Reported by: Oahimire Omone Precious | Edited by: Oravbiere Osayomore Promise.
The Central Bank of Nigeria (CBN) has unveiled the Nigeria Payments System Vision 2028 (PSV 2028), a strategic blueprint designed to accelerate digital transformation, deepen financial inclusion, and strengthen the country’s position in the global payments landscape. The framework was launched at the inaugural meeting of the PSV 2028 Project Committee held in Lagos, drawing executives from the banking and fintech sectors, regulators, consumer advocacy groups, and development partners. The PSV 2028 builds on the milestones achieved under its predecessors — PSV 2020 and PSV 2025 — and is expected to serve as the guiding roadmap for Nigeria’s digital payments ecosystem over the next three years.
Speaking at the launch, the Director of the CBN’s Payments System Policy Department, Musa Itopa Jimoh, described the initiative as a “national assignment” with the potential to transform how individuals, businesses, and governments interact within the financial ecosystem. He noted that while Nigeria’s payment system has made remarkable progress over the past two decades, the pace of technological advancement continues to accelerate. “PSV 2028 presents us with a unique chance to create a future-ready system that is secure, efficient, and globally competitive,” Jimoh said.
The framework will be developed through an inclusive, stakeholder-led process that unites regulators, banks, fintechs, payment service providers, consumer advocacy groups, and other key players. Jimoh explained that this collaborative approach ensures the strategy reflects real-world needs, fosters policy acceptance, and promotes innovation through shared responsibility. To facilitate its implementation, six thematic working groups were established, focusing on Infrastructure & Interoperability; Digital Financial Inclusion, Consumer Protection & Financial Literacy; Innovation, Digital Identity & Emerging Technologies; Cross-Border Payments & CBDC Integration; Regulation, Risk Management & Cybersecurity; and Strategic Communications & Stakeholder Engagement.
A major emphasis of the PSV 2028 is expanding access to financial services for underserved and unbanked populations. The blueprint sets specific goals for faster and more secure digital transactions, improved platform interoperability, and stronger cybersecurity measures. The CBN also intends to leverage the framework to support cross-border payments under the African Continental Free Trade Area (AfCFTA), helping Nigerian businesses compete more effectively in regional and global markets. Cardoso had earlier noted that global payment systems currently create serious barriers for individuals and small businesses trying to participate in international trade and finance, with remittance corridors costing more than six per cent on average and settlement taking several days.
Industry stakeholders have widely welcomed the initiative. Ajao Niyi, former Chief Executive of the Nigeria Inter-Bank Settlement System (NIBSS), praised the CBN for setting “a new benchmark in stakeholder engagement” and urged all participants to rally behind the project. The PSV 2028 is expected to boost confidence in digital payments, reduce transaction costs, and drive collaboration across the financial sector as Nigeria advances toward a more inclusive and cash-lite economy. “PSV 2028 is more than a vision—it is a blueprint for Nigeria’s digital financial transformation. It is about building a payments ecosystem that is inclusive, secure, innovative, and resilient enough to compete on a global stage,” Jimoh said.
With the unveiling of the framework, the Central Bank of Nigeria has signaled a renewed determination to consolidate the nation’s gains in financial innovation and inclusion. The PSV 2028 marks a decisive step in the country’s journey toward a modern, interconnected digital economy, positioning Nigeria as a leading player in Africa’s payments landscape while aligning with global best practices.
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