The Central Bank says Nigeria’s instant payment system ranks among the world’s most advanced, citing years of reforms and innovation.
The Central Bank of Nigeria (CBN) has described the country’s instant payment system as one of the most advanced globally, citing nearly two decades of reforms and innovation.
Mr. Musa Jimoh, Director of Payments System Policy at the CBN, made this known during the FintechNGR Q2 Regulators’ Forum Webinar. He noted that “our payments happen within seconds,” calling it a major achievement for Nigeria’s financial landscape.
Jimoh traced the evolution of the system to policies dating back to 2006, including EMV card adoption, Know Your Customer (KYC) regulations, agent banking, and mobile money.
He also highlighted Nigeria’s biometric Bank Verification Number (BVN) and the over 160 licenses issued to financial service providers as signs of progress.
Speaking on open banking, Jimoh said it offers “vast potential for innovation” using customer-consented bank data. However, he acknowledged challenges like standardised APIs and cybersecurity.
The CBN, he said, is committed to creating an inclusive and innovative financial ecosystem through regulations, collaboration, and a regulatory sandbox.