Nigeria: CBN Technical Assistance (TA) Facility

pipeline

Prospective

The CBN Technical Assistance (TA) Facility is designed to catalyze the integration of advanced tools and data science into the CBN’s regulatory and supervisory processes. It aims to address both persistent and emerging challenges in Nigeria’s dynamic financial landscape, while enhancing understanding of payment and remittance systems. Recognizing that a resilient and inclusive financial system depends on a strong central bank, the initiative goes beyond a technology upgrade: it is a strategic leap toward institutional modernization and regulatory innovation, positioning the CBN at the forefront of financial sector reform in Africa.The Project will focus its interventions on two Components: Component 1. Technology and data for enhanced supervisory and regulatory capabilities through deployment of tailored Supervisory and Regulatory Technology (SupTech and RegTech) solution(s) to improve compliance outcomes, ease regulatory burden and streamline reporting processes.Component 2. Tools for Modernization of payment and remittance systems to enhance their reliability and safety, harnessing innovation. Key activities include conducting annual remittance household surveys to deepen understanding of informal flows, explore digital solutions to attract informal remittances into formal channels, development of an upgraded and integrated solution for accurate and real-time capture by CBN of all FX flows including remittances, and improving balance of payments accounting and reporting.

World Bank Group

Project

Government