THE CENTRAL BANK OF NIGERIA LAUNCHES PAYMENT SYSTEM VISION 2028 (PSV 2028)

Introduction

The Central Bank of Nigeria (CBN) on the 1st day of June 2026 officially launched the Payment System Vision 2028 (PSV 2028), a strategic framework designed to guide the development of Nigeria’s payment ecosystem over the next several years. The initiative was unveiled by the Governor of the CBN, representing the next phase in the evolution of Nigeria’s payment systems. The launch builds upon previous payment system initiatives implemented under the Payment System Vision (PSV) 2020 and PSV 2025 frameworks. These earlier initiatives contributed significantly to the modernisation of Nigeria’s financial sector through measures such as the issuance of Guidelines on International Money Transfer Services in Nigeria, Standards and Guidelines on Automated Teller Machine (ATM) and Point of Sale (POS) Operations, regulations governing Agent Banking, and enhanced security measures for payment cards.

Background

The payment system serves as a critical component of every modern economy. It facilitates the movement of funds between individuals, businesses, financial institutions, and government agencies, thereby supporting economic activity and financial stability. In recent years, Nigeria’s payment ecosystem has experienced significant growth driven by technological innovation, increased fintech participation, digital banking services, and electronic payment solutions. While this growth has expanded financial access and improved transaction efficiency, it has also introduced new challenges relating to cybersecurity, operational resilience, interoperability, and financial inclusion. It is against this backdrop that the PSV 2028 seeks to provide a strategic roadmap for strengthening the efficiency, security, inclusiveness, and competitiveness of Nigeria’s payment infrastructure.

Key Objectives of PSV 2028

During the launch, the CBN Governor identified several key objectives that will guide the implementation of PSV 2028.

1. Faster and More Efficient Payments: A key objective of PSV 2028 is the enhancement of transaction speed and reliability across payment channels. The initiative seeks to reduce

delays, minimise transaction failures, and improve the efficiency of domestic and cross-border payment systems.

2. Accelerating Digital Payments: PSV 2028 supports Nigeria’s transition towards a more digitally driven economy by encouraging greater adoption of electronic payment channels and reducing dependence on cash-based transactions. This objective aligns with broader efforts to promote transparency, efficiency, and financial inclusion.

3. Strengthening Trust and Security: Recognising the increasing incidence of cyber threats, financial fraud, and other digital risks, PSV 2028 places significant emphasis on strengthening cybersecurity frameworks and enhancing consumer protection mechanisms. The initiative seeks to improve public confidence in digital financial services through robust security standards and risk management practices.

4. Advancing Financial Inclusion: Financial inclusion remains a central policy objective of the CBN. PSV 2028 aims to expand access to payment services among underserved and unbanked populations, including small businesses, rural communities, farmers, women, and young people. The framework seeks to deepen participation in the formal financial system and promote broader access to digital financial services.

Guiding Principles of the PSV 2028

a. Inter-operability

b. Security

c. Inclusion

d. Innovation

e. Trust

f. Collaboration.

These principles are intended to ensure that Nigeria’s payment ecosystem remains resilient, accessible, secure, and responsive to emerging technological developments.

Implementation and Stakeholder Engagement

The success of PSV 2028 will depend largely on effective implementation and collaboration among stakeholders. During the launch, the CBN Governor emphasised that the framework’s effectiveness would ultimately be measured by its execution rather than its design.

Accordingly, the implementation of PSV 2028 is expected to involve coordinated efforts among government agencies, financial institutions, fintech companies, payment service providers, technology partners, development organisations, academic institutions, and payment system users.

The regulatory and operational measures introduced pursuant to PSV 2028 are expected to support the framework’s objectives of improving payment efficiency, strengthening security expanding financial inclusion, and fostering innovation within Nigeria’s financial sector.

Implications for Industry Participants

For banks, fintech companies, payment service providers, and other stakeholders, PSV 2028 signals the CBN’s continued commitment to digital transformation and payment system modernisation. The framework is likely to influence future regulatory developments relating to cybersecurity, payment infrastructure, interoperability standards, consumer protection, and digital financial inclusion.

Stakeholders should therefore monitor subsequent guidelines, regulations, and implementation directives that may be issued by the CBN pursuant to the framework.

Conclusion

The launch of PSV 2028 represents an important milestone in the continuing development of Nigeria’s payment ecosystem. By focusing on payment efficiency, security, innovation, interoperability, and financial inclusion, the framework seeks to position Nigeria as a leading digital payments market in Africa. As implementation progresses, the effectiveness of PSV 2028 will depend on sustained collaboration among regulators, financial institutions, fintech operators, and consumers. The initiative provides a strategic foundation for the continued modernisation of Nigeria’s payment infrastructure and the advancement of the country’s digital economy.

This newsletter by Manifield, is provided for general information purposes only and does not constitute legal, regulatory, or professional advice. While reasonable care has been taken in preparing this publication, readers are advised not to rely on its contents as a substitute for specific legal advice. Institutions and individuals are encouraged to consult their legal, compliance, or other professional advisers to obtain advice tailored to their particular circumstances.