Onome Amuge
The Central Bank of Nigeria (CBN) has launched the Nigeria Payments System Vision 2028, a new strategic framework designed to guide the future of the country’s payments ecosystem.
The initiative was announced at the inaugural meeting of the PSV 2028 Project Committee in Lagos on Tuesday, September 9, 2025.
Musa Itopa Jimoh, director of the Payments System Policy Department, described the programme as a national assignment with the potential to transform how individuals, businesses and governments interact within the financial system.
He said PSV 2028 would build on reforms dating back to 2006 and the milestones achieved through the earlier PSV 2020 and PSV 2025 strategies.
He explained that the new framework aims to deepen financial inclusion, improve interoperability across infrastructure, and promote innovation in the financial services sector.
Jimoh noted that Nigeria’s payment system has recorded substantial progress over the past two decades, but that the rapid pace of technological change requires fresh thinking.
He said PSV 2028 offers Nigeria an opportunity to create a future-ready framework that is efficient, secure and globally competitive.
He added that the framework will be designed through a stakeholder-led process involving regulators, banks, fintechs, payment service providers and consumer advocacy groups.
According to him, this inclusive approach is intended to ensure the strategy addresses real-world needs, gains industry acceptance and promotes innovation through shared responsibility.
To support its implementation, the central bank has created five thematic working groups.
These groups will focus on infrastructure and interoperability, digital financial inclusion and consumer protection, innovation and emerging technologies, cross-border payments and CBDC integration, and regulation, risk management and cybersecurity.
A sixth group covering strategic communications and stakeholder engagement has also been proposed.
Participants at the Lagos event welcomed the central bank’s inclusive approach and praised the scope of the PSV 2028 agenda.
They said the strategy could accelerate digital innovation, broaden access to financial services and strengthen economic resilience.
They also pledged to contribute expertise and resources to ensure the final document is both practical and forward-looking.
Stakeholders said the goal is to consolidate Nigeria’s position as a leader in Africa’s payments industry while aligning with global standards.
Ajao Niyi, former chief executive of the Nigeria Inter-Bank Settlement System, commended the central bank for setting what he called a new standard for stakeholder engagement.
He urged all parties to support the initiative and said collective action would be essential to its success.
The PSV 2028 framework is set to replace PSV 2025, which is due to expire at the end of the year.
The central bank said the new strategy will guide the digital payments ecosystem over the next three years and align Nigeria’s financial system more closely with international best practice.
The plan is expected to strengthen the foundations of sustainable growth in the financial sector and improve Nigeria’s competitiveness in the global economy.
Industry observers say the inclusion of cross-border payments and CBDC integration in the agenda highlights Nigeria’s ambition to expand its role in regional and global trade.
Nigeria accounts for almost one-fifth of Africa’s population and is regarded as a key player in the African Continental Free Trade Area.
Analysts also point out that financial inclusion remains a challenge, with more than one-third of Nigerian adults still outside the formal financial system.
They argue that PSV 2028’s emphasis on consumer protection, literacy and digital identity could help close that gap.
The central bank has said the strategy will focus on creating a payments ecosystem that is connected, inclusive and innovative.
