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By Daniel Adaji
The Central Bank of Nigeria (CBN) has launched the Nigeria Payments System Vision 2028 (PSV 2028), a new strategic framework designed to build an inclusive, innovative, and secure digital financial ecosystem.
Unveiled at the inaugural meeting of the PSV 2028 Project Committee in Lagos on Tuesday, the initiative is expected to guide Nigeria’s payments landscape for the next three years.
In a statement on Wednesday, Director of the Payments System Policy Department (PSPD), Mr. Musa Jimoh, described the framework as a “national assignment” that could transform how individuals, businesses, and governments interact within the financial system.
He noted that while Nigeria has achieved remarkable progress since the early reforms of 2006 through PSV 2020 and PSV 2025, rapid technological change makes a new vision critical.
“PSV 2028 presents the country with a unique chance to develop a future-ready framework that is secure, efficient, and globally competitive,” Jimoh said.
According to him, the vision will be developed through an inclusive, stakeholder-led process involving regulators, banks, fintechs, payment service providers, consumer groups, and other key players.
He stressed that this collaborative model will help the strategy reflect real-world needs, encourage policy acceptance, and drive innovation through shared responsibility.
To support the initiative, five thematic working groups have been created to focus 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 meeting welcomed the CBN’s inclusive approach, pledging expertise and resources to ensure the document strengthens Nigeria’s position in Africa’s payments sector and boosts global competitiveness.
Former Chief Executive of the Nigeria Inter-Bank Settlement System (NIBSS), Mr. Ajao Niyi, commended the CBN for setting a “new standard for stakeholder engagement” and urged all parties to rally behind the vision.
The PSV 2028 replaces the soon-to-expire PSV 2025. It is expected to serve as a blueprint for digital payments in Nigeria, aligning the country with global best practices while driving sustainable economic growth and resilience.