Nigerian banks and payment service providers have raised concerns over the Central Bank of Nigeria’s (CBN) January 1, 2027 deadline for localizing payment systems. The short timeframe, they argue, could lead to operational disruptions in financial transactions.
The CBN’s initiative aims to reduce reliance on foreign payment platforms and boost local financial infrastructure. However, industry experts warn that the six-month window may not be sufficient to implement the necessary changes without causing instability.
Some institutions have called for an extension to ensure a smoother transition. They emphasize the need for adequate time to test and refine the new system before its full rollout.
The deadline has sparked discussions among regulators and financial stakeholders about the practicality of the timeline. No official decision has been made on whether to adjust the schedule.
