The Central Bank of Nigeria (CBN) has launched the Nigeria Payments System Vision (PSV) 2028, a new framework to build a more efficient, innovative, secure and financially inclusive payment system for the country.
The Governor of the CBN, Olayemi Cardoso, made the unveiling of the framework in Abuja, saying it is to boost the contribution of the financial sector to the Gross Domestic Product of Nigeria.
The initiative, Cardoso said, was designed to strengthen the country’s payment infrastructure, deepen financial inclusion and improve Nigeria’s competitiveness in the global financial system.
“A modern payment system is core to national development and must be designed in such a way as to allow every Nigerian to participate meaningfully in the formal financial system,” he said.
“The vision is anchored on a modern Payment System which is indispensable to national growth, financial inclusion and international competitiveness. It is about ensuring that every Nigerian is meaningfully engaged in the financial industry.”
“Nigeria has made tremendous progress in the area of digital payments over the last two decades,” Cardoso said, adding that the nation’s payment ecosystem had evolved into one of the most dynamic and innovative in the world.
He said Nigeria was ahead of many countries on the continent in terms of developments in instant payments, digital adoption and fintech-led innovation, and was close to some leading global markets in some areas.
“In the last two decades, Nigeria’s payment system has grown to become one of the most dynamic and innovative in the world,” he said. From instant payments to digital adoption and fintech-led innovation, we have, in many ways, set the pace across the continent and in some cases compared well with leading global markets.
“This progress has not always been fully captured in global narratives but its effect on economic activity, financial inclusion and system resilience is apparent across our economy.”
The speed, security and reach of payment systems had become important factors in determining the competitiveness of nations, he said.
Cardoso said Nigeria’s experience has also shown the importance of sustained investment in innovation, infrastructure and inclusion.
The CBN governor said the Payments System Vision 2028 was built on the strong foundation already established in Nigeria’s payment industry.
He said the new framework would act as a strategic roadmap for the next stage of transformation in the sector.
The goal, he said, is to build an ecosystem for payments that is safe, inclusive, resilient and globally competitive.
“That strong foundation is what the Payments System Vision 2028 (PSV 2028) builds on,” Cardoso said. “It provides a strategic roadmap for the next phase of transformation and reflects our ambition to build a payments ecosystem that is secure, inclusive, resilient and globally competitive.”
“The global payments landscape is rapidly evolving and new technologies are changing how value is exchanged between countries and sectors,” he said.
The CBN governor noted that digital commerce was growing, cross-border transactions were gaining prominence and expectations on speed, convenience, security and interoperability were increasing.
“Payment systems can no longer be viewed merely as a channel for transferring money, but as platforms for innovation, financial inclusion and economic growth,” said Cardoso.
“Effective payment systems would reduce the cost of doing business, improve productivity, facilitate trade, increase transparency and raise participation in economic activity,” he said.
“In this environment payments are not just a way of moving money,” he said. They are platforms for innovation, enablers of inclusion, critical infrastructure for economic growth.
“Efficient payment systems reduce the cost of doing business, enhance productivity, promote transparency, facilitate trade and expand participation in economic activity for Nigeria. “In a modern economy, payment infrastructure is not just a financial utility, it is a strategic national asset,”
The CBN governor said PSV 2028 would guarantee that Nigeria’s payment ecosystem remains safe, resilient, inclusive and globally competitive while supporting wider economic objectives.
He added that the framework was part of the wider reform agenda pursued by the apex bank since 2023.
Framework for Trade and Remittances Support
Improving the country’s payment system would also help promote efforts to stabilize the economy, ease trade and remittance flows, deepen investor confidence and enhance Nigeria’s external position over time, Cardoso said.
“That is why PSV 2028 is important,” he said. It aims to ensure Nigeria’s payments ecosystem is secure, resilient, inclusive and globally competitive, while also supporting our broader economic aspirations.
“PSV 2028 is also an important part of the wider reform agenda that the Central Bank has pursued since 2023. By improving the efficiency, resilience and international connectivity of our payments ecosystem, the Vision will support ongoing efforts to stabilize the economy, facilitate trade and remittance flows, deepen investor confidence and contribute to improvements in Nigeria’s external and Balance of Payments position over time.
The CBN governor said the success of the vision would largely depend on effective implementation and collaboration among key stakeholders in the financial and technology sectors.
He called on banks, fintech companies, the Nigerian Communications Commission, telecommunications companies and other players in the industry to play their roles in achieving the objectives of the framework.
CBN Identifies Five Priority Areas
The Deputy Governor, Policy of the CBN, Dr Muhammad Abdullahi had earlier said the new vision was based on five mutually reinforcing priorities.
The priorities would strengthen payment infrastructure, deepen inclusion, support innovation, improve cross-border transactions and safeguard the integrity of the financial system, he said.
The framework would help build an interoperable and resilient payment infrastructure that can support a digital economy at scale, Abdullahi said.
Financial inclusion, consumer protection and financial literacy so that individuals, households and businesses can participate confidently in the formal financial system will also be part of PSV 2028, he said.
“The vision seeks to develop interoperable, and resilient payment infrastructure that can support a digital economy at scale; it prioritises financial inclusion, consumer protection, and financial literacy so that individuals, households, and businesses can partake confidently and meaningfully in the formal financial system,” he said.
The framework would encourage innovation and emerging technologies that could increase access, improve efficiency and create new economic opportunities, Abdullahi added.
“PSV 2028 will have open banking, digital assets, artificial intelligence and other transformative solutions,” he said.
The framework “embraces innovation and emerging technologies, including open banking, digital assets, artificial intelligence and other transformative solutions that have potential to improve efficiency, expand access and unlock new economic opportunities,” the deputy governor said.410
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