The Central Bank of Nigeria (CBN) has launched a new framework to guide the country’s payment ecosystem, unveiling the Nigeria Payments System Vision 2028 (PSV 2028).
The initiative succeeds PSV 2025 and is expected to serve as the blueprint for Nigeria’s digital financial transformation over the next three years. The apex bank said the framework would deepen financial inclusion, enhance innovation, and position the financial sector for global competitiveness.
Speaking at the inaugural meeting of the PSV 2028 Project Committee in Lagos, the Director of the Payments System Policy Department, Mr. Musa Itopa Jimoh, described the initiative as a “national assignment” with the potential to transform how individuals, businesses, and government agencies interact within the financial system.
Mr. Jimoh explained that the strategy builds on reforms dating back to 2006, alongside milestones achieved under PSV 2020 and PSV 2025. According to him, “PSV 2028 will deepen financial inclusion, improve infrastructure interoperability, and promote innovation across Nigeria’s financial services sector.”
He added that the rapid pace of technological change made it necessary to craft a forward-looking framework. “PSV 2028 presents us with a unique chance to develop a future-ready framework that is secure, efficient, and globally competitive,” he said.
To ensure broad input, the apex bank has set up thematic working groups covering infrastructure and interoperability, digital financial inclusion, consumer protection and literacy, innovation and emerging technologies, cross-border payments and CBDC integration, as well as regulation, risk management and cybersecurity. A proposed group on strategic communications and stakeholder engagement will also support implementation.
Stakeholders present at the meeting commended the CBN’s approach, describing it as a critical step in shaping the future of digital payments. They pledged to share expertise and resources to support the project.
Former Chief Executive of the Nigeria Inter-Bank Settlement System (NIBSS), Mr. Ajao Niyi, welcomed the new framework and called for full industry support. He said, “The success of PSV 2028 depends on collective commitment and collaboration.”
