The Central Bank of Nigeria has launched the Nigeria Payments System Vision 2028 (PSV 2028), an ambitious policy framework designed to deepen digital payments adoption, strengthen financial infrastructure, and expand access to formal financial services across the country.
Unveiled in Abuja by the CBN Governor, Olayemi Cardoso, the roadmap builds on more than two decades of progress in Nigeria’s electronic payments ecosystem, including real-time bank transfers, mobile money expansion, and fintech-driven financial services.
At the centre of the plan is a target to raise financial inclusion to around 95% of Nigeria’s adult population by 2028. If achieved, the goal would significantly reduce the size of the unbanked population and deepen participation in formal financial systems. The central bank expects this shift to accelerate digital commerce, improve savings mobilisation, and broaden access to credit for households and small businesses.
PSV 2028 is structured around five strategic pillars: strengthening payment infrastructure, expanding financial inclusion, fostering innovation, improving cross-border payments, and reinforcing financial system integrity and cybersecurity. Together, these priorities reflect a broader effort to position Nigeria as a leading digital finance hub in Africa.
Cardoso described the payments system as a critical engine of economic development, noting its role in enabling trade, investment flows, and productivity across sectors. The central bank also underscored the importance of building trust in digital transactions through stronger security frameworks and more resilient infrastructure.
The initiative places heavy emphasis on collaboration between regulators, commercial banks, and fintech companies, which have become central to Nigeria’s fast-evolving financial landscape. Industry stakeholders have largely welcomed the roadmap, arguing that improved payment infrastructure could unlock new layers of financial innovation, including data-driven lending, embedded insurance, and expanded savings products.
Analysts say the success of PSV 2028 will depend on execution, particularly in addressing infrastructure gaps, cybersecurity risks, and uneven access to digital services between urban and rural regions. Cross-border payment efficiency is also expected to play a key role in supporting trade and diaspora remittances.
If effectively implemented, PSV 2028 could mark a decisive step in Nigeria’s transition toward a more inclusive, cash-light, and digitally driven economy, reshaping how individuals and businesses interact with financial services.
