The Central Bank of Nigeria (CBN) has announced key initiatives for 2025 that are set to transform the country’s financial services sector. In a speech at the Bankers’ Committee Annual Dinner on November 29, 2024, CBN Governor Olayemi Cardoso outlined plans to focus on implementing open banking, promoting contactless payments, and expanding the regulatory sandbox.
These initiatives are central to deepening for enhancing financial inclusion and boosting Nigeria’s payment ecosystem. Cardoso emphasized that in 2025, the CBN will prioritize the implementation of the open banking framework, the advancement of contactless payment systems, and the expansion of the regulatory sandbox.
“In 2025, we will prioritize initiatives including implementing our open banking framework, advancing contactless payment systems, and expanding our regulatory sandbox.
Additionally, we will issue revised guidelines for agency banking and continue to strengthen electronic payment channels.” Cardoso said
The implementation of open banking is expected to drive innovation and create new opportunities in the fintech industry by allowing secure sharing of financial data between banks and third-party service providers. Additionally, the promotion of contactless payment solutions aims to align with global trends and enhance the customer experience, especially among Nigeria’s tech-savvy population.
Furthermore, the expansion of the regulatory sandbox will provide a controlled environment for fintech companies to test innovative products under CBN supervision, fostering experimentation in areas such as blockchain and digital currencies. The CBN also plans to strengthen electronic payment channels to support a cashless economy and enhance resilience against cyber threats.
In addition to these initiatives, the CBN will issue revised guidelines for agency banking to improve operational efficiency and security, ensuring continued financial inclusion for underserved communities.
