The Central Bank of Nigeria (CBN) on Monday unveiled the Nigerian Payment System Vision 2028 (PSV 2028), a strategic framework designed to transform the country’s digital payments landscape, as top officials made clear that the real test of the vision lies not in its ambition but in its delivery.
Speaking at the launch held at the African Export-Import Bank Africa Trade Centre, Abuja, the CBN Governor, Olayemi Cardoso, framed the new vision as far more than a policy document.
He said, “Today, we unveil more than a payments strategy. We unveil a vision for how Nigerians will transact, trade, save, invest, and participate in an increasingly digital economy,” adding that Nigeria’s payments ecosystem had already evolved into one of the most dynamic in the world over the past two decades.
But the governor was equally direct about the stakes of failure. “The success of PSV 2028 will not be measured by the quality of this document. It will be measured by execution,” he said. “The worst outcome would be to launch a well-crafted strategy, have a productive conversation today, and return in a year or two to discuss the same unresolved issues.”
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PSV 2028, which builds on the earlier Payment System Vision 2025, is anchored on five priorities: modernising payment infrastructure, deepening financial inclusion, embracing emerging technologies such as artificial intelligence and open banking, positioning Nigeria as a hub for cross-border payments under the African Continental Free Trade Area (AfCFTA), and strengthening cybersecurity and consumer protection.
Dr Muhammad Sani Abdullahi, Deputy Governor of Economic Policy at the CBN, described the vision as a call to collective action. “PSV 2028 is more than a policy document; it is a call to collective action in shaping the infrastructure of Nigeria’s economic future,” he said. “Its success will be measured not by the speed of transactions alone but by its contribution to investment, productivity, job creation, and long-term prosperity.”
For ordinary Nigerians, from the market trader in Zaria to the small business owner in Kano, officials say an efficient and interoperable payments system could unlock access to new markets and faster settlement of funds. The CBN argues that one of the quickest pathways to lifting millions out of poverty is through a payments system that works for everyone.
Nigeria’s payments sector has grown rapidly in recent years, producing several fintech unicorns and some of the continent’s most widely adopted digital payment platforms. PSV 2028 aims to consolidate these gains while closing persistent gaps in rural connectivity, financial literacy, and device access.
Sunday Michael Ogwu is a Nigerian journalist and editor of Pinnacle Daily. He is known for his work in business and economic reporting. He has held editorial roles in prominent Nigerian media outlets, where he has focused on economic policy, financial markets, and developmental issues affecting Nigeria and Africa more broadly.