The Central Bank of Nigeria (CBN) recently launched a new strategic framework called the Nigeria Payments System Vision 2028 (PSV 2028) with the intention to guide the nation’s payments systems over the next three years.
The framework succeeds the outgoing Payments System Vision 2025 (PSV 2025) and aims to build on its successes while addressing newer demands.
The PSV 2028 marks another major leap in Nigeria’s payments system evolution. If properly executed, it could accelerate digital transformation, deepen financial inclusion, and position Nigeria more strongly in global payments.
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Launched September 10, 2025, the new framework poses both opportunities and responsibilities for the fintech players. Basically, PSV 2028 for fintech is both a compliance test and a growth accelerator.
What it means for fintechs
The CBN’s Nigeria Payments System Vision 2028 (PSV 2028) will lead to bigger market access for Fintechs as PSV 2028 emphasises digital financial inclusion.
This will give an opportunity for fintechs to have more room to expand into underserved and rural markets, especially with mobile wallets, agency banking, and micro-payment solutions.
Other core targets of PSV 2028 are consumer protection, fraud prevention, and data security. For fintechs, this means heavier compliance requirements and investments in robust cybersecurity infrastructure.
By prioritising themes like emerging technologies, digital identity, and interoperability, this is a drive for innovation for fintechs as the framework signals that fintechs are expected to drive new product categories which range from QR code payments to contactless solutions and cross-border remittance platforms.
The new vision by CBN also calls for smoother interoperability between banks, telcos, and fintechs. This will lead to stronger competition and collaboration because fintechs may need to partner with banks and other players to meet regulatory and infrastructure standards.
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The framework highlights cross-border payments and potential integration with the eNaira, hence fintechs working in remittances, trade payments, or international transfers stand to benefit if they can innovate around faster, cheaper, and more secure channels.
