By Omodele Adigun
CBN launches new payment framework, Nigeria Payments System Vision 2028
The Central Bank of Nigeria (CBN) has launched a new payment framework called “the Nigeria Payments System Vision 2028” to build a more resilient, secure financial sector.
The new system is to build on the successes of old frameworks like the PSV 2020 and PSV 2025.
The apex bank disclosed this in Lagos on Wednesday in a statement issued after the inaugural meeting of the PSV 2028 Project Committee held in Lagos on Tuesday.
It said the new initiatives would also position Nigeria’s payments system to be globally competitive in an increasingly digital economy.
Speaking at the launch, Musa Jimoh, the Director of the Payments System Policy Department at the CBN, described the initiative as a “national assignment” with the potential to transform how individuals, businesses, and governments interact within the financial ecosystem.
He said the new vision would leverage past successes to address the rapidly growing technological advancements in the payments space.
Jimoh said the new framework would be developed through inclusive, stakeholder-led process, involving regulators, banks, fintechs, payment service providers, consumer advocacy groups, and other key players.
He said the new framework would build on past achievements to deepen financial inclusion, improve infrastructure interoperability, and promote innovation across Nigeria’s financial services sector.
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