CBN Launches New Digital Payments System To Boost Inclusion In Nigeria

According to Ireporter Online, the Central Bank of Nigeria (CBN) has launched the Nigeria Payments System Vision (PSV) 2028, a strategic framework designed to strengthen the country’s payment ecosystem and promote a more efficient, secure, innovative, and inclusive financial system.

The initiative was formally unveiled in Abuja by CBN Governor, Olayemi Cardoso, who explained that the framework is aimed at deepening financial inclusion, improving payment infrastructure, and boosting the financial sector’s contribution to Nigeria’s Gross Domestic Product (GDP). He noted that a modern payment system remains essential to national development, global competitiveness, and meaningful participation of all Nigerians in the formal financial economy.

Cardoso highlighted that Nigeria’s payment landscape has evolved significantly over the past two decades, becoming one of the most dynamic and innovative systems globally. He pointed to the rise of instant payments, increased digital adoption, and fintech-driven innovation as key factors that have positioned the country as a continental leader in digital finance.

While acknowledging that these achievements are not always fully reflected in global perceptions, he stressed that their impact is evident in improved economic activity, stronger financial inclusion, and greater system resilience across the economy.

The CBN governor further explained that PSV 2028 builds on existing reforms and provides a roadmap for the next phase of transformation in Nigeria’s financial system. He described the plan as a foundation for creating a payment ecosystem that is secure, resilient, inclusive, and globally competitive.

He also emphasized that the global payments environment is rapidly evolving, driven by technological innovation, increased digital commerce, and rising demand for faster, safer, and more interoperable financial services. According to him, payment systems are no longer just tools for transferring money but have become critical infrastructure for innovation, economic growth, and national development.

Cardoso added that a more efficient payment system would reduce business costs, improve productivity, enhance transparency, support trade, and expand economic participation. He further stated that PSV 2028 aligns with the CBN’s broader reform agenda initiated in 2023, aimed at stabilizing the economy, boosting investor confidence, and strengthening Nigeria’s external financial position.

He also called for collaboration among key stakeholders, including banks, fintech companies, telecom operators, and regulatory agencies such as the Nigerian Communications Commission, to ensure successful implementation of the vision.

Earlier in his remarks, the CBN Deputy Governor for Policy, Dr. Muhammad Abdullahi, outlined five key priorities of the framework, which include strengthening payment infrastructure, expanding financial inclusion, supporting innovation, improving cross-border transactions, and safeguarding financial system integrity.

He explained that the vision is designed to build an interoperable and resilient payment system capable of supporting a digital economy at scale. Abdullahi also emphasized the importance of consumer protection, financial literacy, and responsible participation in the financial system.

He further noted that PSV 2028 will support emerging technologies such as open banking, digital assets, and artificial intelligence, which are expected to enhance efficiency, broaden access to financial services, and unlock new economic opportunities.