The Central Bank of Nigeria (CBN) has unveiled an ambitious payments strategy, the Nigeria Payments System Vision 2028 (PSV 2028), with the goal of expanding financial inclusion to 95% of adults and establishing Nigeria as a premier hub for regional and cross-border payments by 2028.
Launched in Abuja, PSV 2028 is part of the CBN's broader reform agenda to modernize the nation's financial infrastructure in response to growing digital commerce and regional economic integration.
CBN Governor Olayemi Cardoso stated that the initiative is more than an upgrade of payment channels; it's a vision for how Nigerians will transact, trade, save, invest, and participate in an increasingly digital economy.
Nigeria already boasts one of Africa's most active digital payments ecosystems, driven by fintech adoption and instant payment infrastructure. Cardoso emphasized building on this foundation for broader economic gains and international recognition.
The strategy targets bringing an estimated 15 million more Nigerians into the formal financial system by 2028. It also aims to deepen digital payment adoption, reduce reliance on cash, enhance cross-border payment capabilities, and strengthen cybersecurity.
Cardoso highlighted that payment systems should be considered strategic national assets, crucial for economic growth, trade facilitation, and investor confidence.
He noted the strategy's role in supporting small businesses by providing access to new markets and faster transaction settlements, benefiting entrepreneurs and traders across the country.
Specific targets for 2028 include digital payments becoming the dominant transaction method, cash outside the banking system falling below 40%, and fraud losses decreasing to less than 0.001% of transaction values.
The strategy also promotes wider deployment of QR-code and contactless payments, alongside increased adoption of open banking services and APIs.
Muhammad Sani Abdullahi, CBN deputy governor for economic policy, described PSV 2028 as a blueprint for Nigeria's long-term economic transformation, focusing on five strategic priorities: strengthening payment infrastructure, expanding financial inclusion, encouraging innovation, improving cross-border transactions, and maintaining system integrity and security.
The framework incorporates emerging technologies like AI, blockchain, digital assets, and open banking, aiming to leverage platforms like the Pan-African Payment and Settlement System and the African Continental Free Trade Area (AfCFTA).
Abdullahi stressed that success hinges on execution, stating, “PSV 2028 is more than a policy document; it is a call to collective action in shaping the infrastructure of Nigeria’s economic future.”
Collaboration among banks, fintech firms, regulators, technology providers, and consumers is deemed critical for achieving the vision's ambitious goals.
Premier Oiwoh, Managing Director/CEO of Nigeria Inter-Bank Settlement System (NIBSS), emphasized that implementation is key, stating, “Technology is only 20 percent of the solution; implementation accounts for 80 percent.” He also called for zero-cost financial transactions to support financial inclusion targets.
