The Central Bank of Nigeria (CBN) has launched the Nigeria Payments System Vision 2028 (PSV 2028), a new framework designed to guide the country’s payments ecosystem over the next three years.
The initiative, which succeeds the soon-to-expire PSV 2025, is expected to serve as the blueprint for shaping Nigeria’s digital financial system with a strong focus on financial inclusion, innovation, infrastructure interoperability, and global competitiveness.
At the inaugural meeting of the PSV 2028 Project Committee in Lagos, the Director of the Payments System Policy Department (PSPD) described the programme as a national assignment with the potential to transform how individuals, businesses, and government institutions interact within the financial ecosystem.
He traced Nigeria’s journey in digital payments from early reforms in 2006 through the milestones of PSV 2020 and PSV 2025, explaining that the new vision would consolidate previous achievements while adapting to the accelerating pace of technological advancement.
“PSV 2028 presents us with a unique chance to develop a future-ready framework that is secure, efficient, and globally competitive,” he said, adding that the framework would strengthen resilience while aligning Nigeria’s financial services with global best practices.
The CBN said the strategy will be developed through a stakeholder-led process that brings together regulators, banks, fintechs, payment service providers, consumer advocacy groups, and other key actors in the ecosystem. This collaborative approach is aimed at ensuring that the framework addresses practical needs, gains wide policy acceptance, and fosters innovation through shared responsibility.
To drive its implementation, five thematic working groups have been inaugurated to cover key areas: Infrastructure and Interoperability; Digital Financial Inclusion, Consumer Protection and Financial Literacy; Innovation, Digital Identity and Emerging Technologies; Cross-Border Payments and Central Bank Digital Currency (CBDC) Integration; and Regulation, Risk Management and Cybersecurity. A sixth group on Strategic Communications and Stakeholder Engagement has also been proposed.
Participants at the meeting welcomed the CBN’s inclusive approach and pledged their support, noting that PSV 2028 would play a pivotal role in strengthening Nigeria’s digital innovation, enhancing financial inclusion, and boosting economic growth.
A former chief executive of the Nigeria Inter-Bank Settlement System (NIBSS) praised the CBN for setting a benchmark in stakeholder engagement and urged industry players to work collectively to ensure the success of the initiative.
With PSV 2028, the CBN seeks to reinforce Nigeria’s leadership in Africa’s payments landscape while increasing the country’s global relevance in the digital economy.
