The Central Bank of Nigeria (CBN) has unveiled the Payments System Vision 2028 (PSV 2028), a strategic framework aimed at strengthening Nigeria’s digital economy, deepening financial inclusion, and positioning the country as a globally competitive payments hub.
Speaking at the unveiling in Abuja on Monday, CBN Governor, Olayemi Cardoso, described PSV 2028 as a roadmap for building a secure, resilient, inclusive, and innovative payments ecosystem.
Cardoso said the initiative aligns with the CBN’s broader economic reform agenda and is designed to support trade, remittances, investor confidence, and Nigeria’s balance of payments position.
He noted that Nigeria’s payments industry had evolved into one of the world’s most dynamic and innovative sectors over the past two decades, with digital payments driving economic activity, financial inclusion, and financial system resilience.
“Payment systems now serve as platforms for innovation and critical infrastructure for economic growth,” Cardoso said, adding that efficient payment systems help reduce business costs, improve productivity, and enhance transparency.
According to him, PSV 2028 will strengthen payment infrastructure, expand financial inclusion, and deepen integration with regional and global payment systems.
He added that the initiative would enable Nigeria to maximize 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 foster entrepreneurship, create jobs, and contribute to poverty reduction. He also reaffirmed the CBN’s commitment to promoting innovation while maintaining financial stability and regulatory oversight.
He urged government agencies, financial institutions, fintech firms, and development partners to collaborate in implementing the vision.
“The success of PSV 2028 will depend on execution, collaboration, and commitment from all stakeholders,” he said.
Providing historical context, CBN Director of Payment System Policy, Musa Jimoh, said Nigeria’s payments transformation began in 2007 with a 10-year roadmap aimed at modernizing a largely cash-based financial system.
He recalled that limited access to banking services, high transaction costs, and strict account-opening requirements previously constrained financial inclusion.
According to Jimoh, policies such as the cashless initiative introduced in 2012 and the agent banking framework significantly expanded access to financial services. He noted that the number of banking agents had grown from about 50,000 to over two million nationwide.
He added that millions of Nigerians now access financial services through mobile phones and simplified identification processes.
Jimoh stressed that public trust remains central to the success of digital payments and said PSV 2028 would enhance efficiency, competitiveness, and confidence in the financial system.
Also speaking, Director-General of the Securities and Exchange Commission, Emomotimi Agama, emphasized the importance of collaboration among financial regulators in building a resilient financial ecosystem.
He described the relationship between payment systems and capital market operations as inseparable, noting that securities transactions depend on corresponding payments for completion.
Agama called on regulators to work in unison to improve efficiency, strengthen Nigeria’s financial system, and enhance the country’s reputation as a leader in digital payments across Africa.
He also advocated increased public education to improve understanding of the payment ecosystem and encourage wider adoption of digital financial services.
Meanwhile, Executive Vice Chairman of the Nigerian Communications Commission, Aminu Maida, described PSV 2028 as a strategic framework that builds on the achievements of PSV 2025.
Maida said trust, security, and growth were essential to achieving the economic vision of Bola Ahmed Tinubu and highlighted the role of telecommunications infrastructure in supporting digital payments.
He warned that cyber threats and fraud were becoming increasingly sophisticated and could not be tackled by any single regulator or government agency.
“No regulator or government can tackle emerging cyber threats alone,” he said.
Maida disclosed that the NCC was expanding broadband infrastructure through nationwide fibre connectivity projects and efforts to improve affordable internet access, particularly in underserved communities.
He added that wider deployment of 4G and 5G technologies would further drive financial inclusion and digital payments adoption.
The NCC chief urged stakeholders to focus on the broader economic impact of payment system reforms, stressing that their ultimate goal should be to improve productivity and drive sustainable economic growth.
