Nigeria is seeking a $10.5 million loan from the World Bank to bolster the Central Bank of Nigeria’s (CBN) technical capacity and upgrade the nation’s domestic payment infrastructure.
Details published on the World Bank’s website reveal that the proposed “CBN Technical Assistance Facility” is designed to embed cutting-edge technology and data science into the apex bank’s supervisory operations.
The project targets the resolution of both long-standing and emerging financial sector challenges, while also enhancing the infrastructure supporting remittance payments.
According to the World Bank, the overarching goal is to promote tech-driven, data-based supervision at the CBN and significantly strengthen Nigeria’s payment systems.
