CBN launches payments system vision 2028 to deepen financial inclusion

The Central Bank of Nigeria (CBN) has unveiled the Nigeria Payments System Vision 2028 (PSV 2028), a new strategic framework aimed at building a more inclusive, innovative, and globally competitive payments ecosystem.

According to a statement on Wednesday, the initiative was launched at the inaugural meeting of the PSV 2028 Project Committee in Lagos.

Speaking at the event, Musa Jimoh, director of the CBN’s payments system policy department, described the project as a “national assignment” that could transform how individuals, businesses, and governments interact within the financial ecosystem.

Jimoh said the new framework builds on past reforms, including the milestones achieved under PSV 2020 and PSV 2025, to improve infrastructure interoperability, expand financial inclusion, and promote innovation.

“While Nigeria’s payment system has made significant progress over the past two decades, the speed of technological advancement continues to grow,” he said.

“ PSV 2028 presents us with a unique chance to create a future-ready system that is secure, efficient, and globally competitive.”

He further said the framework will be developed through a stakeholder-led process involving regulators, banks, fintechs, payment service providers, consumer advocacy groups, and other industry players.

This inclusive approach, he said, would ensure that the strategy reflects real-world needs, fosters policy acceptance, and drives innovation.

Ajao Niyi, former chief executive of the Nigeria Inter-Bank Settlement System (NIBSS), praised the apex bank for “setting a new standard for stakeholder engagement” and urged all parties to unite in support of the project.

According to the statement, to facilitate its implementation, the CBN has set up thematic working groups focusing on infrastructure and interoperability, digital financial inclusion and consumer protection, innovation and digital identity, cross-border payments and central bank digital currency (CBDC) integration, as well as regulation, risk management and cybersecurity.

CBN said the new framework succeeds the soon-to-expire PSV 2025 and will guide Nigeria’s digital payments landscape for the next three years.

The apex bank also said PSV 2028 is expected to strengthen the country’s role in Africa’s payments ecosystem while aligning with global best practices.