Nigerian payment system has attracted $700m in 5years — CBN

CBN says $700 million has been invested into the country’s payment system by Nigerian founders between 2015 and 2020.

Godwin Emefiele disclosed this at the 2021 annual Bankers’ Committee retreat in Lagos, which held with the theme, ‘Building Resilience for Economic Growth.’

He stated that the apex bank is focused on building a robust payment system in Nigeria which is cheap, fast, efficient, and safe.

The CBN Governor said, “With the growing pace of digitization globally, we will continue to leverage digital channels in fulfilling this objective. Reflective of the confidence in our payment system, between 2015 and 2020, about $700 million has been invested in firms run by Nigerian founders.”

Mr Emefiele praised the success of its CBDC, the eNaira. He said, “As the first central bank digital currency in Africa and one of the first in the world, the eNaira will foster greater financial inclusion using digital channels, support cross-border payments for businesses and firms, and provide a reliable channel for remittance inflows into the country.

“The eNaira will ensure that Nigerians in remote areas can conduct financial activities using their digital devices at little or no cost.”

He added, “The CBN is focused on building a robust payment system in Nigeria which is cheap, fast, efficient, and safe.”

He also announced plans by the CBN to float an international financial centre, saying, “The CBN is to mobilise international capital and support growth in key sectors, the CBN is establishing the NIFC.

“This will enable access to large pools of cheap investment capital.

“The NIFC will serve as a hub for attracting domestic and external capital to strengthen our post-COVID economy and will help to position Nigeria as a key destination for investment in Africa.”