CBN unveils PSV 2028 to boost digital payments, financial inclusion

The Central Bank of Nigeria (CBN) has launched the Payments System Vision (PSV) 2028, a roadmap to strengthen payment infrastructure, deepen financial inclusion, and position Nigeria as a leading hub for digital and cross-border payments in Africa.

The initiative was unveiled on Monday in Abuja. Speaking at the launch, CBN Governor Olayemi Cardoso said the framework builds on past reforms and is designed to support Nigeria’s growing digital economy.

“Today, we unveil more than a payments strategy. We unveil a vision for how Nigerians will transact, trade, save, invest, and participate in an increasingly digital economy,” Cardoso said.

He noted that PSV 2028 is part of the apex bank’s broader reform agenda. It aims to improve the efficiency, resilience, and international connectivity of Nigeria’s payments ecosystem.

The initiative is expected to facilitate trade and remittance flows, deepen investor confidence, and improve Nigeria’s balance of payments over time.

Cardoso added that the vision will help Nigeria take advantage of opportunities from the African Continental Free Trade Area (AfCFTA), expanding digital commerce and interconnected markets.

“By making it easier for businesses to send and receive payments seamlessly across Nigeria, Africa, and the wider world, we expand access to markets and unlock new possibilities for growth,” he said.

He described payment infrastructure as a strategic national asset that can reduce the cost of doing business, improve productivity, and broaden participation in economic activity.

Cardoso stressed that success depends on execution. “The success of PSV 2028 will not be measured by the quality of this document. It will be measured by execution,” he said.

Five strategic priorities

Earlier, Muhammad Sani Abdullahi, CBN Deputy Governor for Economic Policy, said the vision is anchored on five strategic priorities: payment infrastructure, financial inclusion, innovation, cross-border payments, and cybersecurity and risk management.

Abdullahi said the framework embraces technologies such as open banking, artificial intelligence, and digital assets. It also positions Nigeria as a major hub for regional payments and financial integration.

“PSV 2028 is more than a policy document; it is a call to collective action in shaping the infrastructure of Nigeria’s economic future,” he said.

Payment systems critical to capital market operations

Emomotimi Agama, Director-General of the Securities and Exchange Commission (SEC), said efficient payment systems are critical to capital market operations. He called for stronger collaboration among regulators.

“Without payments, there cannot be delivery of securities. For us in the capital market, it is delivery versus payment,” Agama said.

Aminu Maida, Executive Vice-Chairman of the Nigerian Communications Commission (NCC), said collaboration is essential to tackle emerging threats such as digital fraud and cybersecurity risks.

Maida noted that the payments vision aligns with the federal government’s ambition of building a $1 trillion economy. He highlighted ongoing efforts to expand broadband infrastructure through a planned 90,000-kilometre fibre network project.

“We need to move away from saying we have a million transactions. We need to start talking about GDP growth because that is what all our work is about towards that $1 trillion economy vision,” he said.

Segun Aina, Chairman of the Board of Trustees of the Fintech Association of Nigeria, said Nigeria has an opportunity to shape the future of digital finance across Africa. He called for greater regulatory interoperability and fintech licence passporting across the continent to reduce compliance costs and support innovation.

“The next chapter of Africa’s payment story will be about both innovation and integration,” he said.

Aina added that the fintech industry will continue to work with the CBN and other stakeholders to support the implementation of PSV 2028 and deepen financial inclusion across Africa.