The Central Bank of Nigeria (CBN) has unveiled its Payments System Vision (PSV) 2028, a strategic roadmap aimed at accelerating digital payments, strengthening financial inclusion, and fostering innovation across the country’s financial ecosystem.
The new framework outlines the CBN’s plans to modernize Nigeria’s payment infrastructure, enhance the security and efficiency of digital transactions, and support the growing adoption of financial technology solutions. The initiative is expected to play a significant role in advancing the nation’s digital economy agenda.
According to the apex bank, the vision focuses on expanding access to digital financial services, particularly for underserved and rural communities. It also seeks to encourage greater collaboration among banks, fintech companies, payment service providers, and other stakeholders within the financial sector.
The roadmap emphasizes the importance of emerging technologies, including artificial intelligence, digital identity systems, and open banking frameworks, in driving innovation and improving customer experiences. It further highlights the need for stronger cybersecurity measures to protect consumers and maintain trust in digital payment platforms.
Industry experts have welcomed the Payments System Vision 2028, describing it as a timely step toward building a more inclusive and resilient financial ecosystem. They noted that increased adoption of digital payments could boost economic productivity, reduce transaction costs, and support the growth of small and medium-sized enterprises (SMEs).
Nigeria has witnessed rapid growth in digital transactions in recent years, fueled by rising smartphone penetration, fintech innovation, and increased demand for cashless payment solutions. The CBN believes the new vision will help sustain this momentum while positioning the country as a leading digital finance hub in Africa.
As implementation begins, stakeholders across the financial sector are expected to work closely with regulators to ensure the successful realization of the roadmap’s objectives and contribute to Nigeria’s broader economic transformation.
