Stark Raven

Banking & Finance

CBN Unveils Payment System Vision 2028, Targets 95% Financial Inclusion

The Central Bank of Nigeria (CBN) has launched its Payment System Vision (PSV) 2028, outlining a strategic roadmap aimed at achieving 95% financial inclusion by 2028 while strengthening Nigeria's digital payments ecosystem.

The framework focuses on expanding access to formal financial services, improving payment infrastructure, enhancing cybersecurity, and reducing fraud across the financial system. It also seeks to increase the adoption of digital payment channels, particularly among underserved populations and small businesses.

According to the CBN, the initiative will leverage emerging technologies, regulatory innovation, and stakeholder collaboration to create a more inclusive and efficient financial ecosystem. The strategy builds on previous efforts under the National Financial Inclusion Strategy and reflects the regulator's commitment to accelerating digital transformation within the financial services sector.

For financial institutions, fintech companies, payment service providers, and investors, the Vision provides an indication of the regulatory priorities likely to shape the sector over the next several years. Key areas expected to receive increased attention include cybersecurity governance, payment system resilience, consumer protection, interoperability, and fraud prevention.

The initiative is also expected to support broader economic objectives by facilitating greater participation in the formal economy and promoting financial access for individuals and businesses across Nigeria.

Banking & Finance

June 10 Deadline Approaches for CBN AML Implementation Plans

Banks, fintech companies, mobile money operators, payment service providers, and International Money Transfer Operators (IMTOs) are approaching the Central Bank of Nigeria's June 10 deadline to submit implementation plans for the newly introduced Automated Anti-Money Laundering (AML), Counter-Terrorism Financing (CTF), and Counter-Proliferation Financing (CPF) framework.

The framework establishes baseline standards for automated compliance systems and forms part of the regulator's broader efforts to strengthen financial crime prevention across Nigeria's financial services sector.

Under the new standards, regulated institutions are expected to deploy automated monitoring tools capable of identifying suspicious transactions, conducting customer risk assessments, generating alerts, and supporting regulatory reporting obligations. The framework also places greater emphasis on technology-driven compliance and continuous monitoring.

The implementation deadline represents a significant milestone for regulated entities, many of which are currently assessing technology requirements, governance structures, and operational processes needed to meet the new standards.

Beyond compliance, the initiative signals the CBN's increasing focus on risk-based supervision and digital regulatory oversight, reflecting global trends in financial crime prevention and regulatory technology adoption.

For boards, compliance teams, and senior management, the framework introduces heightened expectations regarding governance, accountability, and ongoing monitoring of AML controls.

Telecoms & Technology

NCC Seeks Stakeholder Input on New MVNO Operating Framework

The Nigerian Communications Commission (NCC) is currently engaging industry stakeholders on a proposed operating framework for Mobile Virtual Network Operators (MVNOs), a development that could significantly influence competition and market structure within Nigeria's telecommunications sector.

MVNOs operate by providing mobile services to customers using infrastructure owned by existing network operators. The proposed framework is expected to clarify operational requirements, infrastructure-sharing arrangements, licensing obligations, and commercial relationships between MVNOs and host network providers.

The consultation process forms part of the NCC's broader efforts to promote innovation, encourage market participation, and expand access to telecommunications services across the country.

Industry stakeholders are closely monitoring the framework due to its potential impact on market entry, investment opportunities, and service delivery models. The final rules may also influence commercial negotiations between operators and shape the competitive dynamics of Nigeria's telecom sector.

For investors and telecommunications companies, the consultation presents an opportunity to engage with regulators and contribute to the development of a framework that balances competition, investment protection, and consumer interests.

The outcome of the process is expected to play a key role in determining how MVNOs integrate into Nigeria's evolving digital economy.

Aviation & Transport

NCAA Accelerates Digital Transformation of Aviation Regulation

The Nigeria Civil Aviation Authority (NCAA) is advancing efforts to modernise aviation regulation through the deployment of digital systems designed to improve licensing, certification, compliance monitoring, and regulatory administration.

The initiative forms part of a broader digital transformation strategy aimed at improving operational efficiency, enhancing regulatory oversight, and reducing administrative bottlenecks within the aviation sector.

Recent deployments include systems designed to streamline licensing processes, improve record management, and facilitate more efficient interactions between the regulator and industry stakeholders. The NCAA has indicated that these reforms are intended to support faster processing times, improved transparency, and more effective regulatory supervision.

For airlines, aviation service providers, and other sector participants, the move signals a shift toward more technology-driven regulation and compliance management. Digitalisation is also expected to improve data accuracy, strengthen oversight capabilities, and support more responsive regulatory decision-making.

As aviation regulators globally continue to adopt digital tools to improve safety and operational governance, the NCAA's initiatives position Nigeria's aviation sector within broader international trends focused on regulatory modernisation and efficiency.

The development underscores the increasing role of technology in aviation governance and the importance of digital infrastructure in supporting effective regulatory oversight.