The Central Bank of Nigeria (CBN) has established itself as a leader in financial innovation across Africa by integrating blockchain and fintech advancements into its financial systems.

The introduction of the eNaira, Africa's first official digital currency, underscores CBN's commitment to leveraging technology for financial inclusion.

The partnership with Zone utilizes Africa's first Layer-1 blockchain for payments, enhancing security, transparency, and efficiency in payment transaction settlement activities.

Additionally, the NIBSS-Zone partnership allows for real-time access to transaction records and continuous monitoring of POS terminals across Nigeria.

The NIBSS Instant Payment (NIP) system, introduced in 2011, has revolutionized transactions in Nigeria, with NIP transactions surging to 5.2 billion by 2022, marking a 613.1% increase since 2018.

Recently, CBN approved a groundbreaking partnership between the Nigeria Inter-Bank Settlement System (NIBSS) and Zone, enabling payment transaction settlement activities on a regulated blockchain.

Local banking card schemes, such as Verve and AfriGo, have significantly reduced reliance on foreign payment systems, enhancing accessibility for various socioeconomic groups.

Verve was notably the most used card in Nigeria during 2019 and 2020, accounting for 65% of e-commerce and 38% of POS transactions during that time.

CBN's initiatives highlight a paradigm shift in how central banks can leverage emerging technologies to enhance financial systems, encouraging other regulators to adopt similar approaches.

Through proactive regulation, CBN has fostered significant advancements in Nigeria's digital financial transformation, promoting growth and innovation.

This initiative not only strengthens Nigeria's financial infrastructure but also exemplifies how blockchain technology can function within regulatory frameworks.