Economic and Financial Review


Central Bank of Nigeria


Digital technology, Banking system, Nigeria


The rapid development of digital technology through the years, and the rails provided by the internet for connectivity remains the most important development that has impacted change and driven massive improvement in the operation of banking and financial services. It has brought in its wake huge disruptions in product roll-out and the way products are delivered. The entry of technology companies into financial services cannot be overlooked in discussing these changes. Nigeria has not been left behind in this evolution. Instead, the Nigerian banking industry has been the forerunner in digital initiatives in Africa that have transformed the banking and financial services landscape in the past years. The Payment System Vision (PSV) project from 2007 has been an important catalyst in this transformation of the Nigerian payments system. Similar transformation initiatives in trade services have resulted in the creation of innovative products/services and infrastructure resulting in enhancement in speed and efficiency in service delivery, security, as well as convenience to consumers. The emergence of new technologies has continued to shape or disrupt life as it is known in different sectors. The face of banking today, the interconnection between players and interoperability have benefited from these emerging technologies. This paper will be reviewing global digitisation trends, underlying technologies, the Nigerian context, and the state of banking infrastructure today. It will also look at the emerging new technologies that will or should define the future of financial services in Nigeria, the current state of play, and the need to ride the wave of global trends to define the way into the future.

Author Bio

Ms. Ireti Samuel-Ogbu is the MD/CEO CitiBank Nigeria Limited, Lagos, Nigeria.

Publication Title

CBN Economic and Financial Review





First Page


Last Page


Recommended Citation

Samuel-Ogbu, I. (2022). Digital Technology and the Transformation of the Nigerian Banking System: the operators’ perspective. CBN Economic and Financial Review, 60(4). 133 - 150.



To view the content in your browser, please download Adobe Reader or, alternately,
you may Download the file to your hard drive.

NOTE: The latest versions of Adobe Reader do not support viewing PDF files within Firefox on Mac OS and if you are using a modern (Intel) Mac, there is no official plugin for viewing PDF files within the browser window.