The Central Bank of Nigeria has introduced a fresh strategic blueprint, the Nigeria Payments System Vision 2028, aimed at deepening financial inclusion, boosting innovation, and making the nation’s payment system globally competitive.
The initiative was announced on Tuesday during the inaugural meeting of the PSV 2028 Project Committee held in Lagos. In a statement released on Wednesday, the apex bank explained that the framework builds on previous efforts under PSV 2020 and PSV 2025, with stronger emphasis on interoperability, consumer protection, and innovation.
Director of the Payments System Policy Department at the CBN, Mr Musa Jimoh, described the project as a “national assignment” that could reshape how individuals, businesses, and government institutions interact financially.
According to him, “PSV 2028 presents Nigeria with a unique chance to build a future-ready payment framework that is secure, efficient, and globally competitive. While our payment system has made notable progress in the past two decades, technology is evolving at a much faster pace. This strategy is designed to match that speed.”
The CBN noted that the new framework will be developed through a stakeholder-driven process, involving regulators, banks, fintechs, payment service providers, and consumer groups. The bank said this collaborative model would ensure the strategy reflects practical realities, encourages policy acceptance, and promotes innovation through shared responsibility.
To drive the plan, five thematic working groups have been set up. These will cover infrastructure and interoperability, digital financial inclusion, consumer protection and literacy, innovation and emerging technologies, as well as regulation, risk management, and cybersecurity. A sixth group focused on strategic communications and stakeholder engagement is also being established.
Former Chief Executive of the Nigeria Inter-Bank Settlement System, Mr Ajao Niyi, praised the move, saying it marks a new benchmark for stakeholder engagement in the financial sector. He urged all industry players to give their full support to the project, stressing its role in accelerating Nigeria’s digital transformation.
The PSV 2028 is expected to replace the outgoing PSV 2025 framework and will serve as the guiding roadmap for Nigeria’s digital payments ecosystem over the next three years. The CBN added that the policy aligns with global standards and is intended to foster a more inclusive, connected, and innovative financial landscape.
