The Central Bank of Nigeria (CBN) has initiated the development of a new strategic roadmap for the nation’s payments landscape with the official launch of the Nigeria Payments System Vision 2028 (PSV 2028).
This new framework aims to establish a more inclusive, innovative, and globally competitive digital financial system.
At the inaugural meeting of the PSV 2028 Project Committee held in Lagos on September 9, 2025, Musa Jimoh, Director of the Payments System Policy Department (PSPD), described the initiative as a “national assignment” with the potential to reshape the way individuals, businesses, and government entities engage within the financial ecosystem.
Reflecting on Nigeria’s journey—from the foundational reforms of 2006 to the milestones achieved through PSV 2020 and PSV 2025—Jimoh emphasized that PSV 2028 would build on these successes to enhance financial inclusion, strengthen infrastructure interoperability, and promote innovation across the financial services industry.
He acknowledged the significant strides Nigeria’s payment system has made over the past two decades, while also highlighting the growing pace of technological change and the need for a proactive, future-ready strategy.
Jimoh noted that PSV 2028 presents a critical opportunity to develop a secure, efficient, and internationally competitive payments framework through a collaborative, stakeholder-driven approach. This process will bring together regulators, banks, fintech companies, payment service providers, consumer advocacy groups, and other key players to ensure the strategy is grounded in practical realities and encourages shared innovation and accountability.
To support the rollout of PSV 2028, five thematic working groups have been formed, focusing on:
- Infrastructure and interoperability
- Digital financial inclusion, consumer protection, and financial literacy
- Innovation, digital identity, and emerging technologies
- Cross-border payments and CBDC integration
- Regulation, risk management, and cybersecurity
A sixth group is also being proposed to focus on strategic communications and stakeholder engagement.
Attendees at the committee launch applauded the CBN’s inclusive and forward-thinking approach, recognizing PSV 2028 as a vital driver of digital transformation, financial inclusion, and economic resilience. They pledged their support and collaboration in creating a comprehensive and practical framework that enhances Nigeria’s standing within both the African and global payments ecosystem.
Former CEO of the Nigeria Inter-Bank Settlement System (NIBSS), Ajao Niyi, commended the CBN for setting a new benchmark in stakeholder collaboration and called on all sectors to unite behind the initiative.
As a successor to the expiring PSV 2025, the PSV 2028 will serve as Nigeria’s strategic blueprint for digital payments over the next three years, aligning the financial system with international standards and ensuring sustainable growth.
The launch represents a significant step forward in Nigeria’s digital financial transformation—laying the groundwork for a more connected, innovative, and inclusive economy.
