The Central Bank of Nigeria (CBN) has said that the establishment of the Payment Service Providers Committee (PSPC) will lead to significant growth in the country’s digital payment system.
Deputy Governor, Economic Policy Directorate, at the apex bank, Dr Muhammad Sani Abdullahi, who stated this, while speaking with journalists at the end of the inaugural meeting of the committee in Lagos, on Thursday, said that the move is aimed at boosting coordination and innovation within the nation’s burgeoning digital payment system.
He disclosed that the committee, which is chaired by the CBN, brings together key licensed payment service providers alongside regulators to strengthen collaboration and address industry challenges.
Specifically, he stated that the committee includes representatives from key regulatory bodies such as the Nigerian Communications Commission (NCC), Nigeria Deposit Insurance Corporation (NDIC), and the Securities and Exchange Commission (SEC), which will meet quarterly with industry operators.
He noted that Nigeria’s digital payment landscape has witnessed significant growth in recent years, with over 11.2 billion electronic transactions valued at more than N1.07 quadrillion recorded in 2024, marking the first time transactions crossed the quadrillion-naira threshold.
“The momentum has continued in 2025 and into the first few months of 2026,” the CBN Deputy Governor pointed out that the rapid expansion of the digital payment system has significant implications for growth in Nigeria, for inclusive growth, for trade, and other significant positives for the country, he said.
According to him, the inauguration of the committee had become imperative to reinforce policy coordination, facilitate knowledge sharing and promote collective problem-solving between regulators and industry players.
Abdullahi, who said that the CBN wanted to ensure that, “over the next five to 10 years, Nigeria maintains its leadership in the payment systems space and continues to deliver more value to the economy,” announced that the apex bank would, within a month, unveil a new payment systems vision, developed in collaboration with fintech firms, mobile money operators, and other stakeholders, that would outline the trajectory of the ecosystem over the next three years,.
He emphasised that the initiative would drive inclusive growth, expand access to digital financial services, and support efforts to curb fraud, money laundering, and terrorism financing, while sustaining financial system stability.
Also speaking, Deputy Governor, Financial System Stability Directorate at the CBN, Philip Ikeazor, said fraud incidents declined by 50 per cent between 2024 and 2025, noting that the apex bank’s new policies on automated anti-money laundering and fraud detection systems would further reduce risks across the sector.
He described the committee as a long-awaited platform that would eliminate delays in engagement between operators and regulators.
“In the past, companies had to wait a significant amount of time to interface with the central bank. Today, we now have a platform that brings everyone together, removing the bottleneck of coordination and enabling faster development in the payment systems space,” Ikeazor said.
The Chief Executive Officer of Enhancing Financial Inclusion and Advancement (EFInA), Foyinsolami Akinjayeju, who also spoke with journalists at the end of the meeting, described the event as an important step towards balancing regulation with innovation. She said the committee would ensure that innovation is not stifled while promoting inclusive and sustainable growth through expanded access and strengthened trust in the system.
Similarly, the Managing Director and Chief Executive Officer of the Nigeria Inter-Bank Settlement System (NIBSS), Premier Oiwoh, described the inauguration of the committee as “historic,” noting that it would deepen partnerships between banks and fintechs and position Nigeria more strongly on the global financial services landscape.
Echoing Oiwoh, the Chairman of the Association of Licensed Mobile Payment Operators (ALMPO), Jay Alabraba, said the committee would foster collaboration and support sustained growth in the sector.
In the same vein, the Director, Payment System Policy Department at the CBN, Musa Jimoh, said the inauguration marked a major milestone in Nigeria’s payment system development, noting that the committee would enhance dialogue among stakeholders, thereby leading to a more resilient and efficient system.
He pointed out that the ultimate beneficiaries of the initiative would be Nigerian consumers, as improved collaboration would drive better service delivery and broader access to financial services.
