Nigeria’s Central Bank has unveiled a new strategy aimed at expanding financial inclusion, strengthening digital payments, and supporting economic growth across the country.
The initiative, known as the Payments System Vision 2028 (PSV 2028), was launched on Monday in Abuja by the Governor of the Central Bank of Nigeria, Olayemi Cardoso.
Speaking at the launch, Cardoso described the programme as more than a payments strategy, saying it represents a broader vision for how Nigerians will transact, save, invest, and participate in an increasingly digital economy.
“Today, we unveil more than a payments strategy. We unveil a vision for how Nigerians will transact, trade, save, invest, and participate in an increasingly digital economy,” he said.
Cardoso noted that Nigeria’s payment system has undergone significant transformation over the past two decades, driven by innovations in digital banking, instant payments, and financial technology. He said the new vision is designed to build on that progress and position Nigeria’s payment ecosystem among the most competitive globally.
According to him, PSV 2028 provides a roadmap for creating a payment system that is secure, inclusive, resilient, and capable of supporting the country’s long-term economic ambitions.
He said efficient payment systems can reduce the cost of doing business, improve productivity, promote transparency, and encourage wider participation in economic activities.
“In a modern economy, payment infrastructure is not simply a financial utility; it is a strategic national asset,” Cardoso said.
The CBN governor also stated that the initiative forms part of the bank’s broader economic reform programme introduced since 2023. He explained that strengthening payment infrastructure would support trade, improve remittance flows, boost investor confidence, and contribute to Nigeria’s overall economic stability.
Cardoso highlighted the potential benefits for small businesses and entrepreneurs across the country, saying improved payment systems would make it easier for Nigerians to access new markets, receive payments faster, and participate in regional and international commerce.
“For the entrepreneur in Aba, the trader in Zaria, the fashion designer in Ilesha, or the small business owner in Kano, efficient and interoperable payment systems can mean access to new markets, faster settlement of transactions, and greater participation in regional and global commerce,” he said.
He added that such improvements could help create jobs, increase incomes, and reduce poverty.
Also speaking at the event, Muhammad Sani Abdullahi said modern payment systems have become essential infrastructure for economic growth in an increasingly digital world.
He noted that seamless and secure movement of money supports trade, investment, innovation, and productivity, making payment systems a critical component of national development.
Abdullahi said PSV 2028 reflects Nigeria’s ambition to build a payment ecosystem that is innovative, inclusive, resilient, and globally connected, while also helping the country take advantage of opportunities under the African Continental Free Trade Area.
The launch was attended by heads of government agencies, bank chief executives, fintech leaders, and other stakeholders in the financial sector.