CBN Launches Payment Systems Vision 2028 to Modernize Nigeria’s Digital Economy

The Central Bank of Nigeria (CBN) has unveiled the Payment Systems Vision 2028 (PSV 2028), a strategic framework designed to guide the country’s digital payment ecosystem over the next three years.

The initiative succeeds the expiring PSV 2025 and is aimed at aligning Nigeria’s financial infrastructure with global standards.

Speaking at the unveiling event in Abuja, CBN officials emphasized that PSV 2028 would foster innovation, financial inclusion, and economic resilience, positioning Nigeria as a leader in Africa’s payments landscape. Stakeholders at the event praised the central bank’s inclusive approach and noted that the new framework would strengthen the country’s global competitiveness in the financial sector.

The launch of PSV 2028 forms part of broader efforts by the CBN to modernize Nigeria’s financial systems.

Recent initiatives include the Non-Resident Bank Verification Number (NRBVN) platform, which allows Nigerians living abroad to access financial services remotely.

The CBN has also been working to enhance payment infrastructure to create a more connected and inclusive economy.

The CBN said PSV 2028 would introduce measures to improve transaction efficiency, increase interoperability across financial institutions, and ensure robust security for digital payments.

The framework is expected to support the growth of fintech startups, expand digital financial services to underserved populations, and reduce reliance on cash transactions nationwide.

Officials encouraged financial institutions, fintech companies, and other stakeholders to actively participate in implementing PSV 2028 to realize its full potential in modernizing Nigeria’s financial ecosystem.