CBN Launches Nigeria Payments System Vision 2028

The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has unveiled the Nigeria Payments Systems Vision (PSV) 2028, noting that the vision aimed to deepen infrastructure, expand inclusion, accelerate innovation, strengthen cybersecurity, and enhance Nigeria’s integration with regional and global payment systems.

“Today, we don’t just unveil a payments strategy; we unveil a vision for how Nigerians will transact, trade, save, invest, and fully participate in a digital economy,” he stated during the launch on Monday.

Describing PSV 2028 as “a Nigerian project” rather than a government initiative, Governor Cardoso reaffirmed the CBN’s commitment to providing the leadership and enabling environment needed to transform the nation’s payments ecosystem. He emphasised the importance of balancing innovation with stability, strengthening oversight while encouraging competition, and fostering collaboration across the ecosystem.

According to the CBN Governor, payment systems have evolved beyond the transfer of funds to become platforms for innovation, instruments of inclusion, and critical infrastructure for economic growth. PSV 2028 is designed to build a secure, resilient, inclusive, and globally competitive payments ecosystem that supports trade, investor confidence, and broader economic reforms.

A key focus of the vision is impact. Cardoso stressed that success must be measured by execution and its contribution to GDP growth, poverty reduction, and improved livelihoods. He expressed confidence that financial inclusion will reach 95% by 2028, ensuring that more market women, farmers, entrepreneurs, and young people participate in the formal financial system because, as he noted, “the goal is inclusion, not exclusion.”

The Governor also projected a future where trust drives adoption of digital payments, with reduced fraud, stronger consumer confidence, and a gradual transition away from cash dependence. He reiterated that Nigeria already holds a leadership position in Africa’s payments landscape and possesses the talent, scale, and entrepreneurial capacity to translate that advantage into long-term economic competitiveness.

Looking ahead, Cardoso shared an ambitious vision that by 2028, Nigerian youth will build the next global fintech unicorn from cities across the country, leveraging Nigerian talent and innovation to solve local and global challenges.

“The success of PSV 2028 will not be measured by the quality of this document. It will be measured by execution; by our ability to expand opportunity, strengthen trust, lower barriers to participation, and build a payments ecosystem that serves every Nigerian,” the nation’s number one banker said.