Central Bank of Nigeria Launches Payments System Vision 2028

The Central Bank of Nigeria launched the Nigeria Payments System Vision (PSV) 2028 in Abuja on June 1, 2026. The strategic framework treats digital payment infrastructure as a national asset intended to drive productivity and unlock investment outside the oil sector.

Governor Olayemi Cardoso stated that the initiative aims to lift millions of Nigerians out of poverty by bringing 50 million more farmers, youth, and market women into the formal financial system. The central bank targets 95% financial inclusion by 2028. To achieve this, the plan leverages mobile money, agency banking, and fintech innovation to transition informal markets into the formal economy.

The vision rests on five pillars: payment infrastructure, financial inclusion, innovation, cross-border payments, and regulation and cybersecurity. Specific goals include reducing cash outside the banking system to less than 40% of money in circulation and lowering fraud losses to under 0.001% of transactions using AI and identity verification. The bank intends to position Nigeria as a regional settlement hub under the African Continental Free Trade Area.

Cardoso emphasized that the success of PSV 2028 will be measured by its execution rather than the quality of the planning document. Other officials linked the vision to the broader goal of achieving a $1 trillion economy and stressed the need for collaboration among regulators.