The Central Bank of Nigeria (CBN) has introduced the Nigeria Payments System Vision 2028 (PSV 2028), a new strategic framework designed to deepen financial inclusion, strengthen infrastructure interoperability, and foster innovation across the country’s financial services sector.
Announced at the inaugural PSV 2028 Committee meeting in Lagos, the framework will replace PSV 2025 and guide Nigeria’s payments ecosystem for the next three years. The CBN said the strategy aims to make Nigeria’s payment system globally competitive while addressing emerging challenges in digital finance.
Inclusive and Stakeholder-Driven
According to the CBN, PSV 2028 will be developed through a stakeholder-led approach, bringing together regulators, banks, fintechs, payment service providers, and consumer advocacy groups. The inclusive model is designed to ensure that the framework reflects real-world needs, improves policy adoption, and accelerates innovation.
To drive implementation, five working groups will focus on infrastructure, interoperability, consumer protection, financial literacy, and emerging technologies. A sixth group will coordinate communications and stakeholder engagement.
Building on Past Reforms
Director of Payments System Policy, Mr. Musa Jimoh, described PSV 2028 as a “national assignment” capable of transforming how individuals, businesses, and governments interact in the financial ecosystem.
Reflecting on progress since early reforms in 2006 and through PSV 2020 and PSV 2025, Jimoh noted that while significant strides have been made, the speed of technological advancement demands a future-ready framework.
Former NIBSS Chief Executive, Mr. Ajao Niyi, also commended the CBN for its collaborative approach, describing PSV 2028 as a benchmark for industry-wide engagement.
What Comes Next
PSV 2028 will serve as the blueprint for Nigeria’s digital payments sector through 2028. Key focus areas include:
- Cross-border payments
- CBDC integration
- Digital identity systems
- Cybersecurity and risk management
The framework aligns with global best practices and aims to secure Nigeria’s place as a leading digital payments hub in Africa.
