…Targets 95% Financial Inclusive Growth
The Central Bank of Nigeria (CBN) has launched the Nigeria Payments System Vision 2028 (PSV-2028) as part of its regulatory initiatives aimed at enhancing the nation’s payment infrastructure as a strategic pillar for economic growth, financial inclusion, and global competitiveness.
The CBN Governor, Mr. Olayemi Cardoso, who unveiled the vision on Monday in Abuja, said the new framework was not merely a policy document but a long-term roadmap for how Nigerians will transact, trade, save, invest, and participate in a rapidly digitising economy.
Noting that Nigeria’s payments system has evolved over the past two decades into one of the most dynamic in the world, driven by instant payments, rising digital adoption, and fintech innovation, Cardoso still stressed that the country must do more to consolidate of the gains to ensure the recognition of the financial system globally.
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He advocated: “We must tell our story better. If we do not, others will tell it for us, and not always in ways we like.”
According to him, PSV-2028 builds on existing reforms to strengthen the resilience, security, and inclusiveness of Nigeria’s financial ecosystem aligns with the Central Bank’s broader reform agenda introduced in 2023, aimed at stabilising the economy and improving investor confidence.
The CBN governor, who maintained that modern payment systems were no longer just financial utilities but critical national infrastructure, pointed out that efficient systems do reduce the cost of doing business, improve productivity, enhance transparency, and expand participation in economic activity.
Cardoso expressed optimism that the new framework will support trade, remittance flows, and Nigeria’s external balance position over time.
He said: “PSV-2028 also aims to deepen financial inclusion, promote innovation, and improve interoperability across domestic and cross-border payment systems. The initiative is expected to position Nigeria more strongly within the African Continental Free Trade Area (AfCFTA) and global digital commerce networks.”
The apex bank governor explained that the success of the initiative will depend not on the quality of the document but on execution, soliciting the collaboration across government agencies, financial institutions, fintech companies, and development partners.
Cardoso explained: “The success of PSV-2028 will be measured by execution. We must ensure it expands opportunity, strengthens trust, and builds a payments ecosystem that serves every Nigerian.”
Also speaking during the vision 2028 launch, Deputy Governor, Economic Policy Directorate, CBN, Dr. Muhammad Abdullahi, described the framework as a strategic blueprint to redefine how money moves, how businesses operate, and how trade is conducted in Nigeria and across Africa.
The banker described it as a major pillar of the vision focuses on regulation, cybersecurity, and risk management while no payment system can scale without trust, and trust cannot exist without robust security.
Abdullahi expatiated: “The framework therefore prioritises the establishment of a National Payment Security Operations Centre, alongside enhanced supervisory technology (SupTech), regulatory technology (RegTech), stronger AML/CFT frameworks, and improved inter-agency coordination.
“Ultimately, the success of the vision will not be measured only by transaction speed, but by its impact on trade expansion, investment flows, job creation, and long-term prosperity.”
Earlier in his opening remarks, the apex bank’s Director, Payment System Policy Department, Musa Jimoh, described the initiative as a continuation of a reform initiative that began nearly two decades ago with the country’s first structured attempt to modernise its payment ecosystem.
He explained that early reform efforts were driven by three major constraints that kept large segments of the population out of the formal financial system.
“The first was the high cost of banking services. Excessive charges and transaction costs discouraged savings in formal institutions, pushing many Nigerians toward cash-based transactions. In many cases, he said, cash remained the preferred medium simply because it was immediate and free of transaction fees.
“The second challenge was limited access to financial touchpoints. Banking infrastructure and agent networks were sparse, particularly in rural areas, making it difficult for citizens to access basic financial services without long and costly travel.
“The third was the rigidity of identity requirements, where access to banking services was often restricted to holders of formal identification such as international passports or driver’s licences. This excluded a significant portion of the population from the financial system”, the banker added
To tackle the challenges, the Deputy Director said that the apex bank implemented a series of policy reforms designed to expand inclusion and reduce friction in the system, including the introduction of the cashless policy in 2012, which promoted electronic payments and reduced dependence on physical cash in circulation.
