CBN Launches Payments System Vision 2028 for Digital Economy

ABUJA — The Central Bank of Nigeria has unveiled its Payments System Vision 2028, a roadmap designed to modernise the country’s financial infrastructure and drive greater financial inclusion for millions of Nigerians still outside the formal banking system.

The launch took place in Abuja this week, bringing together banking executives, fintech founders, regulators, and government officials. CBN Governor Olayemi Cardoso described the vision as the most ambitious upgrade to Nigeria’s financial system in a generation.

What PSV 2028 Proposes

The framework outlines targets for real-time payment adoption, cross-border transaction efficiency, and the development of a digital identity infrastructure that can be linked to financial services. It also proposes new regulatory sandboxes for fintech companies testing innovative products.

Among the most discussed elements is the plan to expand access to payment rails in rural areas, where hundreds of thousands of Nigerians still rely on cash for everyday transactions.

Why It Matters

Nigeria already has one of Africa’s most dynamic fintech ecosystems. Companies like Flutterwave, Moniepoint, PalmPay, and Paystack have transformed how urban Nigerians send money and pay for goods. However, those gains have not reached enough of the country’s rural population.

“What we are building is the infrastructure for the next generation of Nigerian financial services,” said Cardoso at the launch.

Fintech Founders React

Nigeria’s fintech community broadly welcomed the vision, though some cautioned that regulatory uncertainty remained a challenge. Several founders said clearer licensing pathways would be more useful than roadmaps in isolation.

The CBN says implementation will begin in phases, with the first milestones expected by the end of 2026.