The Central Bank of Nigeria (CBN) has rolled out the Nigeria Payments System Vision 2028 (PSV 2028), a new plan to build a more inclusive, innovative, and globally competitive payments system.
The strategy was unveiled in Lagos on Tuesday, September 9, 2025, during the first meeting of the PSV 2028 Project Committee.
Speaking at the event, CBN’s Director of Payments System Policy, Musa Itopa Jimoh, called the project a “national assignment” with the potential to transform how Nigerians pay, save, and do business.
Building on Past Progress
Jimoh recalled earlier reforms, from the first changes in 2006 to the milestones of PSV 2020 and PSV 2025. PSV 2028, he said, will strengthen those gains while preparing for future challenges.
“Our payment system has come a long way, but technology is moving even faster. PSV 2028 gives us the chance to design a secure, efficient, and competitive system for the future,” he explained.
Collaboration at the Core
The plan will be shaped by regulators, banks, fintech companies, payment providers, and consumer groups. According to Jimoh, this inclusive model will ensure the system reflects real needs, builds trust, and encourages innovation.
Strong Support from Stakeholders
Participants at the launch welcomed the initiative. Former CEO of the Nigeria Inter Bank Settlement System (NIBSS), Ajao Niyi, praised the CBN’s inclusive approach, calling it “a new benchmark in stakeholder engagement.” He urged the industry to unite behind the vision.
What PSV 2028 Will Deliver
PSV 2028 takes over from the soon to expire PSV 2025 and will guide the payments sector for the next three years. The plan focuses on:
Expanding access to financial services
Protecting consumers
Integrating new technologies
Aligning with global best practices
Looking Ahead
Jimoh stressed that the benefits go beyond Nigeria. “PSV 2028 is more than a vision it is a blueprint for digital financial transformation. We want a payments system that is inclusive, secure, and strong enough to compete on the global stage,” he said.
With this roadmap, the CBN is signaling a firm commitment to innovation and financial inclusion, while laying the foundation for a future-ready digital economy.
