The Central Bank of Nigeria (CBN) unveiled the Payments System Vision 2028 (PSV 2028) on Monday to strengthen the country’s digital economy and trade.
Speaking in Abuja, CBN Governor Olayemi Cardoso said PSV 2028 aims to deepen financial inclusion and expand digital payments nationwide. He described the vision as a strategic roadmap to build a secure, resilient, inclusive and innovative payments ecosystem that will position Nigeria as a globally competitive payments hub.
“Nigeria’s payments industry has become one of the world’s most dynamic and innovative sectors over the past two decades,” Cardoso said, adding that digital payments have enhanced economic activity, financial inclusion and resilience across the country’s financial system. “Payment systems now serve as platforms for innovation and critical infrastructure for economic growth.”
Cardoso said efficient payment systems reduce business costs, improve productivity and promote transparency. He added that PSV 2028 aligns with the CBN’s broader economic reform agenda introduced in 2023 and will support trade, remittances, investor confidence and Nigeria’s balance of payments position.
The governor said the vision will strengthen infrastructure, expand inclusion and deepen integration with regional and global payment systems. He noted that PSV 2028 will help Nigeria maximise opportunities under the African Continental Free Trade Area. “Seamless payments will enable businesses to access new markets across Nigeria, Africa and beyond,” he said.
Cardoso explained that faster settlements and interoperable systems would support entrepreneurship, job creation and poverty reduction. He said Nigeria already occupies a leadership position in Africa’s digital payments landscape and that the country’s scale, talent and entrepreneurial capacity provide a strong foundation for further growth.
Reaffirming the CBN’s commitment to promoting innovation while maintaining financial stability and effective oversight, Cardoso urged government agencies, financial institutions, fintech firms and development partners to support implementation. “The success of PSV 2028 will depend on execution, collaboration and commitment from all stakeholders,” he said. He expressed confidence that the vision will enhance inclusion, innovation and sustainable economic growth.
CBN Director of Payment System Policy Musa Jimoh said the journey began in 2007 with a 10-year roadmap. At that time, Nigeria’s financial sector was largely cash-based, with limited access to electronic payment channels and banking services. In 2011, the country committed to expanding financial inclusion through a global initiative to improve access to financial services.
Jimoh said high service costs, limited banking access and stringent account-opening requirements hindered inclusion. The CBN introduced policies to address those challenges, including a cashless policy launched in 2012 that reduced reliance on cash and lowered transaction costs. He added that the agent banking framework expanded access from about 50,000 agents to more than two million nationwide, enabling millions to access financial services via mobile phones and simplified identification requirements.
“Trust remains critical to the success of digital payments and wider financial services adoption,” Jimoh said. He added PSV 2028 will enhance efficiency, improve competitiveness and deepen public confidence in the financial system.
Director-General of the Securities and Exchange Commission Emomotimi Agama said collaboration is vital to building a resilient financial ecosystem, noting that payment systems and capital-market operations are inseparable in a “delivery versus payment” relationship. Agama urged financial sector regulators to coordinate closely to improve efficiency and strengthen Nigeria’s standing in Africa. He called for greater public education to deepen understanding of the payment ecosystem and asked stakeholders to support the CBN in achieving PSV 2028’s objectives.
NCC Executive Vice Chairman Aminu Maida described PSV 2028 as a strategic roadmap for digital payments and commended the CBN for building on PSV 2025 with a more secure and inclusive framework. He said trust, security and growth are central to achieving President Bola Tinubu’s vision of a one-trillion-dollar economy and noted that recent economic and telecommunications reforms have created stability and opportunities for digital transformation.
Maida warned that fraud has become increasingly sophisticated and crosses sectors and borders. “No regulator or government can tackle emerging cyber threats alone,” he said, stressing that inter-agency cooperation is crucial. He noted the NCC is expanding broadband infrastructure through ongoing fibre projects and efforts to improve affordable internet access, particularly in underserved communities. Wider access to 4G and 5G technologies, he said, will support financial inclusion and digital payments.
Maida urged stakeholders to prioritise measurable economic impact over transaction volumes alone, saying payment system reforms should ultimately contribute to national productivity and economic growth.
