The Central Bank of Nigeria (CBN) has unveiled the Nigeria Payments System Vision (PSV) 2028, a new framework to create a more efficient, innovative, secure and financially inclusive payment system for the country.
The CBN Governor, Olayemi Cardoso, unveiled the framework in Abuja, stressing it would help boost the contribution of the financial sector to the Gross Domestic Product of Nigeria.
The initiative, Cardoso said, was designed to strengthen the country’s payment infrastructure, deepen financial inclusion and improve Nigeria’s competitiveness in the global financial system.
He said a modern payment system is central to national development and must be built in a way that enables every Nigerian to participate meaningfully in the formal financial sector.
“The vision is anchored on a modern Payment System which is indispensable to national growth, financial inclusion and international competitiveness. It is about making sure that every Nigerian is meaningfully involved in the financial industry.”
“Nigeria has made tremendous progress in the area of digital payments over the last two decades,” Cardoso said, adding that the nation’s payment ecosystem had evolved into one of the most dynamic and innovative in the world.
He said Nigeria was ahead of many countries on the continent in terms of developments in instant payments, digital adoption and fintech-led innovation, and was close to some leading global markets in certain areas.
In his words, “In the last two decades, Nigeria’s payment system has grown to become one of the most dynamic and innovative in the world.” From instant payments and digital adoption to fintech-led innovation, we have, in many respects, set the pace across the continent and, in some cases, compared well with leading global markets.
“This progress has not always been fully reflected in global narratives but its impact on economic activity, financial inclusion and system resilience is evident across our economy.”
He said the speed, security and reach of payment systems had become important factors in determining the competitiveness of nations.
Nigeria’s experience, Cardoso said, also showed the importance of sustained investment in innovation, infrastructure and inclusion.
“The Payments System Vision 2028, he said, was built on the solid foundation already laid in Nigeria’s payment industry.
He said the new framework would serve as a strategic roadmap for the next stage of transformation in the sector.
The aim, he said, is to develop a payment ecosystem that is safe, inclusive, resilient and globally competitive.
“The Payments System Vision 2028 (PSV 2028) builds on that strong foundation, said Cardoso. “It provides a strategic roadmap for the next phase of transformation and reflects our ambition to build a payments ecosystem that is secure, inclusive, resilient and globally competitive.”
“The global payments landscape is changing fast and new technologies are transforming how value is exchanged across countries and sectors,” he said.
The CBN governor noted that digital commerce was expanding, cross-border transactions were becoming more important and expectations on speed, convenience, security and interoperability were rising.
“Payment systems can no longer be viewed just as a channel for transferring money, but as platforms for innovation, financial inclusion and economic growth,” said Cardoso.
“Efficient payment systems would lower the cost of doing business, improve productivity, support trade, enhance transparency and increase participation in economic activity,” he said.
“In this environment, payments are no longer just a means of moving money,” he said. They are platforms for innovation, enablers of inclusion, critical infrastructure for economic growth.
“Efficient payment systems reduce the cost of doing business, enhance productivity, promote transparency, facilitate trade and expand participation in economic activity for Nigeria. “In a modern economy, payment infrastructure is not just a financial utility, it is a strategic national asset,”
The CBN governor said PSV 2028 would guarantee that Nigeria’s payment ecosystem remains safe, resilient, inclusive and globally competitive while supporting wider economic objectives.
He added that the framework was part of the wider reform agenda pursued by the apex bank since 2023.
Framework for Trade and Remittances Support
Strengthening the country’s payment system would also contribute to efforts to stabilize the economy, facilitate trade and remittance flows, deepen investor confidence and improve Nigeria’s external position over time, Cardoso said.
“That’s why PSV 2028 matters,” he said. It is designed to ensure Nigeria’s payments ecosystem is secure, resilient, inclusive and globally competitive while also supporting our broader economic aspirations.
“PSV 2028 is also an important part of the wider reform agenda that the Central Bank has pursued since 2023. “By strengthening the efficiency, resilience and international connectivity of our payments ecosystem, this Vision will support ongoing efforts to stabilize the economy, facilitate trade and remittance flows, deepen investor confidence and contribute to improvements in Nigeria’s external and Balance of Payments position over time.”
The CBN governor said the success of the vision would largely depend on effective implementation and collaboration among key stakeholders in the financial and technology sectors.
He called on banks, fintech companies, the Nigerian Communications Commission, telecommunications companies and other players in the industry to play their roles in achieving the objectives of the framework.
CBN Identifies Five Priority Areas
Earlier, the Deputy Governor, Policy of the CBN, Dr Muhammad Abdullahi said the new vision was based on five mutually reinforcing priorities.
The priorities would strengthen payment infrastructure, deepen inclusion, support innovation, improve cross-border transactions and safeguard the integrity of the financial system, he said.
The framework would help build an interoperable and resilient payment infrastructure that can support a digital economy at scale, Abdullahi said.
PSV 2028 will also include financial inclusion, consumer protection and financial literacy so that individuals, households and businesses can participate confidently in the formal financial system, he said.
“The vision aims to develop interoperable, and resilient payment infrastructure that can support a digital economy at scale; it prioritises financial inclusion, consumer protection, and financial literacy so that individuals, households, and businesses can partake confidently and meaningfully in the formal financial system,” he said.
The framework would support innovation and emerging technologies that could increase access, improve efficiency and create new economic opportunities, Abdullahi added.
“PSV 2028 will have open banking, digital assets, artificial intelligence and other transformative solutions, he said.
The framework “embraces innovation and emerging technologies, including open banking, digital assets, artificial intelligence and other transformative solutions that have potential to improve efficiency, expand access and unlock new economic opportunities,” the deputy governor said.
