CBN releases framework to boost e-payment adoption

Central Bank of Nigeria, CBN, has released the Framework for Regulatory Sandbox Operations that would promote seamless adoption of electronic payment across the country.

The new framework will also ensure the safety and stability of the financial system, among other benefits as well as promote the use and adoption of e-payments and foster innovation in the payments system.

According to a statement on the bank website, the new framework would equally increase the potential for innovative business models that advance financial inclusion.

CBN explained that it came up with the structure to ensure new and more flexible ways of engaging with the banking industry in view of increasing consumer appetite for payment solutions and emerging disruptive technology in the financial services space.

It said the structure would enable the bank to stay abreast of innovations while promoting a safe, reliable, and efficient payments system to foster innovation without compromising on the delivery of its mandate.