CBN unveils strategy development for payment system vision 2028

The Central Bank of Nigeria, CBN, says it has commenced the development a new strategic framework for the country’s payments ecosystem with the launch of the Nigeria Payments System Vision 2028 (PSV 2028).

The apex financial institution says the move sets the stage for a more inclusive, innovative, and globally competitive digital financial ecosystem.

At the inaugural meeting of the PSV 2028 Project Committee in Lagos, the Director of the Payments System Policy Department, PSPD, Musa Itopa Jimoh, described the initiative as a “national assignment” with the potential to transform how individuals, businesses, and governments interact within the financial sector.

Jimoh noted that while Nigeria’s payment system has made significant progress over the past two decades, the speed of technological advancement and innovation continues to grow.

He said PSV 2028 presents the country a unique chance to develop a future-ready framework that is secure, efficient, and globally competitive.

Jimoh explained that the framework will unite regulators, banks, fintechs, payment service providers, consumer advocacy groups, and other key players.

He said, ‘‘this collaborative approach will ensure the strategy reflects real-world needs, fosters policy acceptance, and promotes innovation through shared responsibility.

‘‘To facilitate its implementation, five thematic working groups were established, concentrating 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 was also proposed.’’

CBN unveils strategy development for payment system vision 2028