Nigeria has officially approached the World Bank for a $10.5 million loan to upgrade the Central Bank of Nigeria’s (CBN) technical capabilities and modernize the country’s payment infrastructure.
According to information published on the World Bank’s website, the funding is for a proposed initiative called the CBN Technical Assistance Facility. The project’s core objective is to infuse the bank’s supervisory systems with cutting-edge technologies, advanced data analytics, and digital tools.
The move is designed to help the CBN address persistent and emerging challenges in the financial sector, from regulatory oversight to remittance tracking and infrastructure upgrades. The World Bank emphasized that the facility will support a shift toward technology-led, data-driven supervision, which is expected to improve efficiency, transparency, and security within Nigeria’s financial system.
Additionally, part of the loan will go into strengthening the country’s payment infrastructure, with a particular focus on enhancing how remittances are processed, tracked, and integrated into the wider economy.
As Nigeria continues to navigate complex economic conditions, the loan is seen as a step toward aligning the country’s financial systems with global best practices and equipping the CBN with the tools needed for a more resilient, digitally-driven financial environment.
You Can Also Read: Lagos Residents Reportedly Spend Over N13 Trillion Monthly on Electricity – Commissioner Raises Alarm
