CBN advances digital economy agenda despite implementation hurdles

As Nigeria’s journey towards a cashless economy gains momentum, the central bank has continued to unveil a sweeping set of reforms aimed at reshaping the structure of the country’s fast-growing digital payments ecosystem.
The recent one is the introduction of market structure requirements, data localisation, ultimate beneficial ownership disclosure and systemic oversight measures in the country’s payment system.
According to a circular signed by the Director, Payment System Supervision Department, Rakiya Yusuf, the policy is designed to strengthen financial stability, promote competition, and improve transparency.
However, it also raises concerns about compliance costs, operation...