Belgium’s Embrace of a Nigerian Banking Standard is a Quiet Revolution in Digital Finance

With a fanfare my Belgian bank has been announcing for a while a new enhancement. Starting 1 July 2025, the bank will automatically check that the name of the beneficiary matches the account number. This check will occur before processing online transfers via its Banking App. This marks a significant step in strengthening financial integrity and fraud prevention in Belgium’s digital banking ecosystem.

For those of us with a dual lens on global finance, this development is not new. We straddle both Europe and Africa. In fact, Nigeria, often underestimated in global innovation rankings, has long operated with such safeguards. In 2014, the Central Bank of Nigeria (CBN) launched the Bank Verification Number (BVN) system. This framework introduced biometric identity for every bank account holder. By 2018, Nigerian banks were mandated to match the account name to the account number before finalising any deal. The framework was simple in logic. It is also revolutionary in outcome. And that outcome is to reduce fraud. To strengthen digital trust. The bottom line? Safeguard customer funds.

Belgium is a high-income, digitally mature economy. It is well-versed in research and development. Surprisingly, Belgium is only now introducing a measure Nigeria embedded in its banking DNA almost a decade ago. This is both revealing and instructive.

It speaks, primarily, to the myth of innovation exclusivity. The assumption that financial or technological innovation flows only from North to South is increasingly inaccurate. In many cases, the reverse is true. Nigeria and several other African countries have not merely adopted Western models; they have leapfrogged them.

Europe struggled with the inertia of legacy systems. Meanwhile, Nigeria seized the opportunity to build a more agile, digital-first financial ecosystem. It did so out of necessity. Yes, I know. But it was also out of vision. The introduction of BVN and real-time payment systems like NIP (NIBSS Instant Payment) changed how money moved. Transactions became secure, instant, and transparent. Even the rural areas with little banking infrastructure were not left out.

Belgium’s move now stands for more than a technical update. It is a quiet recognition that smart policy and bold digital transformation are not exclusive to so-called “developed” countries. It underscores the fact that standards of excellence in financial services can, and do, emerge from the Global South.

There is a broader lesson here for the future of digital finance: development is no longer linear. Innovation is no longer a function of GDP. It is increasingly shaped by urgency, adaptability, and the courage to try what others consider improbable.

And yet, here lies the irony. In a country with advanced digital banking innovations, name-matching and biometric IDs are routine. Real-time transfers have become standard too. Yet, Nigeria continues to struggle with the idea of electronic transmission of election results. Voters move billions of Naira across banks in seconds. Still, we are told that transmitting electoral outcomes in real time has technical glitches. We hear it has technical challenges and all of that!

It becomes even more farcical when applied to the question of Diaspora Voting. Nigerians abroad can instantly and securely send money back home. Yet, accommodating them in the electoral process is somehow too logistically challenging? With the success of Nigeria’s digital banking transformation, it is becoming increasingly difficult for the naysayers of genuine electoral reforms. They struggle to make a convincing case. It is embarrassingly so. If they are truly confused about how to make it work, then a working visit to Belgium might help. This visit is long overdue.

As a Nigerian Belgian, I take pride in this convergence. This is not as a critique of Belgium’s cautious pace. It is a celebration of Nigeria’s pioneering spirit. It is a reminder that Africa, when given the room to lead, can set global standards in unexpected fields. It is a call to action for financial institutions in Europe and Africa alike. Political institutions should also look beyond borders for best practices. Sometimes the future is not found in Silicon Valley or Brussels. It is already at work in Lagos.

The Author Collins Nweke is a Senior Consultant on International Trade and Economic Diplomacy. He is based in Belgium. He has done extensive work across Africa and Europe. His focus includes matters of governance, diaspora, and financial innovation.