Nigeria has firmly established itself as one of Africa’s powerhouse payment markets, driven by a massive surge in digital payment adoption and a rapid overhaul of its financial infrastructure.

Yet, the Central Bank of Nigeria (CBN) views this transformation as an ongoing journey rather than a final destination.

To anchor these achievements and steer the country through an increasingly complex, interconnected global economy, the apex bank has introduced its blueprint: The Payments System Vision 2028 (PSV 2028) report.

This forward-looking framework is designed to optimise existing financial infrastructure, mitigate emerging cyber and operational risks, and elevate Nigeria’s financial ecosystem onto the global stage, according to the CBN.

To appreciate the scale of what PSV 2028 aims to achieve, the framework looks at where Nigeria started. Prior to 2007, the domestic economy was overwhelmingly reliant on paper currency.

• Mass Exclusion: More than 60% of Nigerian adults were entirely excluded from formal financial services.

• Economic Friction: High transaction costs, severely limited banking infrastructure, security concerns, and low levels of digital literacy stalled daily commerce and limited broader economic growth.

The turning point came in 2007 when the CBN launched the Payments System Vision 2020 (PSV 2020), which was later reinforced by the landmark Cashless Nigeria initiative in 2012.

This coordinated effort initiated a massive systemic shift away from cash and toward electronic channels.

Following that momentum, Payments System Vision 2025 (PSV 2025) focused on deepening reliability, expanding innovative point-of-sale and mobile tracking networks, and cultivating cross-stakeholder collaboration to make the financial system resilient and inclusive.

The Core Pillars of PSV 2028

PSV 2028 builds directly on these foundational milestones but shifts its focus to tomorrow’s challenges. The framework maps out specific milestones intended to build a highly competitive and secure digital economy.

As the implementation of PSV 2028 progresses, the CBN expects the nation’s payment networks to hit a new level of maturity. Key priorities include:

• Deepening Digital Inclusion: Lowering the barrier to entry for underserved populations so every citizen can access secure mobile and electronic accounts.

• Elevating Consumer Protection & Cyber Resilience: Implementing stricter safeguards to combat fraud, shield retail consumers, and secure core banking systems against evolving global cyber threats.

• Cross-Border and Borderless Architecture: Accelerating cross-border payment efficiency by integrating regional settlement mechanisms and digital currencies, positioning Nigerian businesses to compete seamlessly across Africa and globally.

Through these targeted interventions, PSV 2028 is not just upgrading how Nigerians pay for everyday items, it is structuring a secure, modern economic landscape capable of supporting sustainable long-term growth.

Reporting by Theresa Igata