Market News

The Central Bank of Nigeria (CBN) has unveiled the Payments System Vision (PSV) 2028, a roadmap aimed at strengthening payment infrastructure, deepening financial inclusion and positioning the country as a leading hub for digital and cross-border payments in Africa.

The initiative was launched on Monday in Abuja.

Speaking at the launch, Olayemi Cardoso, governor of the CBN, said the framework builds on reforms implemented over the years and is designed to support Nigeria’s increasingly digital economy.

“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,” Cardoso said.

The CBN governor said PSV 2028 forms part of the apex bank’s broader reform agenda and would strengthen the efficiency, resilience and international connectivity of Nigeria’s payments ecosystem.

He said the initiative is expected to facilitate trade and remittance flows, deepen investor confidence and contribute to improvements in Nigeria’s balance of payments position over time.

Cardoso added that the vision would help position Nigeria to take advantage of opportunities created by the African Continental Free Trade Area (AfCFTA), expanding digital commerce and increasingly interconnected markets.

“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,” he said.

The governor described payment infrastructure as a strategic national asset capable of reducing the cost of doing business, improving productivity and broadening participation in economic activity.

He, however, stressed that the success of the initiative would depend on implementation.

“The success of PSV 2028 will not be measured by the quality of this document. It will be measured by execution,” Cardoso said.

Earlier, Muhammad Sani Abdullahi, deputy governor for economic policy at the CBN, said the vision is anchored on five strategic priorities: payment infrastructure, financial inclusion, innovation, cross-border payments, and cybersecurity and risk management.

Abdullahi said the framework embraces technologies such as open banking, artificial intelligence and digital assets, while positioning Nigeria as a major hub for regional payments and financial integration.

“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.

‘PAYMENT SYSTEMS CRITICAL TO CAPITAL MARKET OPERATIONS’

Emomotimi Agama, director-general of the Securities and Exchange Commission (SEC), said efficient payment systems are critical to the operation of the capital market and called for stronger collaboration among regulators.

“Without payments, there cannot be delivery of securities. For us in the capital market, it is delivery versus payment,” Agama said.

On his part, Aminu Maida, executive vice-chairman of the Nigerian Communications Commission (NCC), said collaboration would be essential in tackling emerging threats such as digital fraud and cybersecurity risks.

Maida said the payments vision aligns with the federal government’s ambition of building a $1 trillion economy and highlighted ongoing efforts to expand broadband infrastructure through the planned 90,000-kilometre fibre network project.

"We need to move away from saying we have a million transactions. We need to start talking about GDP growth because that is what all our work is about towards that $1 trillion economy vision,” he said.

Also speaking, Segun Aina, chairman of the board of trustees of the Fintech Association of Nigeria, said Nigeria has an opportunity to shape the future of digital finance across Africa.

He called for greater regulatory interoperability and fintech licence passporting across the continent to reduce compliance costs and support innovation.

“The next chapter of Africa’s payment story will be about both innovation and integration,” he said.

Aina added that the fintech industry would continue to work with the CBN and other stakeholders to support the implementation of PSV 2028 and deepen financial inclusion across Africa.