 unveiled the Nigeria Payments System Vision (PSV) 2028.){kind=link}
Unpacking Cardoso’s Quest to Build Africa’s Payments Powerhouse
By Zekeri Idakwo Laruba
Twenty years ago, Nigeria’s payment ecosystem looked vastly different from what it is today. Bank customers endured long queues to make deposits and withdrawals, interbank transfers often took hours or days to process, and cash dominated commercial transactions. The idea that a trader in Kano could receive payment instantly from a customer in Lagos through a mobile phone would have sounded like a distant dream. Today, that dream has become reality.
Nigeria’s payments ecosystem has evolved into one of Africa’s most dynamic and innovative financial networks, driven by rapid technological advances, fintech innovation and sustained reforms within the banking sector. Digital transactions worth trillions of naira now move through the system annually, connecting businesses, consumers and institutions across the country.
Yet despite this remarkable progress, significant challenges remain. Millions of Nigerians are still financially excluded, cross-border payments remain costly and inefficient, and cybersecurity threats continue to evolve. At the same time, emerging technologies such as artificial intelligence, blockchain, open banking and digital currencies are reshaping the future of finance globally.
It is against this backdrop that the Central Bank of Nigeria (CBN) unveiled the Nigeria Payments System Vision (PSV) 2028, an ambitious roadmap designed to modernise the country’s payment infrastructure, deepen financial inclusion, strengthen trust in digital finance and position Nigeria as a leading payments hub in Africa. For many observers, the initiative may appear to be just another policy framework. In reality, it represents a strategic blueprint for how Nigerians will transact, save, invest, trade and participate in an increasingly digital economy over the coming years.
Speaking at the unveiling of the vision document in Abuja, CBN Governor Olayemi Cardoso described the initiative as far more than a payment strategy. “Today, we unveil more than a payment strategy. We unveil a vision for how Nigerians will transact, trade, save, invest, and participate in an increasingly digital economy,” he declared.
The statement captures the broader significance of PSV 2028, which the apex bank views as a critical piece of national economic infrastructure rather than merely another banking reform programme. Just as roads, bridges and railways facilitate commerce in the physical economy, efficient payment systems have become the arteries through which modern economies function, enabling trade, investment, taxation and economic participation.
At the heart of the vision is financial inclusion. Despite years of progress, millions of Nigerians remain outside the formal financial system, particularly in rural communities where access to banking services remains limited. Financial exclusion not only restricts access to savings, credit and insurance but also constrains entrepreneurship, productivity and wealth creation.
For Cardoso, this challenge is inseparable from the broader objective of poverty reduction and economic development. “One of the fastest ways to take a large number of people out of poverty is through an efficient payments system. It’s through an efficient payment system. So let us not look at it lightly,” he told stakeholders.
He further underscored the developmental intent behind the initiative, stating that, “The journey is to impact the lives of the poor. The journey is to lift people out of poverty and the journey is to have an impact on GDP.”
These remarks reflect a growing recognition among policymakers that payment systems are no longer simply transactional platforms; they are instruments of economic empowerment capable of connecting individuals and businesses to opportunities previously beyond their reach.
Beyond inclusion, PSV 2028 seeks to create a more integrated and interoperable payments ecosystem. For years, consumers and businesses have grappled with failed transactions, fragmented platforms and settlement delays. The vision aims to ensure seamless interaction among banks, fintech firms, payment service providers and other financial institutions, thereby improving efficiency and user experience.
Industry leaders believe this integration could unlock new opportunities beyond payments themselves. Moniepoint Chief Executive Officer, Tosin Eniolorunda, has argued that the next phase of financial innovation will involve building credit and other financial products on top of existing payment infrastructure, using transaction data to expand access to finance for millions of underserved individuals and small businesses.
This perspective aligns with the broader ambitions of PSV 2028, which sees payment systems as a foundation for wider economic participation rather than merely a means of transferring money.
The vision also arrives at a pivotal moment for regional trade and economic integration. With the African Continental Free Trade Area (AfCFTA) creating new opportunities for cross-border commerce, efficient payment systems have become increasingly important. Businesses require faster, cheaper and more reliable methods of settling transactions across jurisdictions, yet existing systems often involve multiple intermediaries, high costs and lengthy settlement periods.
By improving payment infrastructure and interoperability, the CBN hopes to position Nigeria as a key player in Africa’s emerging digital economy while supporting the competitiveness of Nigerian businesses in regional markets.
Perhaps the most critical pillar of PSV 2028, however, is trust. As digital transactions become more prevalent, concerns about fraud, cybercrime and data security have grown significantly. The CBN believes confidence in the safety of digital payments will determine the success or failure of future adoption efforts. Cardoso has therefore placed considerable emphasis on leveraging technology to strengthen security.
According to him, advances in identity management, artificial intelligence and fraud monitoring systems should make digital transactions safer than traditional cash-based systems. “By 2028, we must commit to cutting fraud losses to less than 0.001 per cent of all transactions. With NIMC, BVN linkage, and AI fraud detection, people’s money must be safer in the digital system than under their mattress,” he said.
The target is ambitious, but it reflects the governor’s conviction that trust and innovation must advance together. Without confidence in the system, digital adoption slows; without adoption, the broader goals of inclusion and economic transformation become difficult to achieve.
Nonetheless, the road to 2028 will not be without obstacles. Significant digital infrastructure gaps persist across parts of the country, internet access remains uneven, financial literacy challenges continue to affect adoption rates and cyber threats evolve constantly. Successful implementation will therefore require sustained collaboration among regulators, commercial banks, fintech companies, telecommunications operators, development partners and consumers themselves.
The CBN appears conscious of this reality, consistently framing payment system reforms as part of a broader effort to strengthen confidence in Nigeria’s financial architecture while fostering innovation and long-term economic growth.
Ultimately, PSV 2028 represents one of the most ambitious attempts to redefine Nigeria’s financial future. It acknowledges that payment systems are no longer back-office banking functions but strategic economic infrastructure capable of driving inclusion, productivity, innovation and national competitiveness. Perhaps that is why Cardoso chose to frame the initiative as a national mission rather than a government programme. “Last year alone, Nigerians moved trillions electronically. This is the power of our people when given the right tools. Vision 2028 is not a government project. It is a Nigerian project. Together, we will build a payments system that is fast, inclusive, secure and proudly Nigerian.”
Whether the vision ultimately succeeds will depend not on the strength of the document itself but on the consistency of implementation. If delivered effectively, PSV 2028 could become for digital finance what the telecommunications revolution was for communication two decades ago, a transformational milestone that reshapes how millions of Nigerians live, work, save, invest and participate in the economy.
The future of payments in Nigeria is already being written; the challenge now is ensuring that every Nigerian has a stake in that future.