CBN unveils “Payments Systems Vision 2028” to deepen inclusion, boost innovation
Abdullateef Fowewe
The Central Bank of Nigeria (CBN) has unveiled the Nigeria Payments Systems Vision 2028 (PSV 2028).
The apex bank in a statement on Tuesday revealed that the strategy will deepen payments infrastructure, expand financial inclusion, accelerate innovation and strengthen Nigeria’s integration with regional and global payment systems.
“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,” CBN Governor Olayemi Cardoso said at the launch, describing PSV 2028 as a national effort rather than a government-only project.
“PSV 2028 is not a government project. It is a Nigerian project,” he added.
Cardoso said the CBN will provide leadership and an enabling environment to transform the payments landscape, balancing innovation with financial stability.
“We will continue to promote innovation while safeguarding stability, strengthen oversight while encouraging competition, and work collaboratively with stakeholders to ensure that our payments ecosystem evolves in line with both global standards and national priorities,” he said.
Highlighting the changing role of payments, the governor described payment systems as more than money-transfer mechanisms.
“Payment systems are no longer merely a means of transferring funds. They are platforms for innovation, enablers of inclusion, and critical infrastructure for economic growth,” Cardoso said.
PSV 2028, the governor said, builds on existing foundations to create “a secure, resilient, and globally competitive payments ecosystem,” and will support broader CBN reforms to strengthen stability, facilitate trade, boost investor confidence and improve Nigeria’s external position.
On measurable goals, Cardoso urged stakeholders to focus on execution and real economic impact.
“We must work together to ensure that we execute. Ultimately, we must measure performance by one thing: How it impacts GDP. The journey is to impact the lives of the poor, lead people out of poverty and have an impact on the GDP,” he said.
The CBN expects PSV 2028 to drive dramatic growth in financial inclusion, forecasting that inclusion could reach 95% by 2028 and bring “millions more market women, farmers and young people into the formal financial system.”
Cardoso underscored the inclusiveness aim stressing, “The goal is inclusion, not exclusion.”
On trust and security, the governor set ambitious targets for reducing fraud and shifting the economy away from cash.
“By 2028, cash should no longer be king. We need to do a lot more work to build trust and ensure people have no doubt they are dealing with a strong and reliable payment system,” he said, adding that the vision aims to reduce fraud losses to less than 1% of all transactions and make “people’s money safer in the digital system than under their mattresses.”
Cardoso also framed Nigeria as a regional leader poised to turn payments strength into broader economic value.
“Nigeria already occupies a leadership position in Africa’s payments landscape and has the scale, talent, entrepreneurial capacity and institutional foundations to translate that strength into broader economic value and long-term competitiveness,” he said.
Looking to the fintech future, the governor predicted home-grown global successes.
“By 2028, Nigerian youth will launch the next global fintech unicorn right here from Lagos, Abuja, Calabar and beyond, using Nigerian data, Nigerian talent and solving Nigerian problems,” Cardoso said.
Concluding, he reiterated that the success of PSV 2028 will be judged by results rather than the document itself.
“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,” the governor said.
The CBN said it will engage industry stakeholders, private sector partners and regional bodies in the coming months to operationalise the plan and track progress against its targets.
