The Central Bank of Nigeria has initiated the development of a new strategic framework for the country’s payments ecosystem, introducing the Nigeria Payments System Vision 2028. This initiative aims to establish a more inclusive, innovative, and globally competitive digital financial system.
At the inaugural meeting of the PSV 2028 Project Committee, held in Lagos on September 9, 2025, the Director of the Payments System Policy Department, Musa Jimoh, emphasized the initiative’s potential to transform interactions within the financial ecosystem. Jimoh reflected on the progress made since the early reforms of 2006, including the milestones of PSV 2020 and PSV 2025, and noted that the new vision would build on past achievements to deepen financial inclusion, improve infrastructure interoperability, and promote innovation.
The Nigerian payment system has made significant progress over the past two decades, but the speed of technological advancement and innovation continues to grow. The PSV 2028 presents an opportunity for the country to develop a future-ready framework that is secure, efficient, and globally competitive. This framework will be developed through an inclusive, stakeholder-led process, uniting regulators, banks, fintechs, payment service providers, consumer advocacy groups, and other key players.
To facilitate the implementation of PSV 2028, five thematic working groups have been established, focusing on infrastructure and interoperability, digital financial inclusion, innovation, cross-border payments, and regulation. A sixth group on strategic communications and stakeholder engagement is also proposed. Participants at the event welcomed the initiative, praising the Central Bank’s inclusive approach and highlighting the pivotal role of PSV 2028 in promoting digital innovation, financial inclusion, and economic resilience.
The PSV 2028 is expected to serve as the guiding blueprint for Nigeria’s digital payments ecosystem over the next three years, aligning the country’s financial system with global best practices and ensuring sustainable growth. This initiative marks a significant step forward in Nigeria’s digital financial transformation, setting the stage for a more connected, innovative, and inclusive economy. By sharing expertise and resources, stakeholders are committed to creating a forward-looking document that will strengthen Nigeria’s position in Africa’s payments landscape while making progress globally.
