KEY POINTS
- The CBN launched Payment Systems Vision 2028 to make Nigeria’s payments ecosystem more efficient, innovative and financially inclusive.
- Governor Olayemi Cardoso said the framework will accelerate the financial sector’s contribution to the country’s gross domestic product.
- The vision rests on five priorities, including stronger infrastructure, deeper inclusion, innovation, cross-border transactions and financial system integrity.
The Central Bank of Nigeria has unveiled the Nigeria Payments System Vision 2028, a framework designed to make the country’s payments ecosystem more efficient, innovative and financially inclusive. CBN Governor Olayemi Cardoso unveiled the plan in Abuja on Monday, pledging to use it to accelerate the financial sector’s contribution to the nation’s gross domestic product.
Cardoso outlines the new roadmap
Cardoso said the vision is anchored on a modern payment system that is indispensable to national growth, financial inclusion and international competitiveness. He said it seeks to ensure that every Nigerian participates meaningfully in the financial industry.
He noted that over the past two decades, Nigeria’s payments ecosystem has evolved into one of the most dynamic and innovative in the world. From instant payments to fintech-led innovation, the country has often set the pace on the continent and compared favorably with leading global markets, he said.
“While this progress has not always been fully reflected in global narratives, its impact on economic activity, financial inclusion and system resilience is evident across our economy,” Cardoso said.
Five priorities to anchor PSV 2028
Cardoso described PSV 2028 as a strategic roadmap for the next phase of transformation, built on a strong foundation and reflecting an ambition to create a payments ecosystem that is secure, inclusive, resilient and globally competitive. He said efficient payment systems reduce the cost of doing business, improve productivity, strengthen transparency and broaden participation in economic activity.
The governor said the vision forms part of the broader reform agenda the central bank has pursued since 2023. He added that it would support efforts to stabilize the economy, facilitate trade and remittance flows, deepen investor confidence and improve Nigeria’s balance of payments position over time.
Success, according to Cardoso, would depend on effective implementation, with banks, fintech companies, the Nigerian Communications Commission and telecommunications firms all playing their part.
Deputy Governor for Policy Muhammad Abdullahi said the vision rests on five mutually reinforcing priorities: strengthening payment infrastructure, deepening inclusion, fostering innovation, facilitating cross-border transactions and safeguarding the integrity of the financial system. He said it prioritizes financial inclusion, consumer protection and financial literacy, while embracing emerging technologies such as open banking, digital assets and artificial intelligence.