The Central Bank of Nigeria (CBN) has introduced a new strategic framework known as Payments System Vision 2028 (PSV 2028).
It is designed to create a more secure, inclusive, and worldwide competitive digital payments infrastructure for the country.
Director of the Payments System Policy Department Musa Itopa Jimoh stated at the first meeting of the PSV 2028 Project Committee in Lagos that the new project will change the financial interaction between people, companies, and government agencies. He observed that Nigeria’s payment reforms started in 2006 and that under PSV 2020 and PSV 2025 there had been significant advancement; PSV 2028 now seeks to build on such accomplishments.
Jimoh underlined that although Nigeria has come a long way in digital transactions over the years, the rapid rate of technological development calls for a more robust and future-ready system. To promote financial inclusion, improve infrastructure interoperability, foster innovation, and put Nigeria as a pioneer in the African digital payments sector, PSV 2028 is designed.
The News Chronicle learned that the participatory nature of the framework, which calls for involvement from stakeholders, including banks, fintech companies, payment processors, consumer protection organizations, and regulators. By using this method, one guarantees that the plan tackles actual problems, builds trust, and promotes shared responsibility for improving the financial system.
The CBN has established five thematic working groups with infrastructure and interoperability, digital inclusion, consumer protection, and literacy, as well as innovation, digital cross-border payments, and central bank digital currency (CBDC) integration; identity and emerging technologies; and regulation, risk management, and cybersecurity. One sixth group suggested would manage stakeholder engagement and strategic communications.
Participants at the opening praised the inclusive character of the project, noted that PSV 2028 would not only foster creativity and financial inclusion but also strengthen Nigeria’s economic resilience. Leading industry figures also called it a critical move toward matching the payments environment of the country with worldwide best practices.
Former CEO of the Nigeria Inter-Bank Settlement System (NIBSS), Ajao Niyi, applauded the CBN for setting the bar in stakeholder cooperation and requested all players in the financial industry should support the project.
While PSV 2025 slows down, PSV 2028 is prepared to be Nigeria’s digital payments strategy for the following three years, therefore spurring sustainable expansion and promoting African financial technology leadership for the nation.
