The Central Bank of Nigeria (CBN) has launched a new strategic framework—Nigeria Payments System Vision (PSV) 2028—aimed at building a more inclusive, innovative, and globally competitive digital payments ecosystem.
Building on Past Reforms
The new framework succeeds earlier blueprints—PSV 2020 and PSV 2025—which helped lay the foundations for Nigeria’s modern payments infrastructure. PSV 2028 seeks to go further by improving financial inclusion, infrastructure interoperability, consumer protection, and innovation across the sector.
Musa Jimoh, Director of the Payments System Policy Department at the CBN, described the initiative as a “national assignment” with the potential to transform how individuals, businesses, and governments interact in the digital economy.
Reflecting on the sector’s evolution since the first major reforms of 2006, Jimoh noted that while progress has been significant, the pace of technological change demands a future-ready framework:
“PSV 2028 presents Nigeria with a unique opportunity to design a payment system that is secure, efficient, and globally competitive,” he said.
Collaborative and Stakeholder-Driven
The CBN emphasised that PSV 2028 will be developed through a stakeholder-led process, involving regulators, banks, fintechs, payment service providers, consumer groups, and other players in the ecosystem. This approach, the bank said, would ensure the vision reflects real-world needs, fosters policy acceptance, and drives innovation through shared responsibility.
To deliver on these ambitions, five thematic working groups have been established to focus on:
- Infrastructure and interoperability
- Digital financial inclusion
- Consumer protection and literacy
- Innovation, digital identity, and emerging technologies
- Cross-border payments, CBDC integration, regulation, and cybersecurity
A sixth group on strategic communications and stakeholder engagement is also being formed to promote awareness and adoption.
Reactions and Next Steps
At the launch, former CEO of the Nigeria Inter-Bank Settlement System (NIBSS), Ajao Niyi, praised the CBN for raising the bar on stakeholder engagement and urged all parties to support the initiative, calling it pivotal for Nigeria’s digital financial transformation.
PSV 2028 will formally replace the expiring PSV 2025 and serve as the guiding framework for Nigeria’s payments landscape for the next three years. By aligning with global best practices, the CBN hopes the initiative will strengthen the country’s position as one of Africa’s leaders in digital finance.
