CBN unveils Payments System Vision 2028 - ITREALMS

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…sets blueprint for inclusive, innovative, and secure financial ecosystem

The Central Bank of Nigeria (CBN) has launched the Nigeria Payments System Vision 2028 (PSV 2028), a new strategic framework designed to shape the future of the country’s digital financial ecosystem and position Nigeria as a global leader in payments innovation.

Speaking at the inaugural meeting of the PSV 2028 Project Committee in Lagos on Tuesday, September 9, 2025, the Director of the Payments System Policy Department (PSPD), Mr. Musa Itopa Jimoh, described the initiative as a “national assignment” capable of transforming the way individuals, businesses, and government interact within the financial system.


Jimoh explained that PSV 2028 builds on reforms dating back to 2006 and the achievements recorded under PSV 2020 and PSV 2025. The new vision, he said, is aimed at deepening financial inclusion, strengthening interoperability, and fostering innovation across the nation’s financial services sector. While acknowledging the progress made in the past two decades, he emphasized that the speed of technological advancement continues to outpace existing structures, making it imperative for Nigeria to embrace a secure, efficient, and future-ready framework that ensures global competitiveness.

The framework, according to him, will be developed through a stakeholder-led process that unites regulators, banks, fintechs, payment service providers, consumer advocacy groups, and other critical players. This inclusive approach is expected to guarantee that the strategy reflects real-world needs, encourages policy acceptance, and supports innovation through shared responsibility.

To achieve this, the CBN has set up thematic working groups focusing on infrastructure and interoperability, digital financial inclusion, consumer protection, financial literacy, innovation, digital identity, emerging technologies, cross-border payments, central bank digital currency integration, regulation, risk management, and cybersecurity. A separate group dedicated to strategic communications and stakeholder engagement has also been proposed.

Industry leaders at the event welcomed the initiative, describing it as timely and forward-looking. Former Chief Executive of the Nigeria Inter-Bank Settlement System (NIBSS), Mr. Ajao Niyi, praised the apex bank for setting a new standard in stakeholder engagement and called on all parties to unite in support of the initiative.

Expected to replace the expiring PSV 2025, the new framework will serve as the guiding blueprint for Nigeria’s digital payments ecosystem over the next three years. It is also projected to align Nigeria’s financial system with global best practices, improve resilience, and stimulate economic growth.

With PSV 2028, the CBN has signaled a bold step in Nigeria’s digital transformation journey, reaffirming its commitment to building a payments ecosystem that is inclusive, innovative, secure, and globally competitive.