The Central Bank of Nigeria (CBN) has announced its intention to implement Artificial Intelligence (AI) to bolster fraud prevention and improve the efficiency of the nation’s digital payments framework, as part of its Nigeria Payments System Vision (PSV) 2028.
This initiative, outlined in the apex bank’s recently published PSV 2028 document, identifies AI as a crucial technology in Nigeria’s pursuit of a more secure, inclusive, and globally competitive payments environment.
As stated by the CBN, the integration of AI aligns with its guiding principle of “Innovation with Purpose,” which aims to utilize emerging technologies to enhance convenience, efficiency, and competitiveness throughout the financial system.
The bank emphasized that despite the significant growth of digital payments in recent years, fraud and cyber threats remain substantial obstacles to consumer confidence and financial inclusion.
The document pointed out the ongoing risks of fraud, cyber-attacks, identity theft, phishing schemes, and unauthorized transactions as major threats to the payments ecosystem.
These issues, it noted, have eroded trust in digital financial services and hindered efforts to broaden access to formal financial systems.
To tackle these challenges, the CBN indicated that PSV 2028 would prioritize cybersecurity, fraud management, and the implementation of advanced technologies to identify and prevent financial crimes.
Within the innovation and emerging technologies framework of this vision, the apex bank revealed plans to investigate AI, blockchain, and programmable payment solutions as part of a wider initiative to modernize Nigeria’s payments infrastructure.
Additionally, the CBN disclosed intentions to create more robust fraud monitoring systems, including an industry-wide Security Operations Centre and a national fraud intelligence-sharing platform aimed at enhancing threat detection and response across the financial sector.
As stated in the document, authorities will support the establishment of shared infrastructure aimed at fraud detection, risk intelligence, and regulatory compliance, while also implementing comprehensive cyber performance monitoring frameworks across the industry.
The bank observed that artificial intelligence is currently revolutionizing payment systems worldwide and is progressively being utilized through chatbots, self-service platforms, robotic process automation, and various other digital tools that enhance both customer experience and operational efficiency.
In addition to fraud prevention, the Central Bank of Nigeria indicated that AI-driven technologies are anticipated to enhance transaction monitoring, fortify compliance processes, and facilitate more efficient service delivery across payment platforms.
