The Central Bank of Nigeria has unveiled a new strategic framework, the Nigeria Payments System Vision 2028, to build a more inclusive, innovative, and secure digital financial ecosystem in the country.
According to a press statement from the apex bank on Wednesday, this launch was announced at the inaugural meeting of the PSV 2028 Project Committee, held in Lagos on Tuesday.
The statement noted that the initiative is designed to build on the successes of earlier frameworks such as PSV 2020 and PSV 2025, with a focus on strengthening financial inclusion, enhancing infrastructure interoperability, and fostering innovation across Nigeria’s financial services sector.
The CBN said the new vision would also position Nigeria’s payments system to be globally competitive in an increasingly digital economy.
During the meeting, Director of the Payments System Policy Department at the CBN, Mr Musa Jimoh, described the initiative as a “national assignment” with the potential to transform how individuals, businesses, and governments interact within the financial ecosystem.
He emphasised that the vision would leverage past successes to address the rapidly growing technological advancements in the payments space.
The CBN noted that the new framework would be developed through an inclusive, stakeholder-led process, involving regulators, banks, fintechs, payment service providers, consumer advocacy groups, and other key players.
This collaborative approach, according to the CBN, would ensure that the strategy meets real-world needs, fosters policy acceptance, and drives innovation through shared responsibility among all involved.
“Reflecting on the journey from the early reforms of 2006 through the milestones of PSV 2020 and PSV 2025, Mr. Jimoh highlighted that the new vision will build on past achievements to deepen financial inclusion, improve infrastructure interoperability, and promote innovation across Nigeria’s financial services sector.
“He observed that while Nigeria’s payment system has made significant progress over the past two decades, the speed of technological advancement and innovation continues to grow. PSV 2028, he explained, presents the country with a unique chance to develop a future-ready framework that is secure, efficient, and globally competitive.
“He further explained that the framework would be developed through an inclusive, stakeholder-led process that unites regulators, banks, fintechs, payment service providers, consumer advocacy groups, and other key players. He highlighted that this collaborative approach will ensure the strategy reflects real-world needs, fosters policy acceptance, and promotes innovation through shared responsibility,” the statement read.
To ensure a successful rollout, five thematic working groups have been formed to address key areas of focus for the project.
These areas include infrastructure and interoperability, digital financial inclusion, consumer protection, financial literacy, innovation, digital identity, emerging technologies, cross-border payments, CBDC integration, regulation, risk management, and cybersecurity.
Also, a sixth group on strategic communications and stakeholder engagement is being established to promote awareness and engagement with the initiative.
At the event, former Chief Executive of the Nigeria Inter-Bank Settlement System, Mr Ajao Niyi, commended the CBN for setting a new benchmark for stakeholder engagement in the financial sector.
He called on all parties to unite in supporting the initiative, highlighting its pivotal role in Nigeria’s digital financial transformation.
The PSV 2028 is set to replace the soon-to-expire PSV 2025 and is expected to serve as the guiding blueprint for Nigeria’s digital payments ecosystem for the next three years.
The initiative aligns with global best practices and aims to ensure sustainable growth, further transforming Nigeria’s digital financial landscape into one that is more connected, innovative, and inclusive.
