Nigeria’s Central Bank (CBN) has reinstated Jimoh Musa Itopa, a former director in the Payments System Management Department (PSMD), who was among 17 directors dismissed in 2024. His return marks a significant leadership shift in a department that oversees payment switching companies, agent banking, cashless policies, and open banking initiatives.
The reasons behind Musa’s reinstatement remain unclear, sparking speculation about the CBN’s confidence in the current leadership of the PSMD, including acting director Oladimeji Yisa Taiwo and deputy directors like Dr. Isaiah Ademola Adeleke and Dr. Bukola Akinwunmi. Some industry insiders believe Musa’s extensive experience, including his past leadership in the Nigerian e-Fraud Forum (NeFF) and the Nigerian Payments Initiatives Coordinating Committee (PICC), makes him a valuable asset in addressing challenges in Nigeria’s evolving digital payment landscape.
Musa’s move to the Capacity Development Department in 2023 followed an internal restructuring linked to a special investigator’s report on the tenure of former CBN governor Godwin Emefiele. However, it remains unclear if Musa or other dismissed officials were formally implicated in the investigation.
His reinstatement is expected to impact Nigeria’s payment systems policies, influencing licensing, compliance, and regulations for banks, fintechs, and payment service providers. With the CBN prioritizing digital payments and financial inclusion, his return could play a key role in shaping the country’s financial landscape.
Read the full news here: TechCabal