CBN To Launch New Payment System As E-Transactions Hit N1.07 Quadrillion
- The CBN will launch a new payment systems vision to guide Nigeria’s digital payments ecosystem
- It is expected to help provide direction for the digital payment system over the next three years
- Electronic transactions surged to N1.07 quadrillion in 2024 for the first time
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Central Bank of Nigeria (CBN) is set to unveil a new payment systems vision within the next month, as electronic transactions in the country surged to N1.07 quadrillion in 2024 alone.
The announcement was made by the apex bank as it outlined plans to strengthen Nigeria’s digital payments ecosystem and sustain its rapid growth over the next three years.
Source: Facebook
Deputy Governor, Economic Policy Directorate, Muhammad Sani Abdullahi who disclsoed tsaid the new framework would provide a strategic roadmap for the sector, focusing on financial inclusion, innovation and system stability.
He noted that Nigeria processed over 11.2 billion electronic transactions in 2024 alone, marking the first time transaction values crossed the quadrillion-naira threshold.
According to Abdullahi, the proposed vision was developed in collaboration with financial technology firms, mobile money operators and other payment service providers to ensure broad industry alignment.
He added that the initiative would enable more Nigerians to access digital financial services, support businesses and reduce poverty, while strengthening safeguards against fraud, money laundering and terrorism financing.
The CBN said the growth momentum in digital payments has continued through 2025 and into early 2026, reflecting the increasing role of electronic transactions in driving economic activity.
His words:
"In about a month from today, we will be launching a new payment systems vision that really outlines where we see the entire ecosystem going in the next three years. That vision has been co-created together with the financial technology players, the mobile money operators, and payment service providers across the board."
Source: Getty Images
CBN ready to tackle fraud
Also speaking, Deputy Governor, Financial System Stability Directorate, Philip Ikeazor, said fraud in the payment system had declined, dropping by 50% between 2024 and 2025.
He attributed the improvement to enhanced regulatory oversight and disclosed that the apex bank had introduced a new policy framework for automated anti-money laundering and fraud management solutions, expected to further curb financial crimes across banks and payment service providers.
NIBSS unveils offline payments to reach millions of Nigerians
Earlier, Legit.ng reported that the Nigeria Inter-Bank Settlement System is set to introduce offline payment solutions aimed at reaching millions of Nigerians who lack reliable internet access, a move expected to deepen financial inclusion and reduce exclusion from the digital payments ecosystem.
Speaking at the 2026 Chief Human Resources Officers Conference in Lagos on Friday, January 23, Ngover Nwankwo, Executive Director for Business and Products at NIBSS, said the next phase of payment innovation in Nigeria must be inclusive by design.
She explained that while digital payments are expanding rapidly, a significant segment of the population still struggles with poor connectivity, limited data access, and low digital literacy. Offline payments, she said, would help bridge that gap.
Source: Legit.ng
