CBN Launches Payments System Vision 2028 to Transform Nigeria’s Digital Financial Ecosystem
Overall, the vision underscores collaboration across regulators, financial institutions, fintech companies, and technology providers as essential to its success.
The Central Bank of Nigeria has unveiled the Payments System Vision 2028 (PSV 2028), a strategic framework aimed at reshaping the country’s financial ecosystem into one that is more secure, inclusive, innovative, and globally competitive. The initiative builds on earlier reforms under PSV 2020 and PSV 2025 and is designed to support Nigeria’s broader transition toward a digitally driven economy.
At the core of PSV 2028 is a mission to strengthen regulatory oversight, deepen financial inclusion, and improve the efficiency and safety of payment systems. The CBN projects a significant expansion in formal financial access, with a target of reaching 95% inclusion by 2028. The plan also emphasizes stronger consumer protection mechanisms and enhanced supervision to reduce systemic risks in the financial sector.
A major pillar of the strategy focuses on accelerating technological innovation within the payments landscape. This includes enabling policy frameworks for emerging technologies such as artificial intelligence, blockchain, and Central Bank Digital Currency (CBDC), a digital form of sovereign money designed to modernize payment infrastructure and improve transaction efficiency. The approach is intended to balance innovation with stability and risk management.
PSV 2028 is structured around several thematic priorities, including the modernization of payment infrastructure to achieve near-perfect system uptime, expansion of digital financial literacy, and stronger consumer redress mechanisms. It also prioritizes cross-border payment integration through systems like the Pan-African Payment and Settlement System, Pan-African Payment and Settlement System, alongside strengthened cybersecurity frameworks such as a proposed national payment security operations centre.
Overall, the vision underscores collaboration across regulators, financial institutions, fintech companies, and technology providers as essential to its success. By focusing on interoperability, transparency, and secure innovation, PSV 2028 aims to position Nigeria’s payment ecosystem as a leading model for digital financial transformation in Africa.
