Central Bank of Nigeria unveils payments system vision 2028

By:  Nana Appiah Acquaye

The Central Bank of Nigeria (CBN) has officially launched the Nigeria Payments System Vision 2028 (PSV 2028), a strategic framework designed to transform the country’s payments ecosystem and strengthen its position in the global digital economy.

The initiative was unveiled by CBN Governor Olayemi Cardoso, who stated that the vision seeks to deepen payments infrastructure, expand financial inclusion, accelerate innovation, strengthen cybersecurity, and enhance Nigeria’s integration with regional and international payment systems.

He described PSV 2028 as a national agenda rather than a government-driven initiative, emphasizing the need for collaboration across the financial and technology ecosystem to achieve its objectives.

According to Cardoso, payment systems have evolved beyond basic financial transactions to become critical enablers of innovation, inclusion, and economic growth.

He noted that the framework is designed to create a secure, resilient and globally competitive payments environment that supports trade, investor confidence and broader economic reforms.

A key objective of the strategy is to significantly expand financial inclusion, with projections indicating that inclusion levels could reach 95 percent by 2028, bringing more Nigerians—including market traders, farmers, entrepreneurs and young people—into the formal financial system.

The CBN Governor also highlighted the importance of balancing innovation with financial stability, strengthening regulatory oversight while fostering competition and collaboration within the sector.

He expressed confidence that Nigeria’s fintech ecosystem has the potential to produce global-scale innovation, including the emergence of new fintech unicorns driven by local talent and entrepreneurship.

Cardoso further emphasized that the success of PSV 2028 will be measured not by policy documentation but by its implementation outcomes, including expanded access to financial services, improved trust in digital payments, and reduced reliance on cash transactions.

The CBN stated that the initiative reflects Nigeria’s ambition to build a modern, inclusive and technology-driven financial system that supports long-term economic growth and development.