The Central Bank of Nigeria (CBN) on Monday launched the Nigeria Digital Payments System framework, a new policy direction aimed at expanding financial inclusion, deepening digital payments, and strengthening the country’s financial technology ecosystem.
The framework, known as the Nigeria Payments System Vision, was unveiled in Abuja at a stakeholder event attended by banking executives, fintech operators, regulators, and development partners.
The apex bank said the initiative is designed to improve the efficiency, safety, and accessibility of Nigeria’s payments infrastructure, with the goal of ensuring broader participation in the formal financial system.
It noted that key focus areas include strengthening interoperability among payment service providers, expanding access to financial services for underserved populations, and enhancing cybersecurity measures to safeguard users and financial institutions.
The framework also makes provision for improved cross-border payment systems under the African Continental Free Trade Area (AfCFTA), aimed at supporting Nigerian businesses engaged in regional and international trade.
Stakeholders at the event welcomed the initiative, saying it could improve confidence in digital transactions, reduce payment costs, and encourage stronger collaboration across the financial services and fintech sectors.
They added that effective implementation of the framework would support Nigeria’s shift toward a more inclusive and cash-lite economy, while promoting innovation and sustainable economic growth.
