No more cash stress! CBN unveils new mode of payments in Nigeria

The Central Bank of Nigeria has unveiled a new strategic framework, the Nigeria Payments System Vision 2028 (PSV 2028), aimed at building a more inclusive, innovative, and secure digital financial ecosystem in the country.

The initiative was officially launched on Tuesday during the inaugural meeting of the PSV 2028 Project Committee in Lagos.

According to the apex bank, the framework is designed to build on the successes of earlier roadmaps — PSV 2020 and PSV 2025 — with a focus on deepening financial inclusion, strengthening infrastructure interoperability, and fostering innovation across Nigeria’s financial services sector.

Director of the Payments System Policy Department at the CBN, Mr. Musa Jimoh, described the project as a “national assignment” capable of transforming how individuals, businesses, and governments engage within the financial ecosystem.

He explained that the initiative would leverage past reforms to address rapid technological advancements while ensuring that Nigeria’s payments system remains globally competitive.

The CBN stated that PSV 2028 will be developed through an inclusive, stakeholder-led process involving regulators, banks, fintechs, payment service providers, consumer advocacy groups, and other key players. This approach, it said, would guarantee real-world relevance, policy acceptance, and shared responsibility for innovation.

To achieve this, five thematic working groups have been created to focus on key areas, including infrastructure and interoperability, digital financial inclusion, consumer protection, financial literacy, innovation, digital identity, emerging technologies, cross-border payments, central bank digital currency (CBDC) integration, regulation, risk management, and cybersecurity. A sixth group dedicated to strategic communications and stakeholder engagement is also being set up.

Former Chief Executive of the Nigeria Inter-Bank Settlement System, Mr. Ajao Niyi, commended the CBN for championing a new level of stakeholder engagement. He urged financial institutions and industry players to support the initiative, stressing its pivotal role in Nigeria’s digital transformation journey.

The PSV 2028, which replaces the soon-to-expire PSV 2025, will serve as the blueprint for Nigeria’s payments ecosystem for the next three years, aligning with global best practices while promoting sustainable growth in the digital economy.