7 Wins from CBN’s Payments System Vision 2028
By Nasir Dambatta
Driven by the urgent need to create a digital financial ecosystem that is secure, inclusive, and globally competitive, the Central Bank of Nigeria (CBN) has unveiled the Payments System Vision 2028 (PSV 2028) as the next blueprint for the nation’s financial sector.
The first win is its bold push to deepen financial inclusion, a long-standing policy goal of the apex bank. By bringing millions of unbanked and underbanked Nigerians into the digital economy, PSV 2028 aims to democratize access to financial services, making sure no segment of society is left behind.
The second win? It is the drive to strengthen interoperability and infrastructure. This will ensure that banks, fintechs, payment providers, and other financial institutions connect seamlessly, removing bottlenecks that often frustrate consumers and businesses alike.
The third one is the deliberate focus on innovation and emerging technologies. By embedding digital identity, blockchain, and Central Bank Digital Currency (CBDC) integration, Nigeria’s financial system will not only keep pace with global trends but also position itself as a leader in Africa’s digital economy.
The fourth win is the prioritization of consumer protection and financial literacy. PSV 2028 recognizes that innovation must go hand-in-hand with safeguards. Equipping users with knowledge while protecting them from risks ensures that trust remains at the heart of Nigeria’s payments ecosystem.
The fifth win is the promotion of cross-border payments and global competitiveness. As trade under the African Continental Free Trade Area (AfCFTA) expands, a resilient cross-border payment system will place Nigeria at the center of Africa’s economic integration, while also enhancing its relevance on the global stage.
The sixth win? It is the reinforcement of regulation, risk management, and cybersecurity. With cyber threats on the rise, PSV 2028 places premium value on safeguarding financial transactions and building confidence in the system’s resilience.
The seventh win is the CBN’s inclusive approach to stakeholder collaboration. By uniting regulators, banks, fintechs, service providers, and consumers, PSV 2028 ensures co-creation of solutions, wider policy acceptance, and shared responsibility for the future of Nigeria’s payments system.
Together, these seven wins make PSV 2028 not just a policy document but a forward-looking masterplan designed to secure Nigeria’s leadership in digital finance, while building a more connected, innovative, and inclusive economy.
