By Oluwadarasimi Omiyale
The Central Bank of Nigeria (CBN) has unveiled the Nigeria Payments System Vision 2028 (PSV 2028), a strategic framework aimed at strengthening the country’s digital payments ecosystem, improving financial inclusion, and enhancing economic competitiveness.
The initiative was formally presented in Abuja by Olayemi Cardoso, the CBN governor, who said the framework reflects Nigeria’s ambition to build a more efficient and globally competitive financial system.
Cardoso said the payments sector has become a critical driver of economic growth, noting that modern financial systems now play a central role in trade, investment, and financial inclusion.
Today, we unveil more than a payments strategy. We unveil a vision for how Nigerians will transact, trade, save, invest, and participate in an increasingly digital economy.
He added that Nigeria’s payments ecosystem has recorded significant progress over the past two decades, driven by digital banking innovation, instant payment systems, and fintech expansion.
According to him, the new framework builds on this progress and seeks to ensure broader participation in the formal financial system.
The CBN governor also noted that the global payments landscape is evolving rapidly, with increased adoption of digital technologies, cross-border payment systems, and financial innovation reshaping how value is exchanged.
Speaking on implementation, Muhammad Sani Abdullahi, the deputy governor of the CBN, Economic Policy Directorate, said the framework embraces emerging technologies such as open banking, artificial intelligence, and digital assets to improve efficiency and expand access to financial services.
He said PSV 2028 is structured around key priorities including strengthening payment infrastructure, deepening financial inclusion, promoting innovation, facilitating cross-border payments, and safeguarding financial system integrity.
Abdullahi added that the initiative is designed to support a more interoperable and resilient payment system capable of driving Nigeria’s digital economy at scale.
The CBN said effective implementation will require collaboration among stakeholders including deposit money banks, fintech operators, telecommunications companies, and regulators such as the Nigerian Communications Commission (NCC).
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