CBN Launches Nigeria Payments System Vision 2028

The Central Bank of Nigeria (CBN) has unveiled its latest strategic framework for the country’s financial ecosystem with the official launch of the Nigeria Payments System Vision 2028 (PSV 2028). The initiative aims to build a more inclusive, innovative, secure, and globally competitive payments landscape.

The inaugural meeting of the PSV 2028 Project Committee was held in Lagos on Tuesday, 9 September 2025. Speaking at the event, the Director of the Payments System Policy Department (PSPD), Mr Musa Itopa Jimoh, described the initiative as a “national assignment” that has the potential to transform how individuals, businesses and governments interact within Nigeria’s financial system.

Reflecting on the sector’s evolution, from the early reforms of 2006 to the milestones achieved through PSV 2020 and PSV 2025, Mr Jimoh emphasised that PSV 2028 will deepen financial inclusion, enhance interoperability of infrastructure, and drive innovation across the financial services sector.

He noted that while Nigeria’s payments system has recorded significant progress over the past two decades, rapid technological advancement and innovation demand a future-ready strategy. “PSV 2028 presents the country with a unique opportunity to develop a framework that is secure, efficient and globally competitive,” he said.

The CBN confirmed that the framework will be developed through a stakeholder-led process involving regulators, banks, fintech companies, payment service providers, consumer advocacy groups and other industry players. This collaborative approach, Mr Jimoh added, will ensure the policy reflects real-world needs, fosters broad acceptance, and supports innovation through shared responsibility.

To drive implementation, the apex bank established five thematic working groups focusing on:

• Infrastructure & 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 & Cybersecurity

A sixth group on Strategic Communications and Stakeholder Engagement was also proposed.

Participants at the event praised the CBN’s inclusive approach, stressing the importance of PSV 2028 in strengthening Nigeria’s role in Africa’s payments ecosystem and enhancing global competitiveness.

Former Chief Executive of the Nigeria Inter-Bank Settlement System (NIBSS), Mr Ajao Niyi, commended the central bank for setting a new standard for stakeholder collaboration and urged all industry players to align behind the initiative.

PSV 2028, which succeeds the soon-to-expire PSV 2025, will serve as the guiding blueprint for Nigeria’s digital payments ecosystem over the next three years. It is expected to align the financial system with international best practice, drive sustainable growth, and accelerate the country’s digital financial transformation.