CBN unveils Payments System Vision 2028, stakeholders seek lower transaction costs

By Emma Ujah, Abuja Bureau Chief

ABUJA — The Central Bank of Nigeria, CBN, has unveiled the Nigeria Payments System Vision (PSV) 2028, a strategic framework aimed at building a more efficient, innovative and financially inclusive payments ecosystem in the country.

Unveiling the vision in Abuja on Monday, CBN Governor, Olayemi Cardoso, said the framework would accelerate the financial sector’s contribution to Nigeria’s Gross Domestic Product, GDP, while promoting financial inclusion and economic growth.

According to him, the vision is anchored on the development of a modern payments system that will support national growth, deepen financial inclusion and enhance Nigeria’s global competitiveness.

“The vision is anchored on a modern payment system which is indispensable to national growth, financial inclusion and international competitiveness. It seeks to ensure that every Nigerian participates meaningfully in the financial industry,” Cardoso said.

He noted that Nigeria’s payments ecosystem had evolved significantly over the past two decades, becoming one of the most dynamic and innovative on the continent.

“From instant payments and digital adoption to fintech-led innovation, our progress has often set the pace in Africa and, in several respects, compares favourably with leading global markets,” he said.

Cardoso added that the impact of these innovations was evident in economic activity, financial inclusion and the resilience of the country’s financial system.

He stressed that at a time when speed, security and accessibility of payments increasingly determine the competitiveness of nations, Nigeria’s experience demonstrates the value of sustained investment in innovation, infrastructure and inclusion.

According to him, the Payments System Vision 2028 provides a roadmap for the next phase of transformation and reflects the country’s ambition to build a payments ecosystem that is secure, inclusive, resilient and globally competitive.

The CBN governor also highlighted the rapid changes occurring in the global payments landscape, driven by technological advancements, digital commerce and increasing cross-border transactions.

“The global payments landscape is undergoing profound change. New technologies are reshaping how value is exchanged. Digital commerce is expanding rapidly. Cross-border transactions are becoming increasingly important, while expectations around speed, convenience, security and interoperability continue to rise,” he said.

Cardoso noted that efficient payment systems reduce the cost of doing business, improve productivity, enhance transparency, support trade and expand participation in economic activities.

“In a modern economy, payment infrastructure is not simply a financial utility; it is a strategic national asset,” he added.

He further explained that PSV 2028 aligns with the broader reform agenda being pursued by the apex bank since 2023 and would help strengthen economic stability, facilitate trade and remittance flows, boost investor confidence and improve Nigeria’s external and balance of payments position over time.

Cardoso, however, stressed that the success of the vision would depend largely on effective implementation and collaboration among stakeholders, including banks, fintech firms, the Nigerian Communications Commission, NCC, and telecommunications companies.

Earlier, the CBN Deputy Governor, Economic Policy Directorate, Muhammad Abdullahi, said the vision is built around five key priorities aimed at strengthening payment infrastructure, deepening financial inclusion, promoting innovation, facilitating cross-border transactions and safeguarding the integrity of the financial system.

According to him, the framework seeks to build interoperable and resilient payment infrastructure capable of supporting a digital economy at scale, while also prioritising consumer protection and financial literacy.

He added that PSV 2028 embraces emerging technologies such as open banking, digital assets and artificial intelligence to improve efficiency, expand access to financial services and unlock new economic opportunities.

Meanwhile, stakeholders at a panel discussion on the implementation of the vision called for a reduction in transaction costs and stronger efforts to position Nigerian fintech innovations on the global stage.

The panellists, including Deremi Atanda, Dotun Adekunle and Premier Oiwoh, urged government and industry operators to support the expansion of Nigerian fintech companies across Africa and other global markets.

They also stressed the need to showcase home-grown fintech solutions internationally, describing the sector as one of Nigeria’s strongest drivers of innovation and economic growth.

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