Central Bank of Nigeria, CBN, has unveiled Payments System Vision 2028 to Deepen Digital Economy and Financial Inclusion as Framework to reduce reliance on cash and expand digital payment adoption.
CBN Governor, Yemi Cardoso says the Nigeria payment system vision 2028 will capture over 50 million Nigerian and deepen financial inclusion.
Cardoso disclosed this at the unveiling of the Payments System Vision 2028, a comprehensive roadmap aimed at strengthening Nigerian’s digital financial ecosystem and boosting economic growth through faster, safer and more inclusive payment systems.
The initiative builds on earlier reforms that transformed Nigeria’s payments landscape over the past two decades, while setting new targets for innovation, financial inclusion and cross-border competitiveness.
Nigeria’s journey toward a modern digital payment system began in 2007 with the Payments System Vision 2020, designed to reduce cash dependence and modernise financial transactions, this was followed by that of 2025.
The policies drove the rise of instant transfers, wider adoption of mobile and internet banking, expansion of Point-of-Sale, PoS terminals, ATM networks, and the growth of electronic card payments, supported by improved interbank settlement systems.
Building on these gains, the CBN has now launched the Payments System Vision 2028, a new framework aimed at deepening innovation, strengthening infrastructure, and expanding financial inclusion across the country.
Cardoso says the new vision reflects Nigeria’s ambition to build a secure, resilient and globally competitive payments ecosystem that supports trade, investment and digital participation.
CBN Deputy Governor for Economic Policy, Dr. Muhammad iAbdullahi, says the plan prioritises interoperable infrastructure, consumer protection, innovation in emerging technologies, and stronger integration with regional payment systems under AfCFTA.
He adds that the vision will also enhance trust, improve financial literacy, and position Nigeria as a leading hub for cross-border payments and digital commerce.
According to the Central Bank, the success of the initiative will not be measured by policy design alone, but by effective implementation, stronger collaboration across stakeholders, and real economic impact for households and businesses nationwide.
(Editor: Terverr Tyav)
