The initiative was announced in Lagos during the inaugural meeting of the PSV 2028 Project Committee on Tuesday, with the apex bank stressing that the blueprint will position Nigeria’s payment system to remain globally competitive in an increasingly digital economy.
According to the CBN’s Director of Payments System Policy Department, Mr. Musa Jimoh, the new framework is a “national assignment” capable of transforming how individuals, businesses, and government institutions interact within the financial ecosystem.
He explained that PSV 2028 will build on the successes of earlier frameworks — PSV 2020 and PSV 2025 — while addressing the rapid technological advancements reshaping the financial sector.
“Nigeria’s payment system has come a long way since the early reforms of 2006. PSV 2028 provides us with a unique opportunity to deepen financial inclusion, improve infrastructure interoperability, and foster innovation through a collaborative, stakeholder-led process,” Jimoh stated.
Stakeholder-Driven Approach
The CBN emphasized that the strategy will be developed inclusively, bringing together regulators, banks, fintechs, payment service providers, consumer advocacy groups, and other stakeholders. This approach is designed to ensure real-world relevance, stronger policy acceptance, and shared responsibility for innovation.
To achieve its objectives, five thematic working groups have been created to focus on areas such as:
- Infrastructure and interoperability
- Digital financial inclusion
- Consumer protection and financial literacy
- Innovation and emerging technologies (including CBDC integration)
- Regulation, risk management, and cybersecurity
In addition, a sixth group on strategic communications and stakeholder engagement will handle awareness and national buy-in for the initiative.
Industry Reactions
Former CEO of the Nigeria Inter-Bank Settlement System (NIBSS), Mr. Ajao Niyi, commended the CBN for setting a new standard in stakeholder engagement, urging all players in the sector to rally behind the initiative.
“The PSV 2028 has the potential to be a game-changer in Nigeria’s digital financial transformation,” he said.
Looking Ahead
Set to replace the expiring PSV 2025, the new PSV 2028 will guide Nigeria’s digital payments ecosystem for the next three years. The apex bank said the framework aligns with global best practices and is designed to ensure sustainable growth while transforming Nigeria’s financial landscape into one that is secure, connected, innovative, and inclusive.
