CBN Begins New Initiative to Promote Digital Payments in Nigeria

 

CBN has introduced new Payments System known as Vision 2028, with the objective of developing a more inclusive, innovative, and secure digital financial ecosystem within the nation.

The Central Bank of Nigeria has launched a new initiative aimed at encouraging the adoption of digital payment methods.

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The Central Bank of Nigeria(CBN) has introduced a new strategic framework, known as the Nigeria Payments System Vision 2028, with the objective of developing a more inclusive, innovative, and secure digital financial ecosystem within the nation.  

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According to a press statement issued by the apex bank on Wednesday, the launch was announced during the inaugural meeting of the PSV 2028 Project Committee, which took place in Lagos on Tuesday.

The statement indicated that the initiative aims to capitalize on the achievements of previous frameworks, specifically PSV 2020 and PSV 2025. The primary objectives include bolstering financial inclusion, improving infrastructure interoperability, and promoting innovation within Nigeria's financial services sector.

The CBN stated that the new vision aims to position Nigeria's payment system to be globally competitive in the increasingly digital economy.

During the meeting, the Director of the Payments System Policy Department at the Central Bank of Nigeria (CBN), Mr. Musa Jimoh, characterized the initiative as a "national assignment" with the potential to transform interactions among individuals, businesses, and governments within the financial ecosystem.

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He underscored that the vision would build upon past successes to address the rapid technological advancements in the payments sector.

The CBN highlighted that the new framework would be developed through an inclusive, stakeholder-led process involving regulators, banks, fintech companies, payment service providers, consumer advocacy groups, and other key stakeholders.

This collaborative approach, according to the CBN, would ensure that the strategy addresses real-world needs, encourages policy acceptance, and stimulates innovation through shared responsibility among all participants.

Reflecting on the journey from the early reforms of 2006 through the milestones of PSV 2020 and PSV 2025, Mr. Jimoh emphasized that the new vision will capitalize on past achievements to enhance financial inclusion, improve infrastructure interoperability, and foster innovation across Nigeria's financial services sector.

He further elaborated that the framework would be developed through an inclusive, stakeholder-led process that unites regulators, banks, fintech companies, payment service providers, consumer advocacy groups, and other key stakeholders. He emphasized that this collaborative approach would ensure the strategy addresses real-world needs, encourages policy acceptance, and stimulates innovation through shared responsibility, as stated in the official statement.

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To ensure a successful rollout, five thematic working groups have been established to address key focus areas for the project.

These areas encompass infrastructure and interoperability, digital financial inclusion, consumer protection, financial literacy, innovation, digital identity, emerging technologies, cross-border payments, Central Bank Digital Currency (CBDC) integration, regulation, risk and  management.

However, the Federal Government of Nigeria has urged all concerning financial institutions to adopt the initiatives.