The Central Bank of Nigeria (CBN) has officially unveiled the Nigeria Payments System Vision (PSV) 2028, a strategic roadmap designed to transform the country’s payment ecosystem through innovation, financial inclusion, enhanced security, and digital economic growth.
The new framework, launched in Abuja by CBN Governor, Olayemi Cardoso, seeks to position Nigeria among the world’s leading digital payment economies by creating a modern, efficient, resilient, and globally competitive payment system. According to the apex bank, PSV 2028 builds on the achievements of previous payment reforms while addressing emerging opportunities and challenges in the rapidly evolving financial technology landscape.
Speaking at the launch, Cardoso emphasized that a robust payment infrastructure is critical to national development, noting that efficient payment systems can accelerate economic growth, reduce poverty, and expand access to financial services for millions of Nigerians. He described payment infrastructure as a strategic national asset that supports trade, investment, transparency, and productivity across the economy.
A key objective of the vision is to deepen financial inclusion by ensuring that more Nigerians, particularly those in underserved and rural communities, have access to secure and affordable digital financial services. The CBN has set an ambitious target of achieving up to 95 percent financial inclusion by 2028 through expanded digital payment access, agent banking networks, and innovative financial solutions.
The framework also prioritizes the development of faster payment systems, stronger cybersecurity measures, improved interoperability among financial institutions, open banking initiatives, and seamless cross-border payment solutions. These measures are expected to strengthen Nigeria’s digital economy while supporting innovation among banks, fintech companies, and payment service providers.
Industry stakeholders, including regulators, financial institutions, fintech operators, and development partners, have welcomed the initiative, describing it as a significant step toward building a future-ready financial ecosystem capable of supporting Nigeria’s growing digital economy.
With the launch of PSV 2028, the CBN aims to create a payment ecosystem that is secure, inclusive, innovative, and globally competitive, reinforcing Nigeria’s position as one of Africa’s leading digital finance hubs.
