…to drive an inclusive, innovative, secure financial ecosystem
Central Bank of Nigeria (CBN) has kicked off the development
of a new strategic framework for the country’s payments ecosystem with the
launch of the Nigeria Payments System Vision 2028 (PSV 2028), setting the
stage for a more inclusive, innovative, and globally competitive digital financial
system.
At the inaugural meeting of the PSV 2028 Project Committee held 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.
Reflecting on the journey from the early reforms of 2006 through the
milestones of PSV 2020 and PSV 2025, Mr. Jimoh highlighted that the new
vision will build on past achievements to deepen financial inclusion, improve
infrastructure interoperability, and promote innovation across Nigeria’s
financial services sector.
He observed that while Nigeria’s payment system has made significant
progress over the past two decades, the speed of technological advancement
and innovation continues to grow. PSV 2028, he explained, presents the
country with a unique chance to develop a future-ready framework that is
secure, efficient, and globally competitive.
The Director of the Payments System Policy Department (PSPD), further explained that the framework would be developed through an inclusive, stakeholder-led process that unites regulators, banks, fintechs, payment service providers, consumer advocacy groups, and other key players. He highlighted that this collaborative approach will ensure the
strategy reflects real-world needs, fosters policy acceptance, and promotes
innovation through shared responsibility.
To facilitate its implementation, five thematic working groups were established, concentrating 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 welcomed the initiative, praising the CBN’s inclusive
approach and highlighting the pivotal role of PSV 2028 in promoting digital
innovation, financial inclusion, and economic resilience. By sharing expertise
and resources, they committed to creating a forward-looking document that
would strengthen Nigeria’s position in Africa’s payments landscape while
making progress globally.
Also speaking at the event, former Chief Executive of the Nigeria Inter-Bank Settlement System (NIBSS), Mr. Ajao Niyi praised the CBN for establishing a new standard for stakeholder engagement and urged all parties to unite in support of the initiative.
The PSV 2028, which succeeds the soon-to-expire PSV 2025, is expected to
serve as the guiding blueprint for Nigeria’s digital payments ecosystem over
the next three years, aligning the country’s financial system with global best
practices and ensuring sustainable growth. It marks a bold step forward in
Nigeria’s digital financial transformation, setting the stage for a more
connected, innovative, and inclusive economy
