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6 days ago
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Business
September 11, 2025 by Nduka Chiejina, Abuja
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), Mr. 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.
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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.
He explained that the strategy would be developed through a collaborative, stakeholder-led process that brings together regulators, banks, fintechs, payment service providers, consumer advocacy groups, and other critical players.
Jimoh noted that this inclusive approach would ensure that the framework reflects practical needs, fosters broad policy acceptance, and encourages innovation through shared responsibility.
To guide its implementation, five thematic working groups have been inaugurated to cover: Infrastructure and Interoperability; Digital Financial Inclusion, Consumer Protection and Financial Literacy; Innovation, Digital Identity and Emerging Technologies; Cross-Border Payments and CBDC Integration; and Regulation, Risk Management and Cybersecurity. In addition, a sixth group on Strategic Communications and Stakeholder Engagement was proposed.
Participants at the meeting commended the CBN’s approach, stressing that PSV 2028 would play a pivotal role in strengthening Nigeria’s digital innovation, enhancing financial inclusion, and bolstering the economy.
They also pledged to share expertise and resources to deliver a forward-looking document that would reinforce Nigeria’s leadership in Africa’s payments landscape and increase its global relevance.
In his contribution, former Chief Executive of the Nigeria Inter-Bank Settlement System (NIBSS), Mr. Ajao Niyi, lauded the CBN for setting a new benchmark in stakeholder engagement. He urged industry players to rally behind the project, noting that “the success of PSV 2028 depends on collective commitment and collaboration.
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