Economy
THE Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, on Monday unveiled the Payments System Vision 2028 (PSV 2028), a strategic roadmap designed to strengthen Nigeria’s payments ecosystem and position the country as a globally competitive digital economy.
Cardoso, who spoke at the official launch of PSV 2028 in Abuja, said the initiative would provide a framework for building a payments system that is secure, inclusive, resilient and aligned with global standards.
According to him, the vision represents more than a payments strategy, describing it as a blueprint for how Nigerians will transact, trade, save, invest and participate in an increasingly digital economy.
He noted that Nigeria’s payments ecosystem had evolved significantly over the past two decades, emerging as one of the most dynamic and innovative in the world.
The governor said the country’s achievements in instant payments, digital adoption and fintech innovation had contributed substantially to economic activity, financial inclusion and system resilience.
“At a time when the speed, security and reach of payments increasingly define the competitiveness of nations, Nigeria’s experience demonstrates the value of sustained investment in innovation, infrastructure and inclusion.
“The Payments System Vision 2028 builds on this strong foundation and reflects our ambition to create a payments ecosystem that is secure, inclusive, resilient and globally competitive,” he said.
Cardoso said the vision was a critical component of the CBN’s broader reform agenda aimed at strengthening economic stability and enhancing Nigeria’s competitiveness in the global economy.
He explained that the initiative would support efforts to improve trade and remittance flows, deepen investor confidence and contribute to strengthening the country’s external sector over time.
The governor highlighted ongoing changes in the global payments landscape, driven by technological innovation, digital commerce and increasing demand for faster, safer and more interoperable payment solutions.
He stressed that payment systems had evolved beyond their traditional role of facilitating transactions to become platforms for innovation, inclusion and economic growth.
According to him, efficient payment systems reduce the cost of doing business, enhance productivity, strengthen transparency and expand participation in economic activities.
“In a modern economy, payment infrastructure is not simply a financial utility; it is a strategic national asset,” he said.
Cardoso said PSV 2028 would focus on strengthening payment infrastructure, expanding financial inclusion, promoting innovation, enhancing resilience and deepening integration with regional and global payment systems.
He added that the vision would enable more Nigerians to participate meaningfully in the digital economy while positioning the country to benefit from opportunities presented by the African Continental Free Trade Area (AfCFTA).
The governor noted that improved payment systems would particularly benefit small businesses by facilitating seamless transactions, expanding market access and accelerating settlement processes.
“For the entrepreneur in Aba, the trader in Zaria, the fashion designer in Ilesha and the small business owner in Kano, efficient and interoperable payment systems can open access to new markets and create opportunities for growth,” he said.
Cardoso said Nigeria’s leadership position in Africa’s digital payments landscape provided a strong foundation for accelerating economic formalisation, expanding financial access and attracting investment.
He reiterated the CBN’s commitment to fostering innovation while safeguarding financial stability and ensuring effective regulatory oversight.
The governor, however, emphasised that the success of PSV 2028 would depend on effective implementation and sustained collaboration among stakeholders, including government agencies, financial institutions, fintech companies, technology providers, development partners and academia.
He expressed confidence that collective efforts would deliver a payments ecosystem capable of supporting Nigeria’s economic transformation and long-term prosperity.
Cardoso also commended the Deputy Governor, Economic Policy, the Payments Systems Policy Department, industry stakeholders and development partners for their contributions to the development of the vision.
He formally launched the Payments System Vision 2028 and expressed optimism that it would serve as a catalyst for innovation, inclusion, resilience and sustainable economic growth.
F.O
Tags: Cardoso CBN PSV2028