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ABUJA – The Central Bank of Nigeria (CBN) is moving to establish a Payment Security Operations Centre that will provide real-time monitoring of the country’s rapidly expanding digital payment ecosystem, detect cyber threats and coordinate swift responses to financial crimes in collaboration with banks, fintechs, payment operators and law enforcement agencies.
The initiative, which Daily Independent gathered is a key pillar of the newly launched Payment System Vision (PSV) 2028, underscores the growing concern of the apex bank that the extraordinary expansion of electronic payments is creating a correspondingly larger target for cybercriminals and fraudsters.
The proposed centre is expected to become a central component of Nigeria’s emerging payment-security architecture, bringing stakeholders together to monitor payment activities, identify suspicious transactions, investigate cyber threats and facilitate rapid responses to security incidents.
The move comes as Nigeria’s digital payment ecosystem reaches unprecedented levels, with the value of digital payment transactions hitting about N1.2 quadrillion (around $880.51 billion) by the end of 2025, compared with approximately N395 trillion in 2022.
At the same time, active Point-of-Sale (PoS) terminals have climbed to 5.9 million, while financial inclusion has risen to 74 percent. The CBN has set a target of 95 percent financial inclusion by 2028.
For the apex bank, however, the phenomenal growth of digital finance comes with a major challenge: how to ensure that the systems facilitating increasingly large volumes of transactions remain secure, resilient and trusted by consumers.
The CBN has acknowledged that technology does not only accelerate transactions; it can also accelerate the scale and speed of financial losses when systems are compromised.
“What happens with technology and innovation is that it increases the velocity of the losses,” the regulator explained, highlighting the potentially greater financial consequences of attacks on electronic payment systems compared with traditional payment channels.
Security Becomes Core Of Payment Reform
The proposed Payment Security Operations Centre is therefore being positioned as part of a fundamental shift in the CBN’s approach to payment infrastructure.
Rather than leaving security largely to individual financial institutions and payment operators, the new framework seeks to create stronger coordination across the entire ecosystem.
Under the arrangement, banks, fintech companies, payment service providers, regulators and law enforcement agencies would work within a coordinated security framework capable of identifying threats and responding to them more rapidly.
The initiative is particularly significant as Nigeria increasingly moves towards a cash-light economy, with digital channels becoming central to retail transactions, business payments, government disbursements and financial services.
The CBN believes that safeguarding the payment infrastructure is critical to maintaining public confidence and ensuring that the rapid digitalisation of the economy does not expose consumers and businesses to disproportionate financial and cyber risks.
The security architecture is also expected to contribute to the CBN’s target of achieving 99.999 percent system availability by 2028 while reducing transaction failures to virtually zero.
‘Security By Design’ Takes Centre Stage
The Payment Security Operations Centre forms part of the wider Payment System Vision 2028, which officially took effect on June 1, 2026, under the theme, ‘Empower People, Connect Markets and Grow the Economy.’ Unlike earlier payment- system roadmaps, the new three-year framework places cybersecurity and resilience at the heart of payment infrastructure development.
The CBN is adopting what it describes as “security by design”, meaning that security considerations must be incorporated into payment products and infrastructure from the development stage rather than being treated as an afterthought.
The approach could have significant implications for banks, fintechs and other payment operators, as new innovations will increasingly be expected to meet security and resilience requirements before being deployed at scale.
The regulator is also pushing for full interoperability among payment service providers, allowing different payment platforms to communicate seamlessly while maintaining robust security standards.
The CBN believes that achieving this objective will require closer cooperation among financial institutions, fintech companies, payment operators, regulators and security agencies.
Digital Payments Surge Raises Stakes
The urgency of the initiative is underscored by the sheer scale of Nigeria’s digital payment growth. From approximately N395 trillion in transaction value in 2022, digital payments surged to N1.2 quadrillion by the end of 2025.
The expansion has been supported by the rapid deployment of PoS terminals, mobile and internet banking, fintech platforms, instant payment systems and other digital financial services.
Financial inclusion has also expanded to 74 percent, with the CBN targeting 95 percent by 2028. But the same infrastructure that brings millions of Nigerians into the formal financial system also increases the potential reach of cybercriminals.
A successful attack on a major payment platform can potentially affect thousands or millions of users within a short period, making speed of detection and coordinated response increasingly important.
This is the risk the proposed security operations centre seeks to address.
CBN Targets 80% Digital Payment Adoption
Beyond security, PSV 2028 sets out a broader ambition to transform Nigeria into a more interconnected, digitally driven payment economy.
The CBN is targeting digital payment adoption by 80 percent of Nigerian adults, while simultaneously strengthening consumer protection and financial literacy.
The roadmap also prioritises stronger cross-border payment infrastructure, emerging technologies such as artificial intelligence, open banking and greater interoperability among payment systems.
Another major objective is to position Nigeria as Africa’s leading regional payment and settlement hub.
The CBN plans to deepen regional integration through initiatives such as the Pan-African Payment and Settlement System (PAPSS), while promoting greater interoperability between payment systems across African markets.
If successfully implemented, the strategy could reduce friction in cross-border transactions, improve payment efficiency and strengthen Nigeria’s position in Africa’s emerging digital financial ecosystem.
Three-Year Roadmap Reflects Faster Technology Cycle
The decision to limit PSV 2028 to three years also reflects the rapid pace of technological change and the increasing sophistication of financial crime.
The CBN noted that the Payment System Vision 2020 remained operational for more than a decade, while PSV 2025 covered five years.
The shorter lifespan of PSV 2028 is intended to allow the regulator to respond more quickly to emerging technologies, new business models and evolving cyber threats.
This is particularly relevant as artificial intelligence, open banking, digital identity, embedded finance and other innovations reshape how Nigerians access and transfer money.
For the CBN, the challenge is therefore no longer simply to make payments faster, cheaper and more accessible. It is to ensure that speed and convenience do not come at the expense of security.
Trust Becomes Critical To Digital Finance Growth
The proposed Payment Security Operations Centre ultimately represents a recognition that the next phase of Nigeria’s digital payment revolution will depend as much on trust as on technology.
With transaction values already running into the quadrillions of naira and millions of Nigerians increasingly dependent on electronic payment channels, a major disruption or widespread fraud incident could have consequences extending beyond individual consumers to businesses and the broader economy.
The CBN’s emphasis on security by design, system resilience, interoperability and coordinated incident response therefore marks a significant evolution in Nigeria’s payment-system strategy.
The success of PSV 2028 will be measured not only by how quickly Nigerians can send and receive money, or how many people are brought into the digital financial system, but also by how confidently they can use it.
By placing the proposed Payment Security Operations Centre at the centre of its new payment architecture, the CBN is sending a clear message: as Nigeria’s digital payments economy grows, protecting the system has become as important as expanding it.
