The Central Bank of Nigeria has set up a new committee to improve coordination among digital payment service providers. At the inaugural meeting in Lagos, Deputy Governor Dr Abdullahi Sani highlighted the sector's rapid expansion, noting that over 11.2 billion electronic transactions worth more than N1.07 quadrillion were processed in 2024 alone. He said this marked the first time transactions crossed the quadrillion-naira mark, signaling strong momentum into 2025 and early 2026. The committee brings together licensed providers and regulators including the NCC, NDIC and SEC, with plans for quarterly meetings to address challenges and strengthen Nigeria's position in global payments.
Deputy Governor Mr Philip Ikeazor reported a 50 per cent drop in fraud incidents between 2024 and 2025, attributing this to tighter controls. A new automated anti-money laundering and fraud detection policy will soon be rolled out across banks and payment providers. Nigeria Inter-Bank Settlement System MD Mr Premier Oiwoh called the initiative historic, saying it would deepen collaboration between banks and fintechs. Enhancing Financial Innovation and Access CEO Mrs Foyinsolami Akinjayeju stressed the need for regulation that balances innovation with inclusive growth.
Dr Abdullahi Sani's reference to N1.07 quadrillion in transactions exposes how Nigeria's digital economy now operates at a scale that demands flawless execution. The CBN's push for a new three-year vision within a month suggests urgency, but without enforceable penalties for laggards, the risk is that this becomes another policy document rather than a game-changer. Fraud dropping by half is progress, yet the new AML policy must prove it can outpace criminals who adapt faster than regulators. For Nigerians relying on seamless payments, the committee's success hinges on whether regulators can move from talk to tangible safeguards.
