CBN Unveils PSV 2028 to Shape Nigeria’s Digital Payments Future

By Oluwakemi Kindness

The Central Bank of Nigeria (CBN) has unveiled the Nigeria Payments System Vision 2028 (PSV 2028), a new strategic blueprint designed to deepen financial inclusion.

The blueprint will also enhance interoperability, and position the country’s payments ecosystem as globally competitive.

Speaking at the inaugural meeting of the PSV 2028 Project Committee in Lagos, Director of the Payments System Policy Department (kPSPD), Musa Itopa Jimoh, described the initiative as a “national assignment” that will redefine how individuals, businesses, and government interact within Nigeria’s financial ecosystem.

Building on the milestones of PSV 2020 and PSV 2025, the new framework will be developed through a stakeholder-driven process involving regulators, banks, fintechs, payment service providers, consumer groups, and other key actors.

According to a statement by the Apex Bank, Jimoh, said this collaborative model will ensure that the strategy reflects real-world needs while fostering innovation, policy acceptance, and shared responsibility.

To guide its implementation, five thematic working groups were inaugurated to focus on: Infrastructure & Interoperability; Digital Financial Inclusion, Consumer Protection & Financial Literacy; Innovation, Digital Identity & Emerging Technologies; Cross-Border Payments & CBDC Integration; and Regulation, Risk Management & Cybersecurity.

A sixth group on Strategic Communications and Stakeholder Engagement is also under consideration.

Former NIBSS Chief Executive, Ajao Niyi, commended the CBN for setting “a new standard for stakeholder engagement,” urging all players in the ecosystem to align behind the initiative.

Set to replace the soon-to-expire PSV 2025, the PSV 2028 will serve as Nigeria’s payment sector roadmap for the next three years, aligning the country with global best practices and advancing its ambition of a more connected, innovative, and inclusive digital economy.