WATCH THE VIDEO HERE The World Bank is planning a $10.50 million grant to Nigeria aimed at boosting the technical capacity of the Central Bank of Nigeria (CBN) and modernising the country’s domestic payment infrastructure. The grant is being provided under the Finance for Development Multi-Donor Trust Fund and represents a partnership between the World Bank and the CBN. Naijaonpoint obtained the information from the World Bank website, which revealed that the proposed CBN Technical Assistance Facility aims to integrate innovative technologies and data science into the CBN’s supervisory processes. This initiative is expected to help the apex bank address both long-standing and emerging challenges within Nigeria’s evolving financial landscape while also bolstering the infrastructure for remittance payments. According to the World Bank, the primary objective is “to strengthen technology-enabled, data-driven risk-based supervision at the CBN and improve domestic payment infrastructure for remittances in Nigeria.” The partnership between the World Bank and the CBN is seen as a strategic move to enhance the apex bank’s capacity to monitor and regulate the financial sector more efficiently, using advanced technological solutions and data-driven methods. Focus areas for the project The project aligns with the government’s commitment to a cashless economy and the growing adoption of digital financial services. It is scheduled for board presentation approval on June 12, 2025, with the Central Bank of Nigeria as the implementing agency. The World Bank earlier approved three financing operations totalling $1.08 billion to support education, nutrition, and economic resilience in Nigeria. The International Bank for Reconstruction and Development (IBRD), another arm of the World Bank, is owed $485.08 million, or 1.13%.
The project, currently at the concept review stage, is structured around three key areas:
World Bank plans $10.50 million grant to Nigeria to boost CBN’s technical capacity
