Wednesday, October 1, 2025
24.7 C
Lagos

CBN Unveils Payments System Vision 2028 to Drive Inclusive, Innovative, Secure Financial Ecosystem

The Central Bank of Nigeria (CBN) has kicked off the development of a new strategic framework for the country’s payments ecosystem with the launch of the Nigeria Payments System Vision 2028 (PSV 2028), setting the stage for a more inclusive, innovative, and globally competitive digital financial system.
At the inaugural meeting of the PSV 2028 Project Committee held in Lagos on Tuesday, September 9, 2025, the Director of the Payments System Policy Department (PSPD), Mr. Musa Itopa Jimoh, described the initiative as a “national assignment” with the potential to transform how individuals, businesses, and governments interact within the financial ecosystem.
Reflecting on the journey from the early reforms of 2006 through the milestones of PSV 2020 and PSV 2025, Mr. Jimoh highlighted that the new vision will build on past achievements to deepen financial inclusion, improve infrastructure interoperability, and promote innovation across Nigeria’s financial services sector.
He observed that while Nigeria’s payment system has made significant progress over the past two decades, the speed of technological advancement and innovation continues to grow. PSV 2028, he explained, presents the country with a unique chance to develop a future-ready framework that is secure, efficient, and globally competitive.
He further explained that the framework would be developed through an inclusive, stakeholder-led process that unites regulators, banks, fintechs, payment service providers, consumer advocacy groups, and other key players. He highlighted that this collaborative approach will ensure the strategy reflects real-world needs, fosters policy acceptance, and promotes innovation through shared responsibility.
To facilitate its implementation, five thematic working groups were established, concentrating on: Infrastructure & Interoperability; Digital Financial Inclusion, Consumer Protection & Financial Literacy; Innovation, Digital Identity & Emerging Technologies; Cross-Border Payments & CBDC Integration; and Regulation, Risk Management & Cybersecurity. A sixth group on Strategic Communications and Stakeholder Engagement was also proposed.
Participants at the event welcomed the initiative, praising the CBN’s inclusive approach and highlighting the pivotal role of PSV 2028 in promoting digital innovation, financial inclusion, and economic resilience. By sharing expertise and resources, they committed to creating a forward-looking document that would strengthen Nigeria’s position in Africa’s payments landscape while making progress globally.
Also speaking at the event, Mr. Ajao Niyi, former Chief Executive of the Nigeria Inter-Bank Settlement System (NIBSS), praised the CBN for establishing a new standard for stakeholder engagement and urged all parties to unite in support of the initiative.
The PSV 2028, which succeeds the soon-to-expire PSV 2025, is expected to serve as the guiding blueprint for Nigeria’s digital payments ecosystem over the next three years, aligning the country’s financial system with global best practices and ensuring sustainable growth.
It marks a bold step forward in Nigeria’s digital financial transformation, setting the stage for a more connected, innovative, and inclusive economy.

spot_img
spot_img

Hot this week

CBN Governor Champions Next-Gen Leadership with New National Lecture Series

The Governor of the Central Bank of Nigeria (CBN),...

President Tinubu to Inaugurate Renovated National Arts Theatre Today

As part of activities commemorating Nigeria’s 65th Independence Anniversary,...

WAICA Confab to Explore Climate Change Market Risk, Opportunities

The West African Insurance Companies Association (WAICA) Education Conference...

Stanbic IBTC Insurance Unveils Manifold Endowment Plan to Redefine Financial Security

Stanbic IBTC Insurance, a subsidiary of Stanbic IBTC Holdings...

Topics

Cross-border e-Commerce Target $900bn in Sub-Saharan Africa

Cross-border online retail predicted to grow at twice the...

Heirs Energies Celebrates Third Anniversary

Significant Milestones in Production Growth, Transformational Community Engagement,...

Diamond Bank Earnings: Succumbing to Cost & Regulatory Pressures?

Diamond Bank Plc recently published its audited FY: 2014 and Q1:2015 results on March 30, 2015 and April 13, 2015 respectively on the floor of the Nigerian Stock Exchange (NSE). The results show mixed performances at the top and bottom lines. We present the highlights of the FY: 2014 result, Q1:2015 and our 2015 estimates below:

Beyonic, Accord to Transform Mobile Money in Africa

Beyonic, a technology company that aims to eliminate rampant use of cash in emerging markets, is announcing a partnership with Mobile Accord that will make Beyonic the largest mobile money aggregator in Africa. Beyonic currently operates in Uganda and Kenya, and will leverage Mobile Accord’s expertise in building mobile solutions and relationships with leading mobile carriers to bring Beyonic’s platform to 25 additional countries.

WRC-23: Nigeria Signs Updated Radio Regulations to Deepen Global Connectivity

L-R: Executive Commissioner, Technical Services, Nigerian Communications Commission (NC)), Engr. Ubale...

PenCom: ‘Lack of Foreign Index Bond Impeding Pension Growth’

The non-availability of foreign index bond is impeding desired...

NEXIM, World Bank Collaborate to Develop Nigeria’s Mining Sector

…The clear intention of The World Bank to collaborate with the NEXIM Bank towards a structured intervention in the Nigeria’s solid minerals sector is quite expedient. More so, with commitment and firm resolve of President Muhammad Buhari to diversify the economy, revitalize the mining sector towards boosting job creation and enhancing foreign exchange earnings - Orya The Managing Director of the Nigerian Export-Import Bank (NEXIM Bank), Mr. Roberts Ungwaga Orya, received a team from the World Bank led by Dr. Francisco Igualada, Senior Mining Specialist, Energy & Extractives Unit, and Mr. Linus Adie Utsu of Mining Investments Consultthat visited the Bank to share ideas on how to provide structured intervention towards revamping and deepening Nigeria’s mining sector.

NCC to Accelerate Deployment of Emerging Technologies

The Executive Vice Chairman (EVC) of the Nigerian Communications...
spot_img

Related Articles

Popular Categories

spot_imgspot_img