CBN unveils PSV 2028 to boost digital economy

The Central Bank of Nigeria (CBN) on Monday unveiled the Payments System Vision 2028 (PSV 2028) to strengthen the country’s digital economy and trade.

Speaking in Abuja, the CBN Governor, Olayemi Cardoso, said PSV 2028 aimed to deepen financial inclusion and strengthen digital payments nationwide.

Cardoso said the vision would strengthen Nigeria’s digital economy and position the country as a globally competitive payments hub.

He described PSV 2028 as a strategic roadmap for building a secure, resilient, inclusive and innovative payments ecosystem.

The CBN boss said Nigeria’s payments industry has become one of the world’s most dynamic and innovative sectors over the past two decades.

He said digital payments had enhanced economic activity, financial inclusion and resilience across the country’s financial system.

“Payment systems now serve as platforms for innovation and critical infrastructure for economic growth,” Cardoso stated.

According to him, efficient payment systems reduce business costs, improve productivity and promote transparency.

He said PSV 2028 aligned with the CBN’s broader economic reform agenda introduced in 2023.

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Cardoso said the initiative would support trade, remittances, investor confidence, and Nigeria’s balance of payments position.

The CBN Governor said the vision would strengthen infrastructure, expand inclusion and deepen integration with regional and global payment systems.

He added that PSV 2028 would help Nigeria maximise opportunities under the African Continental Free Trade Area.

“Seamless payments will enable businesses to access new markets across Nigeria, Africa and beyond,” he said.

Cardoso reaffirmed the CBN’s commitment to promoting innovation while maintaining financial stability and effective oversight.

He urged government agencies, financial institutions, fintech firms, and development partners to support implementation.

“The success of PSV 2028 will depend on execution, collaboration and commitment from all stakeholders,” Cardoso said.