CBN launches PSV 2028 to deepen financial inclusion, boost innovation, and secure Nigeria’s digital payments ecosystem through a stakeholder-driven approach

CBN Launches PSV 2028 as part of a bold new strategy to strengthen Nigeria’s digital payments ecosystem, promote financial inclusion, and align with global best practices.

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The Central Bank of Nigeria unveiled the Nigeria Payments System Vision 2028 (PSV 2028) on Tuesday during the inaugural meeting of its project committee in Lagos.

Building on the successes of PSV 2020 and PSV 2025, the new roadmap will prioritize inclusivity, innovation, interoperability, and security across the country’s financial system.

Director of the Payments System Policy Department, Musa Jimoh, described the initiative as a “national assignment” that could transform how individuals, businesses, and governments transact in the digital economy.

He explained that PSV 2028 will consolidate past reforms while addressing rapid technological changes to ensure Nigeria’s payments system remains globally competitive.

The framework will be shaped through a stakeholder-driven process involving regulators, banks, fintechs, payment service providers, consumer groups, and other industry players.

According to the CBN, this collaborative approach will foster real-world relevance, policy adoption, and shared responsibility for innovation.

To deliver on its goals, six thematic working groups are being established. They will cover infrastructure and interoperability, digital financial inclusion, consumer protection, financial literacy, innovation, emerging technologies, cross-border payments, CBDC integration, risk management, cybersecurity, and strategic communications.

Former CEO of the Nigeria Inter-Bank Settlement System, Ajao Niyi, praised the CBN for leading the new initiative and urged stakeholders to rally behind it, stressing that PSV 2028 is critical to Nigeria’s digital transformation journey.

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The PSV 2028 replaces the expiring PSV 2025 and will serve as the blueprint for Nigeria’s payments ecosystem over the next three years, reinforcing resilience, trust, and sustainable growth in the digital economy.