PSV 2028: CBN’s Guiding Blueprint For Nigeria’s Digital Payments Ecosystem
By Sunday Etuka, Abuja
The overall goal of the Central Bank of Nigeria (CBN) is to manage the nation’s monetary and financial sector policies for the growth and stability of the economy.
In line with this goal, the CBN recently launched the Nigeria Payments System Vision 2028 (PSV 2028), a strategic pathway for the transformation of the nation’s payments ecosystem.
Launched in Lagos, the PSV 2028 which replaces the soon-to-expire PSV 2025, is expected to serve as the guiding blueprint for Nigeria’s digital payments ecosystem over the next three years, setting a stage for a more inclusive, innovative, and globally competitive digital financial system.
While Nigeria’s payments system has made significant progress over the past two decades, advancement in technology has necessitated a shift.
According to the data from the Nigeria Inter-Bank Settlement System (NIBSS), the nation’s e-payment transactions have surged significantly, growing by 17.7% year-on-year in Q1 2025, reaching a total value of N295 trillion during the same quarter.
This growth reflects a broader trend of increasing digital payments, with electronic channels being used 2.21 billion times in Q1, 2025 and a corresponding rise in the Point-of-Sale (PoS) transactions.
The surge in transactions underscore the need for businesses to adopt efficient and scalable payment systems that are robust and secured.
The goal of any payments system is to ensure that the financial system operates without interruption so that transactions take place with minimum delay and risk.
Therefore, the new payments system was designed to strengthen adoption of electronic payment, enhance safety, reliability and resilience of the system, foster financial inclusion and catalyse Nigeria’s economic growth and development.
Speaking during the official launch of the PSV 2028, the Director of the Payments System Policy Department (PSPD), Mr. Musa Itopa Jimoh, described the initiative as a “national assignment” with the potential to transform how individuals, businesses, and governments interact within the financial ecosystem.
While reflecting on the journey from the early reforms of 2006 through the milestones of PSV 2020 and PSV 2025, Mr. Jimoh highlighted that the new vision will build on past achievements to deepen financial inclusion, improve infrastructure interoperability, and promote innovation across Nigeria’s financial services sector.
He observed that while Nigeria’s payment system has made significant progress over the past two decades, the speed of technological advancement and innovation continues to grow. PSV 2028, he explained, presents the country with a unique chance to develop a future-ready framework that is secure, efficient, and globally competitive.
He further explained that the framework would be developed through an inclusive, stakeholder-led process that unites regulators, banks, fintechs, payment service providers, consumer advocacy groups, and other key players.
He highlighted that this collaborative approach will ensure the strategy reflects real-world needs, fosters policy acceptance, and promotes innovation through shared responsibility.
To facilitate its implementation, five thematic working groups were established, concentrating on: Infrastructure & Interoperability; Digital Financial Inclusion, Consumer Protection & Financial Literacy; Innovation, Digital Identity & Emerging Technologies; Cross-Border Payments & CBDC Integration; and Regulation, Risk Management & Cybersecurity. A sixth group on Strategic Communications and Stakeholder Engagement was also proposed.
Participants at the event welcomed the initiative, praising the CBN’s inclusive approach and highlighting the pivotal role of PSV 2028 in promoting digital innovation, financial inclusion, and economic resilience. By sharing expertise and resources, they committed to creating a forward-looking document that would strengthen Nigeria’s position in Africa’s payments landscape while making progress globally.
Also speaking at the event, Mr. Ajao Niyi, former Chief Executive of the Nigeria Inter-Bank Settlement System (NIBSS), praised the CBN for establishing a new standard for stakeholder engagement and urged all parties to unite in support of the initiative.
Beyond the ovations drawn by the initiative, industry watchers urged the apex bank to be conscious of the challenges of erratic power supply, limited internet connectivity and others causing payment disruptions, and creating barriers for businesses that depend on seamless transaction systems.
They also drew the attention of CBN to the significant fraud and security risks in the digital payment system, pointing to activities such as identity theft, unauthorized transactions and phishing scams, and the need to build trust in digital payment platforms for the sustainability of the payment ecosystem.
Innovators are also alerted of the challenges of navigating the complex regulatory landscape, requiring careful consideration of compliance and market regulations.
