Title: CBN Launches Payments Committee to Drive Digital Economy Growth Date Published: 03 April 2026 Description: The Central Bank of Nigeria (CBN) has inaugurated a Payments Service Providers’ Committee as part of efforts to strengthen coordination, tackle industry challenges, and sustain the rapid growth of Nigeria’s digital payments ecosystem.Speaking at the committee’s inaugural meeting in Lagos, the CBN Deputy Governor for Economic Policy, Abdullahi Sani, said the platform brings together licensed payment service providers and key regulators to enhance collaboration across the sector.Sani noted that Nigeria’s digital payments space has witnessed significant expansion in recent years, driven by increasing adoption across industries. He revealed that in 2024 alone, over 11.2 billion electronic transactions valued at more than N1.07 quadrillion were processed—marking the first time the country’s transaction value crossed the quadrillion-naira threshold.He added that the upward trend has continued into 2025 and early 2026, reflecting a fast-growing ecosystem with strong potential to boost inclusive growth and trade.According to him, the newly inaugurated committee will serve as a platform for improved policy coordination, knowledge sharing, and joint problem-solving among stakeholders.The initiative will also involve regulators such as the Nigerian Communications Commission (NCC), Nigeria Deposit Insurance Corporation (NDIC), and the Securities and Exchange Commission (SEC), who are expected to participate in quarterly engagements.Sani further disclosed that the apex bank is set to unveil a new payment systems vision within a month, designed to guide the sector over the next three years. The roadmap, he said, was developed in collaboration with fintech operators and will focus on expanding financial inclusion while strengthening safeguards against fraud, money laundering, and terrorism financing.Also speaking, the CBN Deputy Governor for Financial System Stability, Philip Ikeazor, revealed that fraud incidents dropped by about 50 percent between 2024 and 2025. He added that a new policy on automated anti-money laundering and fraud detection would soon be implemented across banks and payment service providers to further curb financial crimes.The Managing Director of the Nigeria Inter-Bank Settlement System, Premier Oiwoh, described the committee’s inauguration as a landmark development that would deepen collaboration between banks and fintech firms while improving service delivery.Similarly, the Chief Executive Officer of Enhancing Financial Innovation and Access, Foyinsolami Akinjayeju, said the platform would encourage idea exchange and help address key challenges in the ecosystem. She emphasized the need for balanced regulation that promotes innovation while ensuring sustainable and inclusive growth.Chairman of the Association of Licensed Mobile Payments Operators, Jay Alabraba, noted that stakeholders had long anticipated the initiative, expressing confidence that it would strengthen alignment and support the sector’s long-term growth.In his remarks, the CBN Director of Payment System Policy, Musa Jimoh, described the committee as a major milestone that would enhance dialogue and foster a more resilient and efficient payments system,  ultimately benefiting consumers through improved services and broader financial access. Attached Images: 39f01c9565e172e1a6fde967da3f2f17fee0524207044f98823beff544ddc479.jpg Attached Video: None