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

The framework was unveiled in Abuja by the Governor of the CBN, Olayemi Cardoso, who said the initiative would accelerate financial sector growth and improve the contribution of the industry to Nigeria’s economy.

According to Cardoso, the vision is designed to strengthen payment infrastructure, expand financial inclusion and position Nigeria among leading global digital payment economies.

“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 participate meaningfully in the financial industry,” he said.

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Cardoso noted that Nigeria’s digital payment system has experienced rapid growth over the last two decades, driven largely by fintech innovation, instant payment solutions and increased digital adoption.

He said Nigeria’s progress in the payments space now compares favourably with some leading global markets.

“Over the past two decades, Nigeria’s payments ecosystem has evolved into one of the most dynamic and innovative in the world. From instant payments and digital adoption to fintech-led innovation, our progress has often set the pace on the continent,” the CBN governor stated.

He added that although the country’s achievements are not always reflected in international narratives, the impact of digital payments on financial inclusion, economic activity and system resilience remains evident.

Payment Systems Now Strategic National Assets

Cardoso stressed that payment systems are no longer just channels for transferring funds but have become critical infrastructure for economic growth, innovation and national competitiveness.

“In this environment, payments are no longer merely a means of transferring funds. They are platforms for innovation, enablers of inclusion, and critical infrastructure for economic growth,” he said.

He explained that efficient payment systems reduce business costs, improve transparency, support trade and increase participation in formal economic activities.

“For Nigeria, efficient payment systems reduce the cost of doing business, improve productivity, strengthen transparency, support trade, and broaden participation in economic activity,” he added.

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The Deputy Governor for Policy at the CBN, Muhammad Abdullahi, disclosed that the Payments System Vision 2028 is anchored on five major priorities.

According to him, the framework seeks to:

• Strengthen payment infrastructure
• Deepen financial inclusion
• Improve consumer protection and financial literacy
• Support innovation and emerging technologies
• Enhance cross-border payment systems

Abdullahi said the initiative would promote interoperable and resilient payment infrastructure capable of supporting a digital economy at scale.

He further revealed that the framework embraces technologies such as open banking, digital assets and artificial intelligence to improve access and efficiency within the financial sector.

Cardoso also linked the initiative to the broader economic reforms introduced by the CBN since 2023.

According to him, improving payment infrastructure would support trade, remittance flows, investor confidence and Nigeria’s external financial position.

“That is why PSV 2028 matters. It is designed to ensure that Nigeria’s payments ecosystem remains secure, resilient, inclusive, and globally competitive while supporting our broader economic aspirations,” he said.

The CBN governor, however, emphasised that successful implementation would depend heavily on collaboration among banks, fintech firms, telecom companies, regulators and other stakeholders across the financial ecosystem.