Nigeria’s Payment System Ranked Among World’s Best

The Central Bank of Nigeria (CBN) has highlighted the country’s instant payment system as a model of excellence globally.

According to ensure the country’s financial landscape is at the forefront of innovation and financial inclusion. According to Musa Jimoh, Director of Payments System Policy at the CBN, the country’s payment ecosystem has undergone significant evolution, driven by fintech innovation, progressive regulation, and changing consumer behavior.

The CBN has been working to modernize Nigeria’s financial system since 2006, when it first introduced a national payment system vision. One of the key milestones was the introduction of chip-and-PIN cards in 2010, which enhanced the security of payment transactions.

Jimoh emphasized the importance of open banking in promoting innovation and deepening financial services. By allowing developers to access customer-permissioned data, open banking can facilitate the creation of new financial products and services.

However, he acknowledged the need to address challenges around API standardization and cybersecurity.

The CBN has established specialized workstreams to tackle these issues and is committed to collaborating with the private sector and regulators to advance innovation and financial inclusion. With over 160 licenses granted to institutions for financial and payment services, Nigeria’s financial sector is poised for further growth and development.