World Bank Grants $10.5M to Nigeria: CBN to Modernise Payments

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The World Bank has announced a $10.5 million grant to Nigeria to enhance the Central Bank of Nigeria’s (CBN) technical capacity and modernise the country’s domestic payment systems. Through the Finance for Development Multi-Donor Trust Fund, the grant will help integrate advanced technologies into CBN’s supervisory processes.
The initiative will improve institutional capacity, adopt Supervisory Technology (SupTech), and upgrade remittance systems. With board approval scheduled for June 12, 2025, this move aligns with Nigeria’s vision of promoting a cashless economy and strengthening its financial infrastructure.
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