The World Bank has confirmed that the planned $10.50m financing to the Central Bank of Nigeria (CBN) is a grant, not a loan, contrary to earlier reports.
According to a World Bank source who spoke under condition of anonymity, the funding is provided under the Finance for Development Multi-Donor Trust Fund, a partnership between the World Bank and CBN
The grant aims to enhance CBN’s capacity for technology-enabled, data-driven, risk-based supervision and improve domestic payment infrastructure, particularly for remittances. The project seeks to strengthen the CBN’s institutional capacity, enhance supervisory capabilities through advanced technological solutions, and modernise domestic payment systems to ensure safety and reliability in remittance flows.
The CBN will serve as the implementing agency, working closely with the World Bank to ensure successful execution. The project, currently at the concept review stage, is scheduled for board presentation approval on June 12, 2025.
The grant is part of a collaborative effort between the World Bank and the CBN to enhance the apex bank’s capacity for technology-enabled, data-driven, risk-based supervision and improve domestic payment infrastructure
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