CBN pushes financial system innovation with new Abuja innovation Centre

The Central Bank of Nigeria (CBN) is pushing deeper into financial system innovation with plans to establish an Innovation Centre in Abuja as part of a broader digital transformation and infrastructure modernisation programme under its 2026 procurement exercise.

In an Expression of Interest notice released for contractors, consultants, and service providers, the apex bank disclosed plans for the development of physical infrastructure and facilities for the proposed Innovation Centre for the financial system.

The Bank said it is seeking experienced firms to handle both the construction and consultancy components of the project, signalling a major institutional push to strengthen innovation capacity, collaboration, and technology-driven transformation within Nigeria’s financial system.

According to the procurement document, the Innovation Centre project will involve the development of modern infrastructure and facilities designed to support financial system innovation and stakeholder engagement.

The initiative forms part of a broader technology and operational modernisation programme unveiled by the CBN, covering artificial intelligence governance, open banking implementation, cybersecurity upgrades, trade finance automation, and cross-border payment system enhancements.

Alongside the Innovation Centre project, the CBN also announced plans to enhance its Design Studio and regulatory engagement workshops to strengthen innovation capacity and improve collaboration with stakeholders across the financial industry.

The Bank is seeking experienced vendors to support the enhancement of the Design Studio and facilitate more effective regulatory engagement initiatives.

The procurement notice further revealed that the apex bank plans to remodel its Service Centre, Contact Centre, and IT work tools diagnostic workspace at the CBN headquarters in Abuja into modern, technology-driven environments.

According to the Bank, the remodelling project is aimed at improving service delivery, boosting staff productivity, supporting new digital tools, and enhancing customer satisfaction.

Read: CBN reforms drive FX inflows to $112b, investors’ confidence rises

The CBN said the upgraded workspaces would reflect its commitment to operational excellence and innovation.

In another digital engagement initiative, the Bank disclosed plans to virtualise its currency museum to provide a modern and interactive online experience for stakeholders and members of the public.

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The CBN said the consultant handling the project must possess experience in artifact research and story development.

Beyond physical innovation infrastructure, the apex bank is also expanding its focus on digital financial system reforms.

The procurement exercise includes plans to implement Open Banking in Nigeria through technical and policy support covering API standards, cybersecurity, interoperability, data governance, compliance measures, stakeholder coordination, and capacity building.

The Bank is also seeking consultants to implement ISO 42001 Artificial Intelligence Management Systems and develop AI governance frameworks for the financial industry.

According to the document, the consultants must possess proven expertise in AI strategy and governance initiatives within the financial sector.

The procurement programme also includes the upgrade of the Bank’s core banking application from Temenos T24 Release 20 to Release 25, as well as the modernisation of its Corporate Internet Banking platform.

The upgraded internet banking platform is expected to integrate with key national infrastructure, including the Nigeria Inter-Bank Settlement System (NIBSS) for NUBAN validation and transaction limits, the National Identity Management Commission (NIMC) for National Identification Number verification, and the Nigerian Communications Commission (NCC) for phone number validation.

The CBN also plans to automate trade finance operations using a scalable solution connected to stakeholders involved in trade facilitation and the National Single Window initiative.

The proposed system will support core trade finance functions such as Letters of Credit, guarantees, Bills for Collection, and customer payments.

To strengthen operational resilience and cybersecurity, the apex bank disclosed plans to deploy enterprise log management, observability, and automation systems, alongside air-gap backup and anti-ransomware protection across its backup data sites.

The Bank said the systems are expected to improve monitoring, incident response, operational visibility, and disaster recovery capabilities across its IT infrastructure.

Further projects listed in the procurement programme include disaster recovery switchover automation, middleware harmonisation, payment interface optimisation, cloud cost monitoring tools, and cross-border payment infrastructure upgrades aligned with ISO 20022 standards.

The procurement process is being conducted electronically through the CBN Procurement Management System Portal, with submissions scheduled to close on June 1, 2026.

According to the Bank, only vendors that successfully prequalify will proceed to subsequent stages of the procurement process.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.