Nigeria has requested a $10.5 million loan from the World Bank to enhance the Central Bank of Nigeria’s (CBN) technical capacity and upgrade the country’s domestic payment infrastructure.
According to details from the World Bank’s website, the proposed CBN Technical Assistance Facility will integrate advanced technologies and data science into the bank’s supervisory processes. The initiative aims to address both long-standing and emerging challenges in Nigeria’s financial sector while improving infrastructure for remittance payments.
The World Bank stated that the project’s goal is to enhance technology-driven, data-based supervision at the CBN and strengthen the country’s payment systems.
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