The Central Bank of Nigeria has launched the Payment System Vision 2028, a national roadmap designed to strengthen Nigeria’s payments infrastructure, expand financial inclusion, and position the country as a leading hub for digital and cross-border transactions across Africa.
The framework, unveiled in Abuja on Monday, sets out a medium-term strategy to modernise how Nigerians transact, support trade and remittance flows, and improve the resilience and global connectivity of the domestic payments ecosystem as the economy becomes increasingly digital.
According to Brandspur Banking News Desk, the initiative aligns with ongoing reforms at the apex bank and is expected to bolster investor confidence while contributing to improvements in Nigeria’s balance of payments over time, particularly through more efficient international settlement channels.
Olayemi Cardoso said the vision goes beyond policy documentation, describing payments infrastructure as a strategic national asset capable of lowering transaction costs, improving productivity, and widening participation in economic activity. He emphasised that the impact of the vision will be judged by execution rather than intent.
The central bank noted that the roadmap is structured around five core pillars: payment infrastructure, financial inclusion, innovation, cross-border payments, and cybersecurity and risk management. It also embraces emerging tools such as open banking, artificial intelligence, and digital assets to enhance system efficiency and interoperability.
Officials said the framework will help Nigeria take advantage of opportunities created by the African Continental Free Trade Area by enabling seamless payments across borders and supporting the growth of digital commerce in an increasingly integrated regional market.
Regulatory stakeholders at the launch underscored the importance of collaboration, noting that efficient payment systems are critical to capital market operations and broader economic expansion. Telecommunications and fintech leaders also highlighted the need to address cybersecurity risks while scaling transaction volumes in line with the federal government’s ambition to build a $1 trillion economy.
The CBN said the successful rollout of Payment System Vision 2028 will depend on coordinated implementation by regulators, financial institutions, fintechs, and infrastructure providers, as Nigeria seeks to deepen inclusion and strengthen its role in Africa’s evolving digital payments landscape.
