CBN launches Payments System Vision 2028 to drive digital economy growth

The Central Bank of Nigeria (CBN) has launched the Payments System Vision 2028 (PSV 2028), a strategic framework designed to strengthen the country’s digital payments ecosystem, deepen financial inclusion, and support economic growth.

Speaking at the official launch in Abuja, on Monday, CBN Governor, Olayemi Cardoso, described the initiative as more than a payments strategy, saying it represents a vision for how citizens will transact, trade, save, invest and participate in an increasingly digital economy.

Cardoso noted that the country’s payments ecosystem has evolved significantly over the past two decades, becoming one of the most dynamic and innovative on the African continent. He said the new vision builds on this progress and provides a roadmap for creating a secure, inclusive, resilient and globally competitive payments system.

According to him, efficient payment systems reduce the cost of doing business, improve productivity, support trade and broaden participation in economic activities.

The CBN governor explained that PSV 2028 aligns with the bank’s broader reform agenda and is expected to support efforts to stabilise the economy, facilitate trade and remittance flows, deepen investor confidence and strengthen Nigeria’s external sector position.

He said that the vision seeks to ensure that every Nigerian can participate meaningfully in the digital economy while positioning the country to take advantage of opportunities presented by the African Continental Free Trade Area (AfCFTA).

Cardoso urged stakeholders to work together to ensure effective implementation, stressing that the true measure of the vision’s success would be its ability to expand economic opportunities, strengthen trust and build a payments ecosystem that serves every Nigerian.

“This is not merely about technology or transactions. It is about opportunity. By making it easier for businesses to send and receive payments seamlessly across Nigeria, Africa, and the wider world, we expand access to markets and unlock new possibilities for growth.

“For the entrepreneur in Aba, the trader in Zaria, the fashion designer in Ilesha, or the small business owner in Kano, efficient and interoperable payment systems can mean access to new markets, faster settlement of transactions, and greater participation in regional and global commerce. In this way, payments become a powerful tool for job creation, income growth, and poverty reduction.

“The success of this Vision will depend not only on the strength of its ideas, but on our collective commitment to implementation. I am confident that, working together, we will deliver a payments ecosystem that meets the needs of today while positioning Nigeria for the opportunities of tomorrow,” he stated.

Speaking earlier, Deputy Governor, Economic Policy, Muhammad Abdullahi, said PSV 2028 is a strategic framework that will shape the future of payments, commerce and economic interactions in Nigeria.

Abdullahi outlined five key priorities underpinning the vision, including the development of modern and resilient payment infrastructure, promotion of financial inclusion and consumer protection and adoption of emerging technologies.

Also are; enhancement of cross-border payment capabilities, strengthening of regulatory oversight as well as cybersecurity and risk management.

He said the framework aims to position the nation as a leading hub for cross-border payments and regional financial integration by leveraging initiatives such as the Pan-African Payment and Settlement System (PAPSS) and AfCFTA.

According to him, “If we implement this Vision with purpose and commitment, Nigeria will not only build one of Africa’s most advanced payment ecosystems, but also strengthen its position as a hub for trade, innovation, and economic growth. The future we seek is within reach, and the responsibility to build it rests with all of us.”