The federal government has applied for a $10.5 million loan from the World Bank to enhance the Central Bank of Nigeria’s, CBN, technical capacity and upgrade the country’s domestic payment infrastructure.
According to details from the Bretton Wood, United State-based financial institution, the proposed CBN Technical Assistance Facility will integrate advanced technologies and data science into the bank’s supervisory processes.
This intervention, which is part of the CBN Technical Assistance Facility, will focus on integrating innovative technologies and data science into the CBN’s supervisory processes.
The fund is expected to help address both long-standing and emerging challenges in Nigeria’s financial sector while improving the infrastructure for remittance payments.
The proposed project is structured around three key areas: it aims to strengthen institutional capacity by equipping the CBN with tools to adapt to technological advancements. The project will focus on developing a robust governance framework, providing expert advisory support, and updating internal processes to meet the demands of the digital era.
The grant will help improve CBN’s supervisory functions by incorporating advanced Supervisory Technology (SupTech) systems. These modern systems are expected to improve data accuracy, operational efficiency, and overall risk-based supervision.
Also, the initiative will explore ways to formalise remittance flows into secure, regulated channels, improving the safety and reliability of domestic payment systems. This will include conducting surveys on remittance households and encouraging knowledge-sharing among industry peers.
Discover more from The Source
Subscribe to get the latest posts sent to your email.
