CBN unveils Payments System Vision 2028

…to drive an inclusive, innovative, and secure financial ecosystem

The Central Bank of Nigeria (CBN) has kicked off the development of a new strategic framework for the country’s payments ecosystem with the launch of the Nigeria Payments System Vision 2028 (PSV 2028), setting the stage for a more inclusive, innovative, and globally competitive digital financial system.

At the inaugural meeting of the PSV 2028 Project Committee held in Lagos,on Tuesday, September 9, 2025, the Director of the Payments System Policy Department (PSPD), Mr. Musa Itopa Jimoh, described the initiative as a “national assignment” with the potential to transform how individuals, businesses, and governments interact within the financial ecosystem.

Reflecting on the journey from the early reforms of 2006 through the milestones of PSV 2020 and PSV 2025, Mr. Jimoh highlighted that the new vision will build on past achievements to deepen financial inclusion, improve infrastructure interoperability, and promote innovation across Nigeria’s financial services sector.

He observed that while Nigeria’s payment system has made significant progress over the past two decades, the speed of technological advancement and innovation continues to grow. PSV 2028, he explained, presents the country with a unique chance to develop a future-ready framework that is secure, efficient, and globally competitive.

He further explained that the framework would be developed through an inclusive, stakeholder-led process that unites regulators, banks, fintechs, payment service providers, consumer advocacy groups, and other key players. He highlighted that this collaborative approach will ensure the strategy reflects real-world needs, fosters policy acceptance, and promotes innovation through shared responsibility.

To facilitate its implementation, five thematic working groups were established, concentrating on: Infrastructure & Interoperability; Digital Financial Inclusion, Consumer Protection & Financial Literacy; Innovation, Digital Identity & Emerging Technologies; Cross-Border Payments & CBDC Integration; and Regulation, Risk Management & Cybersecurity. A sixth group on Strategic Communications and Stakeholder Engagement was also proposed.

Participants at the event welcomed the initiative, praising the CBN’s inclusive approach and highlighting the pivotal role of PSV 2028 in promoting digital innovation, financial inclusion, and economic resilience. By sharing expertise and resources, they committed to creating a forward-looking document that would strengthen Nigeria’s position in Africa’s payments landscape while making progress globally.

Also speaking at the event, Mr. Ajao Niyi, former Chief Executive of the Nigeria Inter-Bank Settlement System (NIBSS), praised the CBN for establishing a new standard for stakeholder engagement and urged all parties to unite in support of the initiative.

The PSV 2028, which succeeds the soon-to-expire PSV 2025, is expected to serve as the guiding blueprint for Nigeria’s digital payments ecosystem over the next three years, aligning the country’s financial system with global best practices and ensuring sustainable growth. It marks a bold step forward in Nigeria’s digital financial transformation, setting the stage for a more connected, innovative, and inclusive economy