CBN Drives E-Payment Modernization for Cybersecurity and Financial Stability in Nigeria

The Central Bank of Nigeria (CBN) is spearheading e-payment modernization efforts to enhance cybersecurity and financial stability in Nigeria. With over 12 million contactless payment cards in circulation, CBN has introduced a regulatory sandbox to facilitate safe experimentation by 40 fintech innovators.

Tightening anti-money laundering controls and enhancing consumer protection are key focus areas. Governor Olayemi Cardoso highlighted Nigeria's progress in becoming a leading digital payment market in Africa, with a dynamic fintech ecosystem.

The CBN's initiatives aim to ensure the safety and security of Nigeria's e-payment space while promoting digital channel leverage for enhanced accessibility.