CBN Launches Nigeria Payments System Vision 2028 to Deepen Digital Finance

CBN has launched Nigeria Payments System Vision 2028 to deepen digital finance.

NewsOnline Nigeria reports that the Central Bank of Nigeria (CBN) has unveiled a new strategic blueprint, the Nigeria Payments System Vision 2028 (PSV 2028), aimed at strengthening the nation’s digital payments ecosystem and positioning it as globally competitive.

Speaking at the inaugural committee meeting in Lagos, the Director of the Payments System Policy Department (PSPD), Musa Jimoh, described the initiative as a “national assignment” capable of transforming how individuals, businesses, and government agencies transact across the financial system.

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Building on reforms dating back to 2006 and milestones achieved under PSV 2020 and PSV 2025, the new framework will prioritize financial inclusion, interoperability, innovation, and infrastructure development.

Jimoh emphasized that PSV 2028 would adopt a stakeholder-driven approach, bringing together regulators, banks, fintechs, payment service providers, consumer advocates, and other key actors to ensure the framework reflects real-world needs and fosters policy acceptance.

To drive implementation, five thematic working groups were set up to focus 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 will handle strategic communications and stakeholder engagement.

Participants, including former Nigeria Inter-Bank Settlement System (NIBSS) chief executive Ajao Niyi, praised the CBN’s inclusive approach and urged stakeholders to rally behind the initiative.

The PSV 2028, which succeeds the expiring PSV 2025, will serve as the guiding framework for Nigeria’s payments system over the next three years, aligning with global best practices while promoting innovation, financial inclusion, and economic resilience.