraud, noting that fraud numbers dropped by 50 per cent between 2024 and 2025, and that a new policy for automated anti-money laundering and fraud solutions will further reduce incidents across banks and payment service providers.
