CBN Introduces Nigeria Payments System Vision 2028 (PSV 2028)

The Central Bank of Nigeria (CBN) has launched the Nigeria Payments System Vision 2028 (PSV 2028), a new roadmap designed to enhance financial inclusion, promote innovation, and position Nigeria as a competitive player in the global payments ecosystem.

The initiative was unveiled on Wednesday during the inaugural meeting of the PSV 2028 Project Committee in Lagos.

Musa Jimoh, director of the CBN’s payments system policy department, described PSV 2028 as a “national assignment” with the potential to transform how individuals, businesses, and government agencies engage within the financial space.

He explained that the framework builds on reforms introduced under PSV 2020 and PSV 2025, with a focus on improving infrastructure interoperability, expanding digital access, and encouraging innovation.

“While Nigeria’s payment system has made remarkable progress over the past 20 years, technology continues to evolve at an unprecedented pace,” Jimoh said. “PSV 2028 offers a rare opportunity to design a system that is secure, efficient, and future-ready.”

According to him, the strategy will be developed through an inclusive process involving regulators, banks, fintech companies, payment service providers, consumer groups, and other stakeholders to ensure broad policy acceptance and practical relevance.

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Former managing director of the Nigeria Inter-Bank Settlement System (NIBSS), Ajao Niyi, commended the central bank for raising the bar on stakeholder engagement and urged industry players to work collectively in support of the project.

To drive implementation, the CBN has established thematic working groups focused on key areas including infrastructure and interoperability, digital financial inclusion and consumer protection, innovation and digital identity, cross-border payments and central bank digital currency (CBDC) integration, as well as regulation, risk management, and cybersecurity.

The apex bank noted that PSV 2028 will succeed the soon-to-expire PSV 2025 and serve as the guiding framework for Nigeria’s digital payments sector over the next three years. It is also expected to strengthen Nigeria’s leadership role in Africa’s payments landscape while aligning with global best practices.