The Central Bank of Nigeria (CBN) has unveiled a new strategic framework, the Nigeria Payments System Vision 2028 (PSV 2028), aimed at strengthening the country’s financial ecosystem and positioning it for global competitiveness.
Launched yesterday at the inaugural meeting of the PSV 2028 Project Committee in Lagos, the initiative was described by Musa Jimoh, Director of the CBN’s Payments System Policy Department, as a critical “national assignment.”
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He said the plan holds the potential to transform how individuals, businesses, and government institutions interact within the financial space.
PSV 2028 builds on earlier reforms under PSV 2020 and PSV 2025, with a sharper focus on modernising infrastructure, widening financial inclusion, and driving innovation.
While acknowledging Nigeria’s significant progress in payments over the past two decades, Jimoh stressed the urgency of keeping pace with global technological change.
He called PSV 2028 an opportunity to establish a “future-ready” system that is secure, efficient, and internationally competitive.
The framework will be developed through a collaborative process engaging regulators, banks, fintechs, and consumer groups to ensure it is practical, widely adopted, and a catalyst for innovation.
Ajao Niyi, former CEO of the Nigeria Inter-Bank Settlement System (NIBSS), praised the inclusive approach and urged stakeholders to lend their full support.
To drive implementation, the CBN has set up dedicated working groups focusing on infrastructure and interoperability, consumer protection, digital identity, innovation, cross-border payments, and cybersecurity.
Replacing the current PSV 2025, the new strategy will guide Nigeria’s payments system over the next three years.
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The CBN expects PSV 2028 to consolidate the country’s leadership in Africa’s digital payments landscape while aligning with international best practices.
