The Central Bank of Nigeria has officially introduced the Nigeria Payments System Vision 2028, a new strategic framework aimed at strengthening efficiency, driving innovation, and deepening financial inclusion across the country’s financial ecosystem.
The initiative was unveiled in Abuja by the Governor of the Central Bank of Nigeria, Olayemi Cardoso, who said the plan is designed to boost the contribution of the financial sector to Nigeria’s Gross Domestic Product while ensuring broader participation in the formal financial system.
Cardoso noted that Nigeria’s payments landscape has grown significantly over the past two decades, evolving into one of the most active and innovative systems globally. He highlighted advancements such as instant payments, digital adoption, and fintech driven solutions, which he said have positioned the country as a notable player in Africa’s financial technology space.
According to him, while these achievements are sometimes underrepresented in global discussions, their impact is visible in improved financial access, stronger system resilience, and increased economic activity across different sectors of the economy.
He explained that the Payments System Vision 2028 builds on these gains, offering a roadmap for the next stage of development. The goal, he said, is to create a payment ecosystem that is secure, inclusive, resilient, and competitive on a global scale.
The CBN Governor also pointed out that the global payments environment is changing rapidly, driven by new technologies, expanding digital commerce, and rising expectations for faster, safer, and more seamless transactions. He stressed that payments are no longer just about money transfer but have become key drivers of innovation and economic growth.
He added that an efficient payment system reduces the cost of doing business, improves productivity, supports trade, and increases participation in the economy. In his words, modern payment infrastructure should be seen as a national asset that supports long term development.
Cardoso further stated that the Payments System Vision 2028 forms part of broader economic reforms introduced by the Central Bank since 2023. He explained that it is expected to strengthen financial stability, support trade and remittance flows, improve investor confidence, and enhance Nigeria’s external financial position over time.
He emphasised that the success of the initiative will depend largely on effective implementation and collaboration among key stakeholders, including banks, fintech companies, the Nigerian Communications Commission, and telecommunications operators.
Speaking earlier, the Deputy Governor of the Central Bank, Muhammad Abdullahi, explained that the vision is built on five key priorities designed to reinforce payment infrastructure, expand financial inclusion, encourage innovation, improve cross border transactions, and protect the integrity of the financial system.
He noted that the framework focuses on building interoperable and resilient systems capable of supporting a growing digital economy. It also places strong emphasis on financial inclusion, consumer protection, and financial literacy to ensure that individuals, households, and businesses can engage confidently in formal financial services.
Abdullahi further explained that the initiative embraces emerging technologies such as open banking, digital assets, and artificial intelligence, which are expected to enhance efficiency, widen access, and create new economic opportunities within the financial sector.
