CBN has unveiled payments system vision 2028 to boost financial inclusion, innovation and economic growth across Nigeria.
NewsOnline Nigeria reports that the Central Bank of Nigeria (CBN) has launched the Nigeria Payments System Vision (PSV) 2028, a strategic roadmap aimed at building a more efficient, innovative, secure and financially inclusive payments ecosystem to support economic growth and strengthen Nigeria’s competitiveness in the global digital economy.
Unveiling the framework in Abuja, Olayemi Cardoso, Governor of the Central Bank of Nigeria, said the vision is designed to accelerate the financial sector’s contribution to the nation’s Gross Domestic Product (GDP) while ensuring broader participation in the formal financial system.
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According to Cardoso, PSV 2028 is anchored on the recognition that a modern payment system is critical to national development, financial inclusion and international competitiveness.
“The vision is anchored on a modern payment system which is indispensable to national growth, financial inclusion and international competitiveness. It seeks to ensure that every Nigerian participates meaningfully in the financial industry,” he said.
The CBN Governor noted that Nigeria’s payments ecosystem has evolved significantly over the past two decades, driven by instant payment solutions, rapid digital adoption and fintech-led innovation.
He stated that Nigeria’s achievements in digital payments compare favourably with leading global markets and have contributed substantially to economic activity, financial inclusion and the resilience of the financial system.
Cardoso emphasized that as technology continues to transform the global payments landscape, efficient payment systems have become essential tools for reducing business costs, improving productivity, supporting trade and expanding economic participation.
“In a modern economy, payment infrastructure is not simply a financial utility; it is a strategic national asset,” he said.
The CBN Governor added that PSV 2028 forms a key component of the apex bank’s broader reform agenda and is expected to strengthen economic stability, facilitate trade and remittance flows, deepen investor confidence and improve Nigeria’s balance of payments position over time.
He also called for collaboration among stakeholders, including banks, fintech companies, telecommunications operators and regulators, stressing that the success of the vision will depend largely on effective implementation.
Earlier, CBN Deputy Governor for Economic Policy, Muhammad Abdullahi, said PSV 2028 is built around five strategic priorities aimed at strengthening payment infrastructure, promoting financial inclusion, fostering innovation, enhancing cross-border transactions and safeguarding the integrity of the financial system.
According to him, the framework seeks to develop interoperable and resilient payment infrastructure capable of supporting a digital economy at scale while ensuring that individuals, households and businesses can participate confidently in the formal financial system.
Abdullahi added that the vision embraces emerging technologies such as open banking, digital assets, artificial intelligence and other transformative innovations with the potential to improve efficiency, expand access to financial services and unlock new economic opportunities.
With the launch of PSV 2028, the CBN aims to position Nigeria as a leading digital payments hub in Africa while creating a stronger foundation for sustainable economic growth, financial inclusion and innovation-driven development.
