CBN Launches New Payments System Vision 2028 to Transform Financial Landscape
By Patience Ikpeme
The Central Bank of Nigeria (CBN) has initiated a bold new strategic framework for the nation’s payments ecosystem with the launch of the Nigeria Payments System Vision 2028 (PSV 2028).
This new vision aims to create a more inclusive, innovative, and globally competitive digital financial system for the country.
At the inaugural meeting of the PSV 2028 Project Committee, which took place in Lagos on Tuesday, September 9, 2025, the Director of the Payments System Policy Department (PSPD), Mr. Musa Itopa Jimoh, described the initiative as a “national assignment” with the potential to transform how individuals, businesses, and governments interact within the financial ecosystem.
He explained that PSV 2028 will build on the achievements of past visions (PSV 2020 and PSV 2025) to deepen financial inclusion, improve infrastructure interoperability, and promote innovation.
Mr. Jimoh noted that while Nigeria’s payment system has seen significant progress over the last two decades, the pace of technological advancement continues to accelerate. He conveyed that PSV 2028 presents a unique opportunity for the country to develop a future-ready framework that is secure, efficient, and globally competitive.
He also explained that the framework would be developed through an inclusive, stakeholder-led process involving regulators, banks, fintechs, and other key players. He added that this collaborative approach would ensure the strategy reflects real-world needs and promotes innovation through shared responsibility.
To facilitate the implementation of the new vision, five thematic working groups were established, focusing on: Infrastructure & Interoperability; Digital Financial Inclusion, Consumer Protection & Financial Literacy; Innovation, Digital Identity & Emerging Technologies; Cross-Border Payments & CBDC Integration; and Regulation, Risk Management & Cybersecurity. A sixth group on Strategic Communications and Stakeholder Engagement was also proposed.
Participants at the event expressed their support for the initiative and commended the CBN’s inclusive approach. They agreed on the pivotal role PSV 2028 will play in promoting digital innovation, financial inclusion, and economic resilience. By sharing their expertise and resources, they committed to creating a forward-looking document that would strengthen Nigeria’s position in Africa’s payments landscape while also advancing its global standing.
Speaking at the event, Mr. Ajao Niyi, former Chief Executive of the Nigeria Inter-Bank Settlement System (NIBSS), commended the CBN for setting a new standard for stakeholder engagement. He urged all parties to unite in support of the initiative.
The PSV 2028, which succeeds the soon-to-expire PSV 2025, is set to be the guiding blueprint for Nigeria’s digital payments ecosystem over the next three years. It is expected to align the country’s financial system with global best practices and ensure sustainable growth. The initiative marks a significant step forward in Nigeria’s digital financial transformation, paving the way for a more connected, innovative, and inclusive economy.
