The Central Bank of Nigeria has inaugurated a Payments Service Providers Committee (PSPC) as digital transactions in the country surged past N1 quadrillion, underscoring the scale and growing importance of the ecosystem to the broader economy . The committee, chaired by the CBN and co-led by the Deputy Governor for Financial System Stability, brings together all key licensed payment service providers alongside regulators including the Nigerian Communications Commission, the Nigeria Deposit Insurance Corporation, and the Securities and Exchange Commission .
Nigeria’s digital payments landscape has expanded rapidly in recent years, with more than 11.2 billion electronic transactions processed in 2024 alone, valued at over N1.07 quadrillion . The milestone marked the first time transactions crossed the quadrillion-naira threshold, with the momentum continuing through 2025 and into early 2026 . According to EnterpriseNGR’s 2026 Macroeconomic Outlook, the payments segment alone is expected to add approximately $6 billion to Nigeria’s GDP in 2026, supported by strong growth in digital payments and lending, as well as the expansion of wealthtech and insurtech services .
Speaking at the committee’s inaugural meeting in Lagos, CBN Deputy Governor for Economic Policy, Dr Muhammad Sani Abdullahi, emphasised that the rapid expansion has significant implications for inclusive growth, trade, and the broader economy . He disclosed that the CBN would, within a month, unveil a new payments system vision co-created with fintech firms, mobile money operators, and other stakeholders, outlining the trajectory of the ecosystem over the next three years .
The establishment of the PSPC addresses a long-standing gap in industry-regulator engagement. Previously, interaction between operators and regulators was often fragmented, relying on supervisory processes that could slow response times . The new framework is expected to deliver faster resolution of issues, more proactive policy development, and real-time collaboration across the ecosystem. The committee will meet quarterly to address both regulatory priorities and issues raised by market participants .
On the security front, Deputy Governor for Financial System Stability, Philip Ikeazor, reported that fraud incidents in the payments system declined by approximately 50 per cent between 2024 and 2025 . The CBN has introduced a new policy, Project Radar, which deploys automated solutions for anti-money laundering and fraud detection across banks and payment service providers . This follows a separate CBN directive issued in late March 2026 mandating banks and financial institutions to complete a mandatory Cybersecurity Self-Assessment Tool within strict deadlines three weeks for Deposit Money Banks and five weeks for other regulated institutions .
Premier Oiwoh, Managing Director and Chief Executive of the Nigeria Inter-Bank Settlement System (NIBSS), commended the CBN for the initiative, noting that the committee would deepen the development of the country’s payments ecosystem and strengthen collaboration between banks and fintech companies . “This is something the industry has been yearning for over the years, and today it has finally come to life. The ultimate beneficiaries of this initiative will be Nigerians,” Oiwoh said .
From an industry perspective, Chief Executive Officer of Enhancing Financial Inclusion and Advancement (EFInA), Foyinsolami Akinjayeju, noted that the potential of payment service providers to enhance inclusive growth is tremendous . The committee is expected to accelerate development, improve efficiency, and support innovation across Nigeria’s payment system, reinforcing the country’s position as Africa’s undisputed fintech capital .
As the CBN prepares to launch the new payments system vision, authorities are seeking to consolidate Nigeria’s leadership in digital payments over the next five to ten years . The PSPC is positioned as a critical platform for strengthening policy coordination, enhancing knowledge sharing, and ensuring that the sector continues to deliver value to the Nigerian economy while managing risks tied to fraud, anti-money laundering, and terrorism financing .
