CBN reassures Nigerians on banks stability, unveils new payment systems committee
The Central Bank of Nigeria on Thursday assured the public that Union Bank, Keystone Bank, and Polaris Bank have the capacity to meet minimum recapitalisation requirements and are actively raising the necessary funds.
Director of Banking Sector Supervision at CBN, Olubukola Akinwunmi, emphasised that customers can continue banking normally, stating that the banks are fully operational and monitored closely.
He highlighted Nigeria’s Capital Adequacy Ratios (CAR) as a key measure ensuring banks have sufficient capital to absorb lending risks, noting that Nigerian banks exceed international Basel standards, with domestic and regional banks maintaining a 10 per cent CAR and internationally authorized banks at 15 per cent.
Akinwunmi also underscored stress testing, which simulates potential shocks to banks’ loan portfolios to ensure proactive capital management.
He stressed that Nigeria’s banks have remained resilient through global and domestic shocks, including the 2024–2025 supply chain disruptions and conflicts such as the US-Iran war.
In a move to strengthen digital finance, the CBN inaugurated a high-level Payment Service Providers Committee to enhance regulatory coordination, accelerate reforms, and address bottlenecks in Nigeria’s digital payments ecosystem.
The committee, led by CBN Governor Olayemi Cardoso, includes regulators such as the Nigerian Communications Commission, Nigeria Deposit Insurance Corporation, and the Securities and Exchange Commission, alongside licensed payment operators.
Deputy Governor, Economic Policy Directorate, Muhammad Sani Abdullahi, noted the committee will meet quarterly to deliberate emerging issues, with plans to unveil a new three-year payment systems vision next month.
He highlighted the growth of digital payments, which in 2024 processed over 11.2 billion transactions worth N1.07 quadrillion, crossing the quadrillion-naira threshold for the first time.
The initiative also focuses on financial integrity and risk management. Deputy Governor, Financial System Stability, Philip Ikeazor, announced new automated anti-money laundering and fraud control policies, aimed at further reducing fraud incidents.
Industry stakeholders, including Premier Oiwoh and Jay Alabraba, welcomed the move, emphasizing its potential to boost collaboration, financial inclusion, and Nigeria’s global positioning in digital finance.
The CBN’s combined efforts reinforce confidence in the stability of Nigeria’s banking sector while shaping the country’s rapidly evolving digital payments ecosystem.
