The Central Bank of Nigeria (CBN) has launched the development of a new strategic framework for the country’s payments ecosystem, unveiling the Nigeria Payments System Vision 2028 (PSV 2028).
Gatekeepers News reports that the initiative, formally inaugurated at the first meeting of the PSV 2028 Project Committee in Lagos on September 9, 2025, aims to create a more inclusive, innovative, and globally competitive digital financial system.
Director of the Payments System Policy Department (PSPD), Musa Jimoh, described the project as a “national assignment” that could reshape how individuals, businesses, and government interact within the financial ecosystem.
“This is not just a policy document but a transformative initiative that will guide the future of our payment systems, deepen financial inclusion, and ensure Nigeria remains competitive on the global stage,” Jimoh said.
Reflecting on reforms dating back to 2006 and milestones under PSV 2020 and PSV 2025, Jimoh said the new framework would build on past achievements by strengthening infrastructure interoperability and fostering innovation across Nigeria’s financial services sector.
He noted that while Nigeria had made “significant progress” in digital payments over the past two decades, the pace of technological change demanded a forward-looking approach.
PSV 2028 will be developed through an inclusive, stakeholder-led process involving regulators, banks, fintechs, payment service providers, consumer advocacy groups, and other players in the ecosystem. According to Jimoh, this collaborative model will ensure the framework reflects real-world needs, encourages policy acceptance, and drives innovation through shared responsibility.
Expected to replace the soon-to-expire PSV 2025, the new blueprint will guide Nigeria’s digital payments landscape over the next three years, aligning with global best practices and supporting sustainable economic growth.
The CBN said PSV 2028 marks a bold step toward building a secure, efficient, and future-ready financial system, reinforcing Nigeria’s drive for a more connected and inclusive economy.
