By Adedapo Adesanya

The Central Bank of Nigeria (CBN) has unveiled an ambitious plan to reduce fraud losses in digital transactions to less than 0.001 per cent of total transaction value by 2028, as part of a broader strategy to build trust in the country’s payment ecosystem and accelerate financial inclusion.

Speaking at the launch of the Payments System Vision 2028 (PSV 2028) in Abuja on Monday, the Governor of the apex bank, Mr Yemi Cardoso, said the target would be achieved through stronger identity verification systems, including the integration of the National Identification Number (NIN) and Bank Verification Number (BVN), as well as artificial intelligence-powered fraud detection tools.

“By 2028, we must commit to reducing fraud losses to less than 0.001 per cent of all transactions. With NIN, BVN, intelligent systems, and AI fraud detection, people’s money must be safer in the digital system than under their mattresses.

“By 2028, Nigerians will pay digitally, safely, and cheaply. A payment system is only as strong as the trust people place in it,” Mr Cardoso stated.

He quipped that people’s money must become safer in the digital system than under their mattresses.

The CBN governor said the new payments vision seeks to transform how Nigerians transact, save, trade and participate in the economy, with trust and security forming the foundation of the framework.

Mr Cardoso disclosed that the apex bank is targeting 95 per cent financial inclusion by 2028, a move expected to bring an additional 15 million Nigerians—particularly market women, farmers and young people—into the formal financial system.

According to him, digital financial access is critical to reducing poverty and expanding economic participation, stressing that cash should no longer determine whether citizens can engage in economic activities.

He said PSV 2028 aims to make financial transactions “faster than a blink” by eliminating existing inefficiencies, interoperability challenges and settlement delays across payment platforms.

“Today’s payment systems process millions of transactions every day, with most completed in less than 10 seconds. By 2028, every Nigerian should be able to send and receive money faster than they can blink,” he said.

Mr Cardoso described payment infrastructure as the “invisible roads that move money”, noting that efficient payment systems have become essential for economic growth, competitiveness and poverty reduction.

He added that the framework would strengthen payment infrastructure, deepen inclusion, support innovation, improve resilience and enhance Nigeria’s integration into regional and global payment systems.

The CBN governor also linked payment system efficiency to economic growth, arguing that improved payment infrastructure would boost productivity, lower transaction costs, expand trade and strengthen investor confidence.

Mr Cardoso said the vision builds on two decades of transformation in Nigeria’s payments landscape, driven by the growth of instant payments, fintech innovation and rising digital adoption.

He further stated that PSV 2028 is designed to position Nigeria as a global fintech hub, with open banking reforms already unlocking more than 100 application programming interfaces (APIs) to support innovation and new financial products.

According to him, Nigeria must evolve from being primarily a fintech adoption market to becoming a producer and exporter of globally competitive fintech solutions.

While unveiling the framework, Mr Cardoso cautioned against Nigeria’s long-standing pattern of policy discontinuity, insisting that successful implementation, not documentation, would determine the success of the vision.

“The success of this vision will not be measured by the document, but by execution,” he said.

By Aduragbemi Omiyale

The merger between Unity Bank Plc and Providus Bank Limited has been sanctioned by the Supreme Court, giving way for the emergence of a new single entity, ProvidusUnity Bank Limited.

A five-member panel of the apex court led by Justice Tijani Abubakar on Monday ordered the transfer of all assets, liabilities and undertakings, including real properties, of Unity Bank to Providus Bank in accordance with the approved Scheme of Merger.

The merger between the two lenders was challenged by customers and shareholders of the affected banks, Mr Suleiman Abubakar and Mr Mohammed Goni Modu.

They earlier approached a Federal High Court to stop the transaction via Suit No. FHC/L/MISC/734/2025. The matter later went to an Appeal Court in No. CA/LAG/CV/137/2025, before settling at the apex court in No SC/CV/132/2026.

Delivering judgment yesterday, the Supreme Court held that the appeal lacked merit and accordingly dismissed it in its entirety, while imposing costs of N10 million in favour of each respondent.

While invoking its powers under Section 22 of the Supreme Court Act, the panel sanctioned the merger and directed that the completion of the transfer be made within 10 days of the sanction of the scheme.

As part of the merger arrangements, the apex court approved a consideration of N3.18 per share or 18 Providus Bank shares of 50 kobo each for every 17 Unity Bank shares held by shareholders.

The court also ordered the dissolution of the board of Unity Bank Plc without winding up the institution and approved the adoption of the new name, ProvidusUnity Bank Limited, for the enlarged entity.

The merger forms part of the banking sector recapitalisation programme introduced by the Central Bank of Nigeria (CBN), which encourages financial institutions unable to independently meet new capital thresholds to explore mergers, acquisitions and other strategic combinations.

By Adedapo Adesanya

Brass, a Nigerian business banking startup, will cease operating as an independent company and transfer its customers to Paystack Microfinance Bank (MFB) as part of a strategic transition.

In a statement on Monday, Brass said interested customers would be migrated into Paystack MFB before July 31, 2026, as the company integrates its business banking operations into Paystack’s regulated banking infrastructure.

“Brass will move its business banking into Paystack MFB. As part of this transition, Brass will no longer operate as an independent entity,” the company said in the statement.

In May 2024, a Paystack-led consortium acquired Brass for an undisclosed amount in a deal that saved the company, which was plagued by a liquidity crisis. Others in the consortium that rescued the firm include PiggyVest, Ventures Platform, and P1 Ventures.

Founded in 2020 by Mr Sola Akindolu and Mr Emmanuel Okeke, Brass built a digital banking platform for small businesses, offering business accounts, payroll tools, expense management, and cash-flow tracking.

Three years after it was established, it faced a crisis that saw it struggle to process customer withdrawals, prompting complaints from several entities who could not access their company funds and raising concerns about trust in digital financial services.

The new ownership saw an overhaul as well as some changes, which included co-founders Mr Akindolu and Mr Okeke exiting the business.

In the announcement, Brass said the months following the acquisition were spent rebuilding internal systems and operational processes under a new leadership team led by Mr Philip Obosi and Mr Yvonne Obike.

“As we rebuilt and as our platform became more mature, something became increasingly clear,” the company said. “The next phase of our growth could not be achieved alone.”

“This transition marks a new chapter, with even greater capability for the businesses we serve. And this is only the beginning,” the statement added.