The Central Bank of Nigeria (CBN) claimed it has a resilient payment system that is more than ready for the African Continental Free Trade Agreement.
This was highlighted by the Director, payment system, and management department of the CBN, Mr Musa Jimoh, in an ongoing town hall meeting for the AfCFTA.
According to the Director, Nigeria plans to become the hub for payment in Africa, and it requires a resilient payment infrastructure, which Nigeria already has. He also stated that Nigeria was recently ranked first in terms of payment system amongst its African peers.
Recall that the Nigerian Government last 2020, ratifies the country’s membership of the African Continental Free Trade Area Agreement created for a single continental market for goods and services, with free movement of business and investments across the African region.
Mr. Jimoh reiterated Nigeria’s capacity to be at the forefront of payment services in the AfCFTA agreement compared to other African countries and also highlighted that the Nigerian fintech space will be allowed to process transactions seamlessly.
