The Central Bank of Nigeria’s ambition to transform its payment ecosystem through biometric-driven and “invisible” transactions may redefine how millions of citizens pay for goods and services, but the bank has warned that the country’s preparedness on data privacy, identity management and consumer protection will determine whether the initiative succeeds.
This was highlighted in the Nigeria Payments System Vision 2028, a strategic roadmap designed to build a secure, innovative and inclusive payments ecosystem.
Recall that the bank recently launched the Payments System Vision 2028 to build on Nigeria’s progress in digital payments and provide a roadmap for developing a payment ecosystem that is secure, resilient, inclusive, and globally competitive.
The Governor of the Central Bank of Nigeria, Mr Olayemi Cardoso, at the event, said an efficient payment system remains one of the fastest ways to lift millions of Nigerians out of poverty, as the apex bank unveiled the Nigeria Payments System Vision 2028.
According to him, “One of the fastest ways to take a large number of people out of poverty is through an efficient payments system. It’s through an efficient payment system. So let us not look at it lightly.”
