CBN Launches Payments Committee to Enhance Digital Economy

The Central Bank of Nigeria (CBN) inaugurated a Payments Committee to strengthen coordination and address challenges in sustaining the growth of the digital payment sector. The committee, led by CBN's Deputy Governor of Economic Policy, Dr.

Abdullahi Sani, aims to enhance policy coordination and knowledge sharing among stakeholders, including the Nigerian Communications Commission (NCC), Nigeria Deposit Insurance Corporation (NDIC), and the Securities and Exchange Commission (SEC). In 2024, Nigeria recorded 11.2 billion electronic transactions valued at over N1.07 quadrillion, marking the first time transactions exceeded the quadrillion naira threshold.

The committee will hold quarterly meetings to facilitate joint efforts in addressing challenges and positioning Nigeria competitively in the global payment space. CBN's Deputy Governor of Financial System Stability, Mr.

Philip Ikeazor, noted a 50% drop in fraud incidents for 2024-2025, with new policies to further curb financial crime. The initiative is expected to enhance financial services and promote sustainable growth in the digital economy.