CBN, Banks, Fintechs Unite to Fix Payment System Gaps with New PSPC Platform
- The CBN, alongside banks and fintech firms, launched a committee to improve Nigeria’s rapidly growing digital payments ecosystem
- In 2024, Nigeria recorded over 11.2 billion electronic transactions worth more than ₦1.07 quadrillion, with continued growth into 2026
- The CBN also planned to unveil a new three-year payments vision aimed at strengthening safeguards against fraud and financial crimes
Legit.ng journalist Victor Enengedi has over a decade of experience covering energy, MSMEs, technology, banking and the economy.
The Central Bank of Nigeria (CBN), in partnership with commercial banks and financial technology (fintech) firms, has introduced a unified industry platform designed to tackle long-standing structural issues within the country’s payment ecosystem.
At the same time, the apex bank revealed that it is preparing to roll out a fresh payments strategy to guide the sector’s next stage of development.
Source: UGC
PSPC launched to boost collaboration in payments
Named the Payments Service Providers Committee (PSPC), the initiative was officially launched in Lagos, bringing together regulators, deposit money banks, mobile money operators, and fintech stakeholders.
According to Vanguard, the goal is to foster stronger cooperation, encourage innovation, and reinforce the stability of Nigeria’s financial system.
Speaking during the inauguration, Deputy Governor for Economic Policy, Muhammad Sani Abdullahi, emphasised that the move was driven by the rapid growth of digital transactions in Nigeria.
He noted that in 2024 alone, the country recorded more than 11.2 billion electronic transactions, with a total value exceeding ₦1.07 quadrillion, marking the first time digital payments surpassed the quadrillion-naira milestone.
According to him, this upward trend has continued into 2025 and early 2026, highlighting the sector’s increasing importance to economic expansion, financial inclusion, and trade.
Abdullahi explained that the PSPC would act as a central coordination body, helping industry players collectively address challenges while maintaining Nigeria’s leading position in digital payments across the region.
He stressed the importance of improved policy alignment, shared expertise, and joint problem-solving between regulators and operators.
The apex bank recently confirmed that it has launched a supervisory pilot targeting virtual asset service providers (VASPs), signalling a stronger regulatory posture in Nigeria’s fast-growing digital finance space.
Roadmap for growth, inclusion, and security
Looking ahead, Abdullahi disclosed that the CBN plans to unveil a comprehensive payments vision within the next month.
He said:
“Shortly, in about a month from today, we’ll be launching a new payment systems vision that outlines where we see the entire ecosystem going in the next three years. That vision has been co-created with financial technology players, mobile money operators, and payment service providers.”
He added that the strategy is expected to drive substantial and inclusive growth, enabling more Nigerians to access digital financial services. This, in turn, could help reduce poverty levels, support small businesses, and boost overall economic activity.
Beyond growth, the initiative also prioritises security. Abdullahi noted that stronger safeguards would be implemented to combat fraud, money laundering, and terrorism financing, ensuring the integrity of the financial system.
Source: Getty Images
Also speaking at the event, Deputy Governor for Financial System Stability, Philip Ikeazor, highlighted that the new platform would enhance communication between regulators and industry players, leading to quicker resolution of operational challenges.
He further revealed that fraud incidents dropped by 50% between 2024 and 2025, adding that the introduction of automated anti-money laundering and fraud detection systems is expected to further reduce risks across banks and payment service providers.
After recapitalisation, CBN sets another tough test
Legit.ng earlier reported that the CBN directed all deposit money banks, including major players like Access Bank, United Bank for Africa, and Zenith Bank, to conduct comprehensive stress tests starting April 1, 2026.
The results of these tests must be submitted no later than April 30, 2026, in what analysts describe as one of the most consequential regulatory deadlines in recent years.
Proofreading by Funmilayo Aremu, copy editor at Legit.ng.
Source: Legit.ng
