The Central Bank of Nigeria (CBN) is charting a new course for the country’s digital economy as it unveils the payment system 2028.
The apex bank Governor, Olayemi Cardoso said in Abuja that the payment framework is designed to build a faster, safer and more inclusive payment ecosystem that will expand financial inclusion, build trust in payment services and strengthen Nigeria’s competitiveness in global digital market.
The Central Bank of Nigeria began its payments modernization journey in the year 2007 with the Payments System Vision 2020, aimed at reducing dependence on cash and promoting electronic transactions, and moved on to vision 2025.
The initiative helped drive the adoption of instant transfers, Point-of-Sale terminals, mobile and internet banking, card payments, and faster interbank transactions through the Nigeria Inter-Bank Settlement System.
Nearly two decades later, the apex bank is unveiling the Nigeria Payments System Vision 2028, a new roadmap designed to build on those gains and further position the country for the future of digital finance.
CBN Governor Olayemi Cardoso said the vision 2028 will deliver a payment ecosystem that is faster, more secure, inclusive and globally competitive,
The CBN Deputy Governor on Economic Policy, Mohammed Abdullahi, stressed that the initiative will strengthen payment infrastructure, deepen innovation, expand access to financial services and improve Nigeria’s integration with regional and global payment systems.
The apex Bank noted that the success of the vision will depend on effective implementation and collaboration among regulators, financial institutions, fintech firms and other stakeholders to ensure the benefits reach businesses and individuals across the country.
(Editor: Ken Eseni)
