The Central Bank of Nigeria (CBN) has unveiled the Nigeria Payments System Vision (PSV) 2028, a comprehensive framework designed to strengthen the country’s payment ecosystem, expand financial inclusion, and enhance Nigeria’s position in the global financial landscape.
Speaking at the launch in Abuja, CBN Governor, Olayemi Cardoso, said the initiative is aimed at accelerating the financial sector’s contribution to national economic growth while ensuring broader participation in the formal financial system.
According to Cardoso, the new vision is built around the belief that a modern, efficient payment system is essential for national development, financial inclusion, and international competitiveness. He emphasized that the framework seeks to create opportunities for every Nigerian to actively engage in the country’s financial ecosystem.
The CBN governor highlighted the remarkable progress Nigeria has made in digital payments over the past two decades, noting that the nation has emerged as one of the most innovative payment markets in Africa. He pointed to advancements in instant payment systems, increased digital adoption, and fintech-driven innovations as evidence of the sector’s rapid growth.
Cardoso stated that Nigeria’s achievements in digital finance compare favorably with leading global markets and have significantly contributed to economic activity, financial inclusion, and system resilience.
He stressed that payment systems are no longer limited to facilitating money transfers but have evolved into critical platforms for innovation, economic expansion, and financial accessibility. Efficient payment infrastructure, he said, reduces transaction costs, boosts productivity, supports trade, enhances transparency, and expands economic participation.
The CBN chief described PSV 2028 as a strategic roadmap for the next phase of transformation in Nigeria’s payment industry. The framework is designed to create a payment ecosystem that is secure, inclusive, resilient, and globally competitive while supporting the country’s broader economic objectives.
Cardoso also noted that the global payments landscape is rapidly evolving due to technological advancements, increasing digital commerce, growing cross-border transactions, and rising consumer expectations for speed, convenience, security, and interoperability.
He added that strengthening Nigeria’s payment ecosystem would complement the apex bank’s ongoing reforms by facilitating trade, improving remittance flows, boosting investor confidence, and contributing to long-term improvements in the nation’s balance of payments.
However, he stressed that the success of PSV 2028 will depend on strong collaboration among banks, fintech firms, telecommunications operators, regulators, and other stakeholders across the financial and technology sectors.
Five Strategic Priorities
Earlier, CBN Deputy Governor for Policy, Muhammad Abdullahi, explained that the vision is anchored on five key priorities aimed at transforming the country’s payment landscape.
According to Abdullahi, the framework will focus on:
- Building resilient and interoperable payment infrastructure capable of supporting a large-scale digital economy.
- Expanding financial inclusion through improved consumer protection and financial literacy initiatives.
- Encouraging innovation and the adoption of emerging technologies.
- Enhancing cross-border payment capabilities and international connectivity.
- Strengthening the security and integrity of the financial system.
He further revealed that PSV 2028 will embrace transformative technologies such as open banking, digital assets, and artificial intelligence, with the goal of improving efficiency, expanding access to financial services, and unlocking new economic opportunities.
The CBN believes that the successful implementation of the Payments System Vision 2028 will position Nigeria for a more inclusive, technology-driven, and globally competitive financial future.