CBN launches PSV 2028 in Lagos to expand financial inclusion and strengthen Nigeria’s payments system.
The Central Bank of Nigeria (CBN) has launched the Nigeria Payments System Vision 2028 (PSV 2028), a new strategic blueprint aimed at expanding financial inclusion and positioning Nigeria’s payments ecosystem as globally competitive.
Speaking at the inaugural meeting of the PSV 2028 Project Committee in Lagos, the Director of the Payments System Policy Department, Musa Itopa Jimoh, described the initiative as a “national assignment” that will redefine how individuals, businesses, and government interact within the financial system.
Building on the achievements of PSV 2020 and PSV 2025, Jimoh explained that the new framework will be developed through a stakeholder-driven process involving regulators, banks, fintechs, payment service providers, consumer groups, and other industry actors.
“This collaborative model will ensure the strategy reflects real-world needs while fostering innovation, policy acceptance, and shared responsibility,” he said.
To drive implementation, the CBN inaugurated five thematic working groups on:
- Infrastructure & Interoperability
- Digital Financial Inclusion, Consumer Protection & Financial Literacy
- Innovation, Digital Identity & Emerging Technologies
- Cross-Border Payments & CBDC Integration
- Regulation, Risk Management & Cybersecurity
A sixth group focusing on Strategic Communications and Stakeholder Engagement is under consideration.
Former NIBSS Chief Executive, Ajao Niyi, praised the initiative, noting that it sets “a new standard for stakeholder engagement” and urged industry players to align behind it.
Set to replace the expiring PSV 2025, the PSV 2028 will serve as Nigeria’s payments sector roadmap for the next three years, aligning the country with global best practices and advancing its goal of a more connected, innovative, and inclusive digital economy.
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