The Central Bank of Nigeria (CBN) has said the evolution of blockchain technology and other payment system disruptions is set to revise its 10-year Payment Systems Vision (PSV2030) strategy to five years, as PSV2025.
The Director, Payments Systems Management Department, Mr. Musa Itopa Jimoh, revealed this at FirstBank’s FinTech Summit 4.0 where stakeholders gathered to discuss ‘How Blockchain and Artificial Intelligence will Disrupt FinTech in Nigeria’.
He also said the apex bank was working on breaking down licences for operators in the financial technology sector to allow small players in the industry access into the market as it works on harmonising data in the financial sector and other initiatives that would deepen the payment systems framework in Nigeria.
“What we are proposing is to have a 5-year strategy which would then call PSV2025. And once we get approval for this, we would be looking at initiatives for the next five years.”
On his part, the Chief Executive Officer of FirstBank, Dr. Adesola Adeduntan, said: “You are aware of the first bank digital lab where we try to create new digital experiences, enhancing new channels and products as well as leveraging between fintech and non-fintech within the eco system for co-innovation.
“The sudden emergence of covid-19 has provided a ready canvass for stretching our fintech readiness and exploit. First bank has been demonstrating outstanding readiness in this important space.”
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