CBN to Launch New Vision to Transform Nigeria’s Digital Payments

Nigeria’s digital economy is set for a major update as the Central Bank of Nigeria prepares to unveil a three-year payment systems framework next month. Deputy Governor Muhammad Sani Abdullahi announced the plan at the first meeting of the new Payment Service Providers Committee in Abuja. The framework was developed with fintech firms, mobile money operators and other industry players. The vision aims to boost financial inclusion, strengthen system stability and secure Nigeria’s leadership in Africa’s digital payments sector. It also sets out measures to fight fraud, money laundering and terrorism financing. The committee, which includes regulators such as the NCC, NDIC and SEC, will meet quarterly to tackle challenges and drive innovation. Fraud rates have already fallen by about 50% year-on-year under tighter CBN oversight.

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