The Central Bank of Nigeria (CBN) has launched its ambitious Payments System Vision (PSV) 2028, a strategic roadmap designed to accelerate financial inclusion, expand digital transactions, and stimulate economic growth across the country.
The initiative was unveiled on Monday in Abuja by the Governor of the CBN, Olayemi Cardoso, who described the vision as a transformative framework that will position Nigeria’s payments ecosystem among the most advanced, secure, and globally competitive in the world.
Speaking at the event, Cardoso said PSV 2028 goes beyond the modernization of payment systems. According to him, it serves as a blueprint for how Nigerians will transact, save, invest, and participate in the rapidly evolving digital economy.
“Today, we are unveiling more than a payments strategy. We are unveiling a vision for how Nigerians will transact, trade, save, invest, and participate in a rapidly evolving digital economy,” he said.
Cardoso noted that Nigeria has developed one of Africa’s most innovative payment ecosystems over the last two decades. He attributed this progress to the growth of instant payment platforms, increasing digital adoption, and the rise of fintech innovation.
He explained that PSV 2028 seeks to build on these achievements while addressing emerging opportunities and challenges within the global financial system.
The CBN governor emphasized that efficient payment systems have become critical infrastructure for economic development. He said modern payment platforms help reduce transaction costs, improve business productivity, enhance transparency, facilitate trade, and expand access to financial services.
According to him, the new vision is designed to strengthen payment infrastructure, promote innovation, improve system resilience, and deepen Nigeria’s integration with regional and international payment networks.
Cardoso added that the initiative aligns with the broader economic reforms introduced by the apex bank since 2023. He said the programme is expected to support economic stability, improve trade and remittance flows, attract investment, and strengthen Nigeria’s external sector performance.
He further stated that the ultimate goal of PSV 2028 is to ensure that every Nigerian can fully participate in the digital economy while taking advantage of opportunities created by the African Continental Free Trade Area (AfCFTA) and the rapid expansion of digital commerce.
The CBN governor noted that seamless and interoperable payment systems would particularly benefit small businesses and entrepreneurs. He said such systems would provide easier access to local and international markets, faster transaction settlements, and increased participation in cross-border trade.
“Payments are no longer simply a means of transferring funds. They have become platforms for innovation, enablers of inclusion, and catalysts for economic growth, job creation, income generation, and poverty reduction,” Cardoso said.
Also speaking at the event, the Deputy Governor of the Economic Policy Directorate, Dr. Muhammad Sani Abdullahi, described modern payment systems as a major driver of economic competitiveness and productivity.
He said PSV 2028 reflects Nigeria’s collective ambition to build an inclusive, innovative, resilient, and globally connected payment ecosystem capable of supporting the country’s goal of becoming Africa’s leading hub for trade, investment, and financial services.
