The Central Bank of Nigeria (CBN) has unveiled a new strategic framework, the Nigeria Payments System Vision 2028 (PSV 2028), aimed at creating a more inclusive, innovative, and secure digital financial ecosystem across the country.
The initiative was officially launched on Tuesday during the inaugural meeting of the PSV 2028 Project Committee in Lagos.
According to the apex bank, the framework builds on the successes of previous roadmaps — PSV 2020 and PSV 2025 — with a renewed focus on deepening financial inclusion, strengthening infrastructure interoperability, and fostering innovation across Nigeria’s financial services sector.
Director of the Payments System Policy Department at the CBN, Mr. Musa Jimoh, described the project as a “national assignment” capable of transforming how individuals, businesses, and governments engage within the financial ecosystem.
He explained that the initiative would leverage past reforms to respond to rapid technological changes while ensuring that Nigeria’s payments system remains globally competitive.
The CBN added that PSV 2028 will be developed through an inclusive, stakeholder-driven process involving regulators, banks, fintechs, payment service providers, consumer advocacy groups, and other key players. This approach, it said, would ensure real-world relevance, policy acceptance, and shared responsibility for innovation.
To achieve this, five thematic working groups have been established to focus on infrastructure and interoperability, digital financial inclusion, consumer protection, financial literacy, innovation, digital identity, emerging technologies, cross-border payments, central bank digital currency (CBDC) integration, regulation, risk management, and cybersecurity. A sixth group will handle strategic communications and stakeholder engagement.
Former Chief Executive of the Nigeria Inter-Bank Settlement System, Mr. Ajao Niyi, commended the CBN for championing a new level of stakeholder engagement. He urged financial institutions and industry players to support the initiative, stressing its pivotal role in Nigeria’s digital transformation journey.
The PSV 2028, which succeeds the soon-to-expire PSV 2025, will serve as the blueprint for Nigeria’s payments ecosystem for the next three years, aligning with global best practices while promoting sustainable growth in the digital economy.
