The Central Bank of Nigeria (CBN) is set to deploy artificial intelligence (AI) and other emerging technologies to combat payment fraud and strengthen the country’s rapidly expanding digital payments ecosystem under its Nigeria recently released roadmap for the payments sector, reflects growing efforts to address rising cyber threats and bolster confidence in digital financial services as electronic transactions continue to surge nationwide.
According to the CBN, AI will play a central role in enhancing fraud detection, transaction monitoring and regulatory compliance, while improving efficiency across payment platforms.
The initiative aligns with the bank’s “Innovation with Purpose” strategy, which seeks to harness technology to drive convenience, security and competitiveness in Nigeria’s financial system.
The CBN noted that despite significant growth in digital payments, the sector remains vulnerable to cyberattacks, identity theft, phishing schemes, unauthorised transactions and other forms of financial fraud that threaten consumer trust and financial inclusion.
To tackle these challenges, the bank said PSV 2028 will prioritise cybersecurity and fraud management through the deployment of advanced monitoring systems and industry-wide collaboration. Planned measures include the establishment of a Security Operations Centre and a national fraud intelligence-sharing platform to improve threat detection and coordinated responses across the financial sector.
The vision also outlines plans to explore blockchain technology, programmable payments and shared infrastructure for fraud detection, risk intelligence and regulatory compliance. Industry-wide cyber performance monitoring frameworks are also expected to be introduced.
Beyond fraud prevention, the CBN said AI-powered tools will support customer service, automate operational processes and strengthen oversight through RegTech and SupTech solutions.
With electronic payment transactions exceeding N1.2 quadrillion in 2025, the CBN said the adoption of AI and related technologies is critical to building a secure, resilient and globally competitive payments ecosystem.
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