On 1 June 2026, the Central Bank of Nigeria (the CBN) engaged stakeholders in the fintech industry to discuss its newly published Nigeria Payments System Vision 2028 (PSV 2028 or the Vision). PSV 2028 sets out Nigeria's strategic roadmap for the continued modernisation and strengthening of its payments system with the overarching objective of developing a secure, inclusive, innovative and globally competitive payments ecosystem by 2028.
Nigeria’s payments landscape is regarded as one of the most dynamic globally, driven by rapid growth in real-time payments, increasing digital adoption, and significant fintech innovation. Over the past decade, Nigeria has evolved from a predominantly cash-based economy, where over 60% of the population was excluded from formal financial services, into one with a rapidly expanding digital payments ecosystem. PSV 2028 builds on the successes recorded under the Payments System Visions 2020 and 2025 (PSV 2020 and PSV 2025), which drove significant growth in electronic payments, expanded access to digital financial services, and strengthened the resilience of the country's payments infrastructure.
As digital payments become increasingly central to economic activity, financial inclusion, and cross-border commerce, PSV 2028 provides a coordinated roadmap for addressing evolving structural and technological shifts in the payments landscape. By 2028, Nigeria’s payment system is expected to demonstrate improved reliability, broader financial inclusion, stronger consumer protection, enhanced cyber resilience, and deeper alignment with global best practices.
This article examines the key highlights of PSV 2028 and assesses its implications for fintech companies, payment service providers, financial institutions, and other stakeholders within Nigeria’s evolving digital payments ecosystem
Key Highlights of the PSV 2028
PSV 2028 is anchored on six (6) guiding principles which are: (x) Interoperability, (y) Security, (z) Inclusion, (xx) Innovation, (yy) Trust, and (zz) Collaboration. To achieve its objectives, PSV 2028 is structured around five (5) strategic themes: (x) Infrastructure, Interconnectivity and Interoperability; (y) Digital Inclusion, Consumer Protection and Financial Literacy; (z) Innovation, Digital Assets and Emerging Technologies; (xx) Cross-Border Payments and Central Bank Digital Currency (CBDC) Integration; and (yy) Regulation, Risk Management and Cybersecurity.
Building on the challenges1 identified under PSV 2025 which limited the depth and sustainability of financial inclusion, PSV 2028 aims to transform Nigeria’s payment infrastructure by strengthening frameworks for consumer protection, cybersecurity, and financial inclusion. The Vision also seeks to promote the adoption of emerging technologies, enhance the efficiency of cross-border payments and foster the technological innovation required to build a secure, inclusive, and globally competitive system by 2028.
PSV 2028 further sets key performance targets for Nigeria’s payment system, including system uptime benchmarks of 99.999%, transaction success rates of approximately 95%, reduced latency thresholds, and full interoperability across licensed payment service providers. The Vision also targets complete migration to ISO 20022 standards, the deployment of industry-wide data, analytics systems and coordinated cybersecurity and fraud management frameworks.
In addition, PSV 2028 prioritises cross-border payment efficiency through interoperable card and account-to-account rails, support for fintech-led cross-border wallets under regulated foreign exchange frameworks, and regulatory oversight of blockchain-based stablecoin arrangements through CBN observer node participation.
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