The push for contactless payment, revised agent banking guidelines and improved integration across switching companies are creating seamless opportunities for the payment markets. Besides, Nigeria’s digital-finance transformation is accelerating CBN’s twin priorities of fostering innovation while safeguarding stability across the payment ecosystem.
The Central Bank of Nigeria (CBN) under its Governor, Olayemi Cardoso recently extended the Payment System Vision roadmap to 2028, an ambitious commitment to modernise payments infrastructure and strengthen cybersecurity.
Nigeria is making significant progress in the expansion of its e-payment infrastructure and provision of seamless payment services to the people. Already, more than 12 million contactless payment cards are now in circulation while the Central Bank of Nigeria (CBN)-instituted regulatory sandbox has expanded to over 40 fintech innovators, enabling safe experimentation and responsible scaling of new digital-finance solutions.
The revised agent-banking guidelines have tightened anti-money-laundering controls, including geo-fencing of high-risk areas, while improving consumer protection at the last mile. The integration across switching companies has improved, bringing Nigeria closer to seamless domestic interoperability.
Cardoso disclosed recently that supported by these measures, Nigeria today stands among Africa’s most advanced digital payments markets, with a dynamic fintech ecosystem that has produced eight of the continent’s nine unicorns.
By mid-2025, leading fintech apps had surpassed 10 million downloads each, with one surpassing 50 million downloads, reflecting deep consumer adoption.
In parallel, our engagement with the global fintech community has been a further significant supportive mechanism. The Strategic Fintech Dialogue at the IMF Fall Meetings brought together policymakers, innovators and investors, culminating in a consultative report that will guide Nigeria’s next phase of fintech evolution.
As digital assets, tokenisation and stable coins become critical topics for central banks worldwide.
The CBN stance remains clear: we will lead thoughtfully, with discipline and clarity of purpose. Innovation must proceed responsibly, anchored in consumer protection and financial stability.
Crucial moves to boost E-payment
In banking, convenience and security are crucial in securing customers’ trust and satisfaction. That explains why the CBN is taking measures to ensure that Nigeria’s e-payment space is safe and secured.
The implementation of new rules on Point of Sale (PoS) terminals and other payment systems reaffirms CBN’s commitment to leveraging digital channels in enhancing access to finance and credit, particularly for under-served populations. It is also a step towards improving transaction monitoring and bolstering consumer protection for the population.
The CBN raised the innovation bar with the release of a new e-payment guidelines titled: “Migration to ISO 20022 Standard for Payment Messaging and Mandatory Geo-Tagging of Payment Terminals”.
The policy aligns with CBN’s move to entrench transparency, compliance and secured e-payment space.
According to Cardoso, the Nigerian payments ecosystem has been ahead of many advanced economies, yet has not always received the recognition it deserves.
“Many innovations that other countries are only now experiencing have been part of our system for years. We must celebrate these successes, as they contribute to building our global reputation. Nigeria’s dynamic fintech ecosystem has driven financial inclusion and positioned the country as a hub of innovation in Africa,” he said.
Cardoso explained that despite a challenging external environment, Nigerian Fintechs continue to shine, attracting significant foreign investment and several have achieved global unicorn status this year. Their innovations, alongside other financial service providers, have fueled growth in transactions and made financial services more affordable and accessible for many more Nigerians.
“We must continue to leverage this channel to enhance access to finance and credit, particularly for under-served populations. However, I urge fintech companies and banks to ensure their platforms are not exploited for fraudulent activities. Strengthening the KYC onboarding process is essential to prevent malicious actors from exploiting our financial system”
“Additionally, these institutions must prioritise improving transaction monitoring and bolstering consumer protection measures to ensure that digital channels remain safe, especially for the most vulnerable segments of our population”.
Cardoso said that while the apex bank continues to lay the foundation for price stability and foster a conducive policy environment, the role of banks in this journey remains crucial.
“At the Central Bank, we have intensified surveillance of market activities to ensure compliance. Together, we must build a market based on strong governance and transparency. As regulators, we will maintain a zero-tolerance approach to compliance violations,” he said.
CBN Acting Director, Corporate Communications Department, Mrs Hakama Sidi Ali, explained that as a means of protecting banks’ customers and ensuring that they are not short-changed, the CBN launched the Unified Complaints Tracking System (UCTS), aimed at streamlining and improving the management of consumer complaints against financial institutions.
The system, alongside a USSD code (*959#) for verifying licensed institutions, enhances transparency and consumer protection in the Nigerian financial sector.
“The core objective of this engagement, therefore, is to sensitise members of the public on how the bank’s policies and innovations can enhance their lives and livelihood and contribute to the growth and development of the Nigerian economy,” she said.
Branch Controller, Central Bank of Nigeria, Lagos, Sunday Daibo, said the apex bank is taking steps to ensure more people are brought into the digital payment network.
He said: “In a world where technology is reshaping economies and redefining how people interact with financial services, alternate financial services have emerged not as an option, but as a necessity. They are the bridges connecting the underserved populations to the formal financial system,” he said.
Martins, a financial analyst wrote from Abuja.
