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 move aims to create a more inclusive, innovative, and globally competitive digital financial ecosystem. The framework is designed to enhance the interaction between individuals, businesses, and governments within the financial sector.
According to Musa Itopa Jimoh, Director of the Payments System Policy Department, the initiative is a “national assignment” with the potential to transform the payment system. Despite significant progress over the past two decades, the speed of technological advancement and innovation continues to grow, making it essential to develop a future-ready framework that is secure, efficient, and globally competitive.
The Payments System Vision 2028 will bring together regulators, banks, fintechs, payment service providers, consumer advocacy groups, and other key players to create a unified strategy. This collaborative approach will ensure that the strategy reflects real-world needs, fosters policy acceptance, and promotes innovation through shared responsibility. To facilitate implementation, five thematic working groups have been established, focusing on infrastructure and interoperability, digital financial inclusion, innovation and emerging technologies, cross-border payments, and regulation and risk management.
A sixth group on strategic communications and stakeholder engagement has also been proposed. The working groups will concentrate on developing a comprehensive framework that addresses the country’s payment system needs. The Central Bank of Nigeria’s initiative is significant, as it seeks to create a payments ecosystem that is competitive, secure, and efficient. The development of the Nigeria Payments System Vision 2028 is a crucial step towards achieving this goal, and its implementation is expected to have a positive impact on the country’s financial sector.
The launch of the Payments System Vision 2028 is a timely move, considering the rapid growth of technological advancements and innovation in the financial sector. The framework’s focus on inclusivity, innovation, and global competitiveness is expected to enhance Nigeria’s position in the global financial landscape. As the Central Bank of Nigeria moves forward with the development of the Payments System Vision 2028, it is likely to have a significant impact on the country’s economic development and financial inclusion.
