Nigeria’s financial sector is set for a major transformation following the launch of the Nigeria Payments System Vision (PSV) 2028 by the Governor of the Central Bank of Nigeria, Olayemi Cardoso.
Speaking during the official unveiling of the initiative, Cardoso said the vision is designed to create a stronger, safer, and more inclusive payment ecosystem that will support economic growth and improve access to financial services for millions of Nigerians.
According to him, PSV 2028 is more than just a strategy for digital payments. It is a roadmap that will shape how Nigerians conduct transactions, save money, invest, trade, and participate in the country’s growing digital economy over the next few years.
The CBN governor explained that the vision focuses on several key areas, including strengthening payment infrastructure, expanding financial inclusion, encouraging innovation, improving cybersecurity, and connecting Nigeria more effectively to regional and global payment networks.
Cardoso described the initiative as a national project that belongs to all stakeholders rather than a government programme alone. He stressed that achieving the goals of the vision would require collaboration among banks, fintech companies, regulators, businesses, and consumers.
He noted that payment systems have evolved far beyond simple money transfers. Today, they serve as platforms that support innovation, create economic opportunities, and help more people access financial services. As a result, PSV 2028 aims to build a payment system that is secure, reliable, inclusive, and globally competitive.
One of the major targets of the vision is to significantly increase financial inclusion across the country. The CBN projects that by 2028, up to 95 per cent of Nigerians will have access to formal financial services.
Cardoso said this would allow more market traders, farmers, small business owners, entrepreneurs, and young people to participate in the formal economy. He emphasized that the goal is to ensure that no one is left behind as the country moves towards a more digital financial system.
The vision also seeks to strengthen public confidence in digital payments by reducing fraud and improving consumer protection. According to Cardoso, greater trust in electronic transactions will encourage more Nigerians to adopt digital payment channels and gradually reduce dependence on cash.
He expressed confidence that Nigeria is already one of Africa’s leading players in the payments industry and has the talent, creativity, and market size needed to become a global force in financial technology.
Looking ahead, the CBN governor predicted that Nigerian innovators and entrepreneurs could build globally successful fintech companies over the coming years. He believes that young Nigerians will continue to develop solutions that address both local and international financial challenges.
Cardoso concluded by stating that the success of PSV 2028 will not be judged by the document itself but by the real impact it creates. He said the ultimate measure of success will be its ability to expand economic opportunities, strengthen trust in digital payments, reduce barriers to participation, and improve the lives of Nigerians across the country.
