CBN Announces Its 2028 Payment Systems Vision

By Emma Ujah, Abuja Bureau Chief

The Central Bank of Nigeria (CBN) has announced its Nigeria Payments System Vision (PSV) 2028, aiming to create a more efficient, innovative, and financially inclusive framework across the country.

During the unveiling in Abuja yesterday, CBN Governor Mr. Olayemi Cardoso pledged to use the new framework to accelerate the financial sector’s contribution to the nation’s Gross Domestic Product (GDP).

He said, “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.”

Cardoso added, “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 and, in several respects, compares favourably with leading global markets.”

“While this progress has not always been fully reflected in global narratives, its impact on economic activity, financial inclusion, and system resilience is evident across our economy.”

“At a time when the speed, security, and reach of payments increasingly define the competitiveness of nations, Nigeria’s experience demonstrates the value of sustained investment in innovation, infrastructure, and inclusion.”

“The Payments System Vision 2028 (PSV 2028) builds on this strong foundation. 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.”

He acknowledged the rapidly evolving global payments system and urged all stakeholders to collaborate so that PSV 2028 becomes a catalyst for economic growth in the country.

“The global payments landscape is undergoing profound change. New technologies are reshaping how value is exchanged. Digital commerce is expanding rapidly. Cross-border transactions are becoming increasingly important. Expectations around speed, convenience, security, and interoperability continue to rise.”

“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.”

“For Nigeria, efficient payment systems reduce the cost of doing business, improve productivity, strengthen transparency, support trade, and broaden participation in economic activity. In a modern economy, payment infrastructure is not simply a financial utility; it is a strategic national asset.”

“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.”

“PSV 2028 is also an important component of the broader 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 success of the vision, according to Mr. Cardoso, will depend on its effective implementation and on the active participation of all industry players, including banks, fintech companies, the Nigerian Communications Commission, and telecommunications firms.

Earlier, Deputy Governor for Policy Dr. Muhammad Abdullahi revealed that the vision is built on five mutually reinforcing priorities: strengthening payment infrastructure, deepening inclusion, fostering innovation, facilitating cross-border transactions, and safeguarding the integrity of the financial system.

He explained that the vision “seeks to build interoperable, and resilient payment infrastructure capable of supporting a digital economy at scale; it prioritises financial inclusion, consumer protection, and financial literacy to ensure that individuals, households, and businesses can participate confidently and meaningfully in the formal financial system.”

The Deputy Governor added that PSV 2028 “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.”

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