CBN unveils PSV 2028 to deepen digital economy

The Central Bank of Nigeria (CBN) on Monday unveiled the Payments System Vision 2028 (PSV 2028) to strengthen the country’s digital economy and trade.

Speaking in Abuja, CBN Governor, Olayemi Cardoso, said PSV 2028 aimed to deepen financial inclusion and strengthen digital payments nationwide.

Cardoso said the vision would strengthen Nigeria’s digital economy and position the country as a globally competitive payments hub.

He described PSV 2028 as a strategic roadmap for building a secure, resilient, inclusive and innovative payments ecosystem.

According to him, Nigeria’s payments industry has become one of the world’s most dynamic and innovative sectors over the past two decades.

The governor said digital payments had enhanced economic activity, financial inclusion and resilience across the country’s financial system.

“Payment systems now serve as platforms for innovation and critical infrastructure for economic growth,” he said.

According to him, efficient payment systems reduce business costs, improve productivity and promote transparency.

He said PSV 2028 aligned with the CBN’s broader economic reform agenda introduced in 2023.

He said the initiative would support trade, remittances, investor confidence and Nigeria’s balance of payments position.

The governor said the vision would strengthen infrastructure, expand inclusion and deepen integration with regional and global payment systems.

He added that PSV 2028 would help Nigeria maximise opportunities under the African Continental Free Trade Area.

“Seamless payments will enable businesses to access new markets across Nigeria, Africa and beyond,” he said.

Cardoso explained that faster settlements and interoperable systems would support entrepreneurship, job creation and poverty reduction.

He said Nigeria already occupied a leadership position in Africa’s digital payments landscape.

According to him, the country’s scale, talent and entrepreneurial capacity provide a strong foundation for further growth.

Cardoso reaffirmed the CBN’s commitment to promoting innovation while maintaining financial stability and effective oversight.

He urged government agencies, financial institutions, fintech firms and development partners to support implementation.

“The success of PSV 2028 will depend on execution, collaboration and commitment from all stakeholders,” he said.

Cardoso expressed confidence that the vision would enhance inclusion, innovation and sustainable economic growth.

Also speaking, CBN Director of Payment System Policy, Musa Jimoh, noted that the journey began in 2007 with a 10-year roadmap.

He said Nigeria’s financial sector was largely cash-based then, with limited access to electronic payment channels and banking services.

Jimoh said Nigeria also committed to expanding financial inclusion in 2011 through a global initiative to improve access to financial services.

According to him, high service costs, limited banking access and stringent account-opening requirements hindered financial inclusion.

He said the CBN introduced policies to address those challenges and make financial services more accessible.

Jimoh said the cashless policy, launched in 2012, reduced reliance on cash and lowered transaction costs.

He added that the agent banking framework expanded access, growing from about 50,000 agents to more than two million nationwide.

He said the reforms enabled millions of Nigerians to access financial services through mobile phones and simplified identification requirements.

According to him, trust remains critical to the success of digital payments and wider financial services adoption.

He said PSV 2028 would enhance efficiency, improve competitiveness and deepen public confidence in the financial system.

Director-General of the Securities and Exchange Commission, Emomotimi Agama, said collaboration remained vital to building a resilient financial ecosystem.

He said payment systems and capital market operations were inseparable, describing their relationship as “delivery versus payment”.

According to him, securities delivery cannot be completed without corresponding payment, making regulatory cooperation indispensable.

Agama urged financial sector regulators to speak with one voice to improve efficiency and strengthen Nigeria’s standing in Africa.

He said Nigeria had achieved significant milestones in digital payments, attracting global attention and recognition.

The SEC chief called for greater public education to deepen understanding of the country’s payment ecosystem.

He urged stakeholders to support the CBN and work collectively toward achieving PSV 2028’s objectives.

Agama expressed confidence that stronger integration would project Nigeria positively and accelerate national development.

Also speaking, NCC Executive Vice Chairman, Aminu Maida, described PSV 2028 as a strategic roadmap for digital payments.

He commended the CBN for building on the achievements of PSV 2025 through a more secure and inclusive framework.

Maida said trust, security and growth were central to achieving President Bola Tinubu’s vision of a one-trillion-dollar economy.

He said economic and telecommunications reforms had created greater stability and opportunities for digital transformation.

According to him, fraud has become increasingly sophisticated and now cuts across sectors and national boundaries.

“No regulator or government can tackle emerging cyber threats alone,” he said.

Maida stressed that inter-agency cooperation would be crucial to sustaining growth and strengthening payment systems.

He disclosed that the NCC was expanding broadband infrastructure through ongoing fibre connectivity projects nationwide.

Maida said efforts were underway to improve affordable internet access, particularly in underserved communities.

He added that wider access to 4G and 5G technologies would support financial inclusion and digital payments.

Maida urged stakeholders to focus on measurable economic impact rather than transaction volumes alone.

He added that payment system reforms should ultimately contribute to national productivity and economic growth.