The Central Bank of Nigeria (CBN) has launched its ambitious Payments System Vision (PSV) 2028, a strategic roadmap aimed at accelerating financial inclusion, expanding digital transactions, stimulating economic growth, and creating new opportunities for businesses and individuals across the country.
At its unveiling ceremony in Abuja on Monday, CBN Governor Olayemi Cardoso described the initiative as a transformative framework designed to position Nigeria’s payments ecosystem among the most advanced, secure, and globally competitive in the world.
He explained that the vision goes beyond modernizing payment systems, serving as a blueprint for how Nigerians will engage in commerce, savings, investments, and other economic activities in an increasingly digital environment.
“Today, we are unveiling more than a payments strategy. We are unveiling a vision for how Nigerians will transact, trade, save, invest, and participate in a rapidly evolving digital economy,” he said.
He noted that Nigeria has built one of Africa’s most innovative payment ecosystems over the past two decades, driven by instant payment platforms, rising digital adoption, and fintech innovation.
He said the new vision seeks to build on these achievements while addressing emerging opportunities and challenges in the global financial landscape.
He emphasized that efficient payment systems are now critical infrastructure for economic development, helping to reduce transaction costs, improve business productivity, strengthen transparency, facilitate trade, and expand access to financial services.
He explained that PSV 2028 is designed to strengthen payment infrastructure, promote innovation, improve system resilience, and deepen Nigeria’s integration with regional and international payment networks.
He added that the initiative aligns with the broader economic reforms being implemented by the apex bank since 2023 and is expected to support economic stability, enhance trade and remittance flows, attract investment, and improve Nigeria’s external sector performance.
Cardoso stressed that the ultimate goal of the programme is to ensure that every Nigerian can participate fully in the digital economy while leveraging opportunities created by the African Continental Free Trade Area (AfCFTA) and the rapid expansion of digital commerce.
He noted that seamless and interoperable payment systems would particularly benefit small businesses and entrepreneurs by providing easier access to local and international markets, faster transaction settlements, and greater participation in cross-border trade.
“Payments are no longer simply a means of transferring funds. They have become platforms for innovation, enablers of inclusion, and catalysts for economic growth, job creation, income generation, and poverty reduction,” Cardoso said.
Speaking, Deputy Governor, Economic Policy Directorate, Dr. Muhammad Sani Abdullahi, described modern payment systems as a key driver of economic competitiveness and productivity.
He said PSV 2028 represents Nigeria’s collective ambition to build an inclusive, innovative, resilient, and globally connected payment ecosystem capable of supporting the country’s aspirations as Africa’s leading hub for trade, investment, and financial services.
