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.
CBN Economic and Financial Review
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.