By Chiwendu Obienyi and Adanna Nnamani, Abuja
The Central Bank of Nigeria (CBN) has unveiled the Nigeria Payments System Vision 2028 (PSV 2028), a bold blueprint designed to transform the country’s financial ecosystem into a more inclusive, innovative, and globally competitive payments landscape.
The new strategy was launched at the inaugural meeting of the PSV 2028 Project Committee held in Lagos on Tuesday, September 9, 2025. Speaking at the event, the Director of the Payments System Policy Department, Mr. Musa Itopa Jimoh, described the project as a “national assignment” with far-reaching potential to reshape the way individuals, businesses, and governments interact in the financial space.
Jimoh recalled Nigeria’s journey from the initial reforms of 2006, through the landmark achievements of PSV 2020 and PSV 2025, stressing that PSV 2028 would consolidate past gains while preparing the system for future demands. “While Nigeria’s payment system has made remarkable progress in the past two decades, the pace of technological change continues to accelerate. PSV 2028 gives us a unique opportunity to design a secure, efficient, and globally competitive framework for the future,” he said.
He explained that the framework would be developed through a collaborative and inclusive process, bringing together regulators, banks, fintechs, payment service providers, consumer groups, and other stakeholders. “This collaborative model ensures that the strategy reflects real-world needs, builds public trust, and encourages innovation through shared responsibility,” Jimoh added.
Participants at the forum expressed strong support for the initiative, commending the CBN for its inclusive approach and acknowledging the crucial role PSV 2028 will play in fostering digital innovation, financial inclusion, and economic resilience. Former Chief Executive Officer of the Nigeria Inter-Bank Settlement System (NIBSS), Mr. Ajao Niyi, hailed the CBN for setting what he called “a new benchmark in stakeholder engagement,” urging all participants to rally behind the initiative.
The PSV 2028 succeeds the soon-to-expire PSV 2025 and is expected to serve as the guiding framework for the payments ecosystem over the next three years. It is envisioned as a cornerstone for Nigeria’s digital financial transformation, ensuring consumer protection, expanding access to services, integrating new technologies, and aligning with global best practices.
Jimoh emphasized that Nigeria has a unique opportunity to create a payments system that not only supports domestic needs but also strengthens the country’s standing in regional and global markets. “PSV 2028 is more than a vision—it is a blueprint for Nigeria’s digital financial transformation. It is about building a payments ecosystem that is inclusive, secure, innovative, and resilient enough to compete on a global stage,” he said.
With this strategic roadmap, the Central Bank of Nigeria has signaled a renewed determination to consolidate the nation’s gains in financial innovation and inclusion, laying the foundation for a future-ready digital economy.
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