Nigeria: Central Bank Publishes Activity Report 2017 Summarising Key Initiatives and Achievements

On December 12, 2018, the Central Bank of Nigeria (CBN) released its activity report 2017 on the banking and payments system, providing detail on the achievements it has accomplished in the last year and outlining the challenges the year ahead presents, as well as to set out the priorities and visions for the upcoming period, to ensure the sustainability of an effective payments system.

The two benchmarks of the preceding year were: the implementation of the bank verification number (BVN) scheme, comprising the newly established BVN operations framework, along with the watchlist tracking bank customers involved in confirmed fraudulent activities; and a significant increase in the adoption and use of electronic payment solutions.

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