Nigeria Payments System Vision 2028 Launched

The Central Bank of Nigeria has launched a new strategic framework for the country’s payments ecosystem, called the Nigeria Payments System Vision 2028. The initiative seeks to create a more inclusive, innovative and globally competitive digital financial system.

At the inaugural meeting of the PSV 2028 Project Committee in Lagos on 9 September 2025, Musa Jimoh, Director of the Payments System Policy Department, highlighted the vision’s potential to transform interactions within the financial ecosystem. He reflected on the progress made since the early reforms of 2006, noting the milestones of PSV 2020 and PSV 2025, and explained that the new vision will build on these achievements to deepen financial inclusion, improve infrastructure interoperability and promote innovation.

Over the past two decades the Nigerian payment system has advanced significantly, yet the pace of technological change continues to accelerate. PSV 2028 offers an opportunity to develop a future‑ready framework that is secure, efficient and globally competitive. The framework will be crafted through an inclusive, stakeholder‑led process that brings together regulators, banks, fintechs, payment service providers, consumer‑advocacy groups and other key players.

To support implementation, five thematic working groups have been created, 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 emphasizing PSV 2028’s pivotal role in fostering digital innovation, financial inclusion and economic resilience. The vision 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 producing a forward‑looking document that will strengthen Nigeria’s position in Africa’s payments landscape while advancing progress globally.