The Central Bank of Nigeria (CBN) has commenced the development of a new framework for the country’s payments ecosystem.
The apex has unveiled the Nigeria Payments System Vision 2028 (PSV 2028). The initiative is expected to shape Nigeria’s digital financial system over the next three years, with a focus on inclusion, innovation, and global competitiveness.
PSV 2028 succeeds the soon-to-expire PSV 2025 and will serve as the guiding blueprint for digital payments in the country.
According to the CBN, the new framework will align Nigeria’s financial services with global best practices while ensuring sustainable growth and resilience.
Speaking at the inaugural meeting of the PSV 2028 Project Committee held in Lagos, the Director of the Payments System Policy Department (PSPD), Musa Itopa Jimoh, described the initiative as a “national assignment” with the capacity to transform how individuals, businesses, and governments interact within the financial ecosystem.
Shedding light on Nigeria’s journey from the early reforms of 2006 through the milestones of PSV 2020 and PSV 2025, Mr. Jimoh said the new vision would consolidate on past achievements.
“PSV 2028 will deepen financial inclusion, improve infrastructure interoperability, and promote innovation across Nigeria’s financial services sector,” he said.
While acknowledging the significant progress of Nigeria’s payment system over the past two decades, Mr. Jimoh noted that the pace of technological advancement and innovation continues to accelerate. “PSV 2028 presents us with a unique chance to develop a future-ready framework that is secure, efficient, and globally competitive,” he added.
