The Central Bank of Nigeria (CBN) has unveiled the Nigeria Payments System Vision 2028 (PSV 2028), a new strategic framework designed to strengthen the country’s digital payments ecosystem.
The initiative, launched at the inaugural meeting of the PSV 2028 Project Committee in Lagos on September 9, 2025, aims to build a more inclusive, innovative, and globally competitive financial system.
Director of the Payments System Policy Department (PSPD), Musa Jimoh, described the project as a “national assignment” that could redefine how individuals, businesses, and government institutions interact within Nigeria’s financial space.
Jimoh noted that PSV 2028 would build on past reforms—beginning with the 2006 payment system overhaul, through PSV 2020 and PSV 2025—by deepening financial inclusion, strengthening interoperability, and accelerating innovation across the sector.
He explained that the framework would be developed through a stakeholder-driven process involving regulators, banks, fintechs, payment providers, and consumer groups to ensure policies meet real-world needs and foster shared ownership.
To drive implementation, five thematic working groups were created, focusing on:
- Infrastructure and interoperability
- Digital financial inclusion, consumer protection, and literacy
- Innovation, digital identity, and emerging technologies
- Cross-border payments and CBDC integration
- Regulation, risk management, and cybersecurity
A sixth group on strategic communication and stakeholder engagement was also proposed.
Participants praised the CBN’s inclusive approach, stressing that PSV 2028 would strengthen Nigeria’s position in Africa’s payments landscape while aligning with global best practices.
Former NIBSS CEO, Ajao Niyi, commended the apex bank for “setting a new standard in stakeholder engagement” and urged collective support for the project.
Expected to succeed the soon-to-expire PSV 2025, the PSV 2028 will serve as a guiding blueprint for Nigeria’s digital payments evolution over the next three years—driving inclusion, innovation, and economic resilience.
