This study focussed on the effects of implementing blockchain technology in the Central Bank of Nigeria. The primary target was identifying the challenges and opportunities of adopting blockchain technology to resolve and significantly enhance the payment system by providing reliable cyber security and appropriate regulations. The research problem was an inefficient payments system encumbered with sluggish and unsecured funds transfer processes, manual and semi-automated practices, and regulatory challenges, which impacted the Nigerian financial system. The findings revolved around the research questions, which confirmed the use of blockchain technology to enhance the payments system, provide cyber security applications and ensure applicable regulation.
The triangulation research method was adopted vide a mix of primary quantitative and secondary qualitative approaches. Online survey questionnaires were developed from the research questions and forwarded to the target participants. The researcher used survey forms such as Google, and Microsoft Forms to create the survey questionnaires, collect data from randomly selected respondents and perform data analysis using the Jamovi and Qualitative Data Analysis software.
The outcome of the research triggered the launching of the Central Bank Digital Currency by the Central Bank of Nigeria, through which secured payment transactions are currently being made in a regulated financial ecosystem. This study tossed the prospect for relevant academics, researchers in the financial industry, universities, and research institutions to conduct future studies, improve blockchain payment applications and boost regulatory processes.