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Nigeria Unveils Payments System Vision 2028 in Abuja
The Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) have jointly launched the Payments System Vision 2028 (PSV 2028) in Abuja.
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A Vision Beyond Payments
Speaking at the launch, CBN Governor Olayemi Cardoso described PSV 2028 as more than a policy document, calling it a bold national blueprint for how Nigerians will transact, trade, save, invest, and participate fully in the digital economy.
“Today, we don’t just unveil a payments strategy; we unveil a vision for how Nigerians will transact, trade, save, invest, and fully participate in a digital economy,” Cardoso said.
He emphasised that PSV 2028 is a “Nigerian project,” not merely a government initiative. He underscored the need for collaboration across regulators, financial institutions, telecom operators, fintechs, and consumers.
Driving Inclusion, Innovation, and Trust
According to the CBN Governor, payment systems have evolved from simple money transfer platforms into critical infrastructure for innovation, inclusion, and economic growth.
PSV 2028 is therefore designed to deliver a secure, resilient, inclusive, and globally competitive payments ecosystem. All of these are strategic to boosting investor confidence and supports broader economic reforms.
The vision places a core focus on measurable impact. According to Cardoso, success will be determined by execution and tangible results. Key outcomes to track include GDP growth, poverty reduction, and better livelihoods for Nigerians.
95% Financial Inclusion Target by 2028
Cardoso expressed confidence that Nigeria could achieve 95% financial inclusion by 2028. This would bring more than 50 million underserved Nigerians. They include rural farmers, market women, entrepreneurs, and young people—into the formal financial system.
“The goal is inclusion, not exclusion,” he said.
He added that greater trust, reduced fraud, and stronger consumer protection would accelerate the shift from cash to digital payments.
Positioning Nigeria as Africa’s Digital Payments Leader
The CBN Governor noted that Nigeria already plays a leadership role in Africa’s payments landscape and possesses the talent, scale, and entrepreneurial depth to convert this advantage into long-term competitiveness.
PSV 2028 also aims to strengthen Nigeria’s integration with regional and global payment systems, including facilitating seamless cross-border transactions under the African Continental Free Trade Area (AfCFTA).
Looking ahead, Cardoso projected that by 2028, Nigerian youth would build the next global fintech unicorns from cities across the country, leveraging local talent to solve both domestic and international challenges.
Key Objectives of Payments System Vision 2028
The PSV 2028 framework is anchored on three core outcomes:
- Financial Inclusion: Achieving a 95% inclusion rate by onboarding millions of unbanked and underserved Nigerians.
- Digital Economy Leadership: Positioning Nigeria as a globally competitive digital payments hub in Africa.
- Trust and Security: Strengthening fraud prevention, consumer protection, and cyber resilience across the payments ecosystem.
Complementary Roles of CBN and NCC
Under the collaborative framework:
- The CBN provides the strategic blueprint, regulatory oversight, and financial policies to deepen the cashless economy, integrate innovations such as the eNaira, and support emerging payment technologies.
- The NCC underpins the vision by accelerating nationwide broadband and fibre deployment, expanding affordable and reliable 4G and 5G connectivity—particularly in rural and underserved areas—to enable seamless digital transactions.
Five Strategic Focus Areas
To translate the vision into measurable outcomes, PSV 2028 is structured around five thematic working groups focused on:
- Infrastructure and interoperability
- Consumer protection and financial literacy
- Digital identity, innovation, and emerging technologies
- Cross-border payments and CBDC integration
- Regulation, risk management, and cybersecurity
Measuring Success by Execution
“The success of PSV 2028 will not be measured by the quality of this document. It will be measured by execution—by our ability to expand opportunity, strengthen trust, lower barriers to participation, and build a payments ecosystem that serves every Nigerian,” Cardoso concluded.
