CBN Launches Nigeria Payments System Vision 2028 to Drive Digital Transformation
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Payment with NFC technology. Hand holding a credit card over a POS terminal, wooden counter background, closeup view.Terminal cash register machine for contactless payment.
The Central Bank of Nigeria (CBN) has unveiled the Nigeria Payments System Vision 2028 (PSV 2028), a new strategic framework designed to build a more inclusive, innovative, and globally competitive financial ecosystem.
The initiative was formally introduced at the inaugural meeting of the PSV 2028 Project Committee in Lagos. Speaking at the event, Mr. Musa Itopa Jimoh, Director of the Payments System Policy Department, described PSV 2028 as a “national assignment” capable of reshaping the way individuals, businesses, and the government engage with financial services.
Reflecting on past milestones, Mr. Jimoh explained that PSV 2028 will build on the successes of earlier reforms, including PSV 2020 and PSV 2025. The new framework will focus on deepening financial inclusion, strengthening infrastructure, promoting innovation, and improving the interoperability of financial systems.
He emphasized that while Nigeria’s payment system has achieved remarkable progress in the last two decades, the pace of technological change continues to accelerate. According to him, PSV 2028 presents an opportunity to develop a future-ready framework that is secure, efficient, and capable of competing on the global stage.
The framework will be developed through an inclusive, stakeholder-driven process. Regulators, banks, fintech companies, payment service providers, consumer advocacy groups, and other key stakeholders will all contribute to shaping the vision. This collaborative approach, Mr. Jimoh added, will ensure the strategy reflects real-world needs, gains public acceptance, and drives innovation through shared responsibility.
To support implementation, five thematic working groups were established. These groups will focus on: Infrastructure & Interoperability; Digital Financial Inclusion, Consumer Protection & Financial Literacy; Innovation, Digital Identity & Emerging Technologies; Cross-Border Payments & Central Bank Digital Currency (CBDC); and Regulation, Risk Management & Cybersecurity. A sixth group, focusing on communications and stakeholder engagement, was also proposed.
Participants at the event welcomed the initiative and commended the CBN for its open and collaborative approach. They highlighted the importance of PSV 2028 in promoting digital innovation, expanding financial access, and strengthening Nigeria’s economic resilience. Many pledged to contribute knowledge and resources toward creating a forward-looking blueprint that will cement Nigeria’s leadership in Africa’s payments industry while advancing its global competitiveness.
Also speaking at the meeting, Mr. Ajao Niyi, former Chief Executive of the Nigeria Inter-Bank Settlement System (NIBSS), praised the CBN for setting a new benchmark in stakeholder engagement. He called on all participants to unite in support of the project.
PSV 2028 will replace the soon-to-expire PSV 2025 and is expected to serve as the guiding document for Nigeria’s digital payments ecosystem over the next three years. The new vision aims to align with international best practices, foster sustainable growth, and accelerate the country’s digital financial transformation.
With its launch, the CBN has taken a bold step toward building a more connected, innovative, and inclusive economy, setting the foundation for Nigeria’s future in the digital age.
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