The Central Bank of Nigeria (CBN) has commenced the development of a new strategic framework for the nation’s payment ecosystem with the launch of the Nigeria Payments System Vision 2028 (PSV 2028).
This initiative is designed to foster a more inclusive, innovative, and globally competitive digital financial system.
Speaking at the inaugural meeting of the PSV 2028 Project Committee held in Lagos on September 9, 2025, the 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 institutions engage within the financial ecosystem.
Tracing the journey from the early reforms of 2006 through PSV 2020 and PSV 2025, Jimoh noted that PSV 2028 would build on past achievements to strengthen financial inclusion, enhance interoperability, and drive innovation across Nigeria’s financial services sector. While acknowledging the significant progress made over the last two decades, he emphasized that rapid technological advancement demands a future-ready framework that is secure, efficient, and globally aligned.
He further explained that the framework would be developed through a collaborative, stakeholder-driven approach that brings together regulators, banks, fintechs, payment service providers, consumer groups, and other key players. This inclusiveness, he added, would ensure that the strategy addresses real-world needs, encourages policy adoption, and promotes innovation through shared responsibility.
To guide implementation, five thematic working groups were created, focusing on:
- Infrastructure and interoperability
- Digital financial inclusion, consumer protection, and financial literacy
- Innovation, digital identity, and emerging technologies
- Cross-border payments and CBDC integration
- Regulation, risk management, and cybersecurity
A sixth group on strategic communications and stakeholder engagement was also proposed.
Participants at the event welcomed the CBN’s inclusive approach, stressing the importance of PSV 2028 in advancing digital innovation, expanding financial access, and strengthening economic resilience. They pledged to contribute expertise and resources toward creating a forward-looking framework that positions Nigeria as a leader in Africa’s payments landscape while remaining competitive globally.
Former Chief Executive of the Nigeria Inter-Bank Settlement System (NIBSS), Ajao Niyi, commended the CBN for setting a new benchmark for stakeholder engagement and called for collective support for the initiative.
Succeeding the soon-to-expire PSV 2025, the PSV 2028 is expected to serve as the guiding blueprint for Nigeria’s digital payments ecosystem over the next three years. It aligns the country’s financial system with international best practices while laying the foundation for sustainable growth.
Ultimately, PSV 2028 represents a bold step in Nigeria’s digital financial transformation—paving the way for a more connected, innovative, and inclusive economy.
Source: Fundvine Capital & Securities
