CBN to prioritize Open Banking, Contactless Payments, and Regulatory Sandbox in 2025

The Central Bank of Nigeria (CBN) has outlined key initiatives for 2025 aimed at advancing the country’s financial services sector.

Speaking at the Bankers’ Committee Annual Dinner held on November 29, 2024, CBN Governor Olayemi Cardoso revealed plans to implement the open banking framework, promote contactless payment systems, and expand the regulatory sandbox.

These initiatives, he noted, are central to deepening financial inclusion and enhancing Nigeria’s payment ecosystem.

Open Banking : Cardoso highlighted the implementation of the open banking framework as a top priority for the coming year.

Advancing Contactless Payments: As part of its vision for a more seamless payment system, the CBN plans to advance contactless payment solutions in 2025.

Regulatory Sandbox for Innovation: Cardoso also announced plans to expand the CBN’s regulatory sandbox, a controlled environment where fintech companies can test innovative products under the supervision of the regulator.

The CBN will also issue revised guidelines for agency banking, a critical tool in extending financial services to underserved and rural communities. Cardoso explained that these updates are aimed at enhancing the operational efficiency and security of agency banking networks, ensuring they remain a reliable channel for financial inclusion.

The outlined initiatives align with the CBN’s broader vision of fostering a modern, resilient, and inclusive financial system. By prioritizing innovation, regulatory advancements, and infrastructure upgrades, the apex bank seeks to position Nigeria as a leader in digital finance within Africa.