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World-Class! Nigeria’s Payment System Competes with the Best – Central Bank Reveals
The Central Bank of Nigeria has declared the country’s instant payment system as one of the most advanced globally, citing years of reforms and innovation that have reshaped the nation’s financial landscape.....KINDLY READ THE FULL STORY HERE▶
Director of Payments System Policy at the CBN, Mr Musa Jimoh, made this known on Thursday during the FintechNGR Quarter Two Regulators’ Forum Webinar, themed “Beyond Compliance: Unlocking Innovation with Nigeria’s Open Banking Framework.”
According to Jimoh, Nigeria’s payment ecosystem has evolved significantly, fuelled by a blend of fintech innovation, progressive regulation, and shifting consumer behaviour.
“Our payments happen within seconds, and that’s a very big one for Nigeria as a country,” he said, describing the instant payment system as a reflection of the country’s drive for innovation and financial inclusion.
The forum, which brought together key players in the financial technology space, explored the potential of open banking to deepen financial services and promote collaboration among institutions.
Jimoh noted that the CBN had made deliberate efforts over the years to modernise Nigeria’s financial system, starting as far back as 2006 when it first inaugurated a national payment system vision.
“The journey of payment system development in Nigeria has been long. It started about 2006 when the CBN inaugurated its first payment system vision. The objective was to prepare a roadmap for the development of the payment system in Nigeria,” he said.
One of the pivotal moments, he explained, came in 2010 when the apex bank mandated a switch from magnetic stripe cards to chip-and-PIN cards, a move that led to the widespread adoption of more secure EMV payment cards.
“This was a major turning point for Nigeria,” he noted.
Jimoh traced further developments in the ecosystem to regulatory interventions such as Know Your Customer protocols, mobile banking, agent banking, mobile money, and the cashless policy.
Today, Nigeria has over 160 different licenses granted to institutions for financial and payment services,” he revealed, adding that financial institutions and switching companies had also upgraded their infrastructure to handle increasing transaction volumes.
He also cited the biometric-based Bank Verification Number as a landmark policy that enabled secure customer identity across platforms.
Touching on the relevance of open banking, Jimoh said it had the potential to boost innovation by enabling developers to build new financial products using customer-permissioned data held by banks.
“Banks are holding onto vast amounts of data that could be leveraged to develop innovative financial products and services. The CBN believes that open banking can help address this challenge by allowing developers to access bank data and create innovative financial products and services. The data must be permissioned, and the customer must give consent before it can be used,” he said.
However, he acknowledged that challenges remain in the implementation of open banking, particularly around the standardisation of APIs and cybersecurity.
To address these, Jimoh said the CBN had set up specialised workstreams focused on solving technical and policy issues surrounding open banking.
“The CBN aims to create an environment where openness, inclusiveness, and innovation drive national economic resilience and prosperity. With a robust regulatory framework, standardised API, and collaboration among stakeholders, open banking could transform Nigeria’s financial landscape,” he said.
Jimoh concluded by reiterating the central bank’s commitment to working with the private sector and regulators to advance innovation and deepen access to financial services across Nigeria.
“The CBN has released regulations and guidelines on open banking and established a regulatory sandbox to support innovation,” he added.
Nigeria Customs Service (NCS) has recorded a historic breakthrough with the emergence of its first female pilot, Superintendent of Customs Nafisat Balogun, who recently earned a commercial multi-engine pilot licence in the United States.....KINDLY READ THE FULL STORY HERE▶
The achievement was celebrated by the Nigeria Customs Technical Hangar Service, marking a significant step in the agency’s drive to strengthen its aviation capacity for surveillance, logistics, and anti-smuggling operations.
At a ceremony attended by senior officers, the Managing Director of the Customs Technical Hangar Service, retired Comptroller of Customs Capt. Kuhi Mbaya, described the development as a landmark moment for the service.
He said Balogun’s transition from cabin crew to certified commercial pilot represents a major breakthrough for the Customs aviation unit and highlights the agency’s commitment to professional growth and inclusivity.
He added that the milestone reflects expanding opportunities within the Service as it continues to integrate air assets into its enforcement and border monitoring operations.
Balogun expressed gratitude for the support she received, noting that her journey required dedication and resilience, while pledging to apply her new skills in advancing the Customs mandate with professionalism and discipline.
The development has been widely described within the Service as an inspiration for greater female participation in technical and specialised roles.
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Osun 2026: APC Candidate Oyebamiji Pledges Inclusive Governance For Non-Indigenes, Interest Groups.
The All Progressives Congress (APC) governorship candidate in Osun State, Asiwaju Bola Oyebamiji (AMBO), has pledged to ensure inclusive governance by integrating non-indigenes and various interest groups if elected in the August 15, 2026 governorship election.....KINDLY READ THE FULL STORY HERE▶
He said his administration would operate a structured system that promotes participation and representation of all segments of society in governance.
The pledge was conveyed by a former lawmaker and ex-Special Adviser on Civic Engagement, Hon. Olatunbosun Oyintiloye, after he represented the candidate at an engagement with members of the Arewa community in Ibokun, Obokun Local Government Area.
Oyintiloye said the plan is aimed at strengthening the link between government and grassroots communities, ensuring public policies reflect citizens’ real needs.
He added that all groups would be actively involved in both policy formulation and implementation to drive development in the state.
Oyebamiji also promised continued engagement with farmers, traders, artisans, and non-indigene communities as key stakeholders in governance.
Responding, leaders of the Arewa community commended past inclusion efforts and pledged support for the APC candidate ahead of the election.
Barely a year after its inauguration in Akwa Ibom State, the African Democratic Congress (ADC) has been plunged into a deep factional crisis.....KINDLY READ THE FULL STORY HERE▶
Multiple factions are now locked in a struggle for control of the party, leaving members uncertain about the legitimate leadership structure.
One faction is led by John Akpanudodehe, a former National Secretary of the All Progressives Congress (APC), while another is headed by the embattled state chairman, Dick Duke.
Although the leader of a third faction could not be immediately confirmed, findings indicate that another group also exists within the party.
Sources further suggest that the Akpanudodehe-led faction is seeking to remove the current chairman through a recently held congress that has sparked controversy.
In response, Dick Duke convened a stakeholders’ meeting over the weekend, where he rejected the legitimacy of the said congress.
He said the party had formally written to the Independent National Electoral Commission (INEC) to distance itself from the exercise, citing a subsisting court order.
According to him, his tenure as state chairman is still valid until May, and any congress conducted before then would be unlawful.
Duke added that the party would only proceed with proper congresses after the expiration of his tenure and the resolution of legal issues, in line with due process.
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