The Central Bank of Nigeria (CBN) has unveiled the Payments System Vision 2028 (PSV 2028), a new strategic framework aimed at accelerating financial inclusion, strengthening digital payments, and positioning Nigeria as a leading payments hub in Africa.
Speaking at the launch in Abuja on Monday, CBN Governor Olayemi Cardoso said the initiative would provide a roadmap for building a secure, resilient, inclusive, and innovative payments ecosystem capable of supporting Nigeria’s growing digital economy.
According to Cardoso, Nigeria’s payments sector has evolved into one of the most dynamic and innovative industries globally over the last two decades, playing a key role in expanding financial inclusion and enhancing economic resilience.
“Modern payment systems have become critical infrastructure for economic growth and innovation. Efficient payment systems reduce business costs, improve productivity, and promote transparency across the economy,” he said.
The CBN governor explained that PSV 2028 aligns with the bank’s broader economic reform agenda introduced in 2023 and is designed to support trade, remittances, investor confidence, and Nigeria’s balance of payments.
He noted that the vision would strengthen payments infrastructure, expand access to financial services, and enhance integration with regional and global payment networks.
Cardoso added that the initiative would help Nigeria take full advantage of opportunities presented by the African Continental Free Trade Area (AfCFTA), enabling businesses to access wider markets across Africa and beyond.
“Seamless payment systems will facilitate trade, encourage entrepreneurship, create jobs, and contribute to poverty reduction through faster settlements and interoperable platforms,” he said.
He reaffirmed the CBN’s commitment to fostering innovation while maintaining financial stability and robust regulatory oversight, calling on government agencies, financial institutions, fintech companies, and development partners to support the successful implementation of the vision.
“The success of PSV 2028 will depend on effective execution, collaboration, and sustained commitment from all stakeholders,” Cardoso stated.
Director of Payment System Policy at the CBN, Musa Jimoh, said the country’s payments transformation journey began in 2007 with the introduction of a long-term roadmap for modernising the financial system.
He recalled that Nigeria’s financial sector was predominantly cash-driven at the time, with limited access to banking services and electronic payment channels.
Jimoh noted that the CBN subsequently introduced a series of reforms to improve financial inclusion, including the cashless policy launched in 2012, which significantly reduced dependence on cash and lowered transaction costs.
He also highlighted the success of the agent banking framework, which expanded access to financial services from approximately 50,000 agents to more than two million agents nationwide.
According to him, these reforms have enabled millions of Nigerians to access financial services through mobile technology and simplified customer identification processes.
He stressed that public trust remains essential to the continued growth of digital payments and financial services.
“PSV 2028 is designed to enhance efficiency, improve competitiveness, and strengthen confidence in Nigeria’s financial system,” he said.
Director-General of the Securities and Exchange Commission (SEC), Emomotimi Agama, underscored the importance of collaboration among regulators in building a resilient and efficient financial ecosystem.
He described the relationship between payment systems and capital market operations as inseparable, noting that securities transactions cannot be completed without corresponding payments.
Agama urged financial sector regulators to work in harmony to improve efficiency and strengthen Nigeria’s competitiveness across Africa.
He also called for increased public awareness and education to deepen understanding of the country’s evolving payments landscape.
Executive Vice Chairman of the Nigerian Communications Commission (NCC), Aminu Maida, described PSV 2028 as a forward-looking framework that builds on the achievements of previous payment system reforms.
He noted that trust, security, and sustained growth would be critical to achieving the Federal Government’s ambition of building a one-trillion-dollar economy.
Maida said ongoing economic and telecommunications reforms had created a more stable environment for digital transformation but warned that cyber threats and financial fraud were becoming increasingly sophisticated.
“No regulator or government can address emerging cyber risks alone. Collaboration across institutions is essential to safeguarding the digital economy,” he said.
He disclosed that the NCC is expanding broadband infrastructure through nationwide fibre connectivity projects and initiatives aimed at improving affordable internet access, particularly in underserved communities.
According to him, broader access to 4G and 5G networks will play a significant role in advancing financial inclusion and supporting the growth of digital payments.
Maida urged stakeholders to focus on the broader economic impact of payment reforms, stressing that success should be measured not only by transaction volumes but also by their contribution to productivity, economic growth, and national development.
