The Central Bank of Nigeria (CBN) has unveiled a new strategic blueprint to modernise the country’s payments ecosystem with the launch of the Nigeria Payments System Vision 2028 (PSV 2028).
The initiative, announced at the inaugural meeting of the PSV 2028 Project Committee in Lagos on September 9, 2025, is designed to create a more secure, efficient, and globally competitive digital financial system.
Director of the Payments System Policy Department (PSPD), Musa Jimoh, described the project as a “national assignment” capable of transforming how individuals, businesses, and government agencies interact within Nigeria’s financial landscape, Channels TV reported.
He noted that the PSV 2028 will build on earlier milestones achieved under the reforms of 2006, PSV 2020, and the soon-to-expire PSV 2025.
According to Jimoh, the new vision will deepen financial inclusion, improve infrastructure interoperability, and drive innovation across the financial services sector.
“While Nigeria has made remarkable progress in its payment system over the last two decades, technology continues to evolve rapidly. PSV 2028 presents us with a unique opportunity to design a framework that is both future-ready and globally competitive,” Jimoh said.
Don’t Miss This:
CBN Deploys Mystery Shoppers to Monitor BDCs and Enforce Anti-Money Laundering Rules
The framework will be developed through a stakeholder-led process, bringing together regulators, banks, fintechs, payment service providers, consumer advocacy groups, and other key industry players.
Jimoh explained that this inclusive approach would ensure the strategy reflects real-world needs, encourages policy acceptance, and fosters shared responsibility for innovation.
To drive the process, five thematic working groups have been established, focusing on infrastructure and interoperability; financial inclusion, consumer protection, and 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 dedicated to strategic communications and stakeholder engagement is also being considered.
Participants at the meeting welcomed the initiative, commending the CBN’s commitment to collaboration.
Former chief executive of the Nigeria Inter-Bank Settlement System (NIBSS), Ajao Niyi, lauded the project, calling it “a new benchmark for stakeholder engagement” and urging all players in the sector to rally behind the vision.
The PSV 2028 is expected to serve as Nigeria’s guiding framework for digital payments over the next three years, aligning the nation’s financial system with global best practices while strengthening its role in Africa’s payments landscape.
With this step, the CBN aims to position Nigeria as a leader in digital finance, driving inclusion, resilience, and innovation in an increasingly connected global economy.
Don’t Miss This:
CBN Sells $197.71 Million to Stabilize Naira Amid US Tariffs Impact
Image Credit: Augusto & Co
