As Nigeria accelerates its march toward becoming a $1 trillion economy, the strength and reliability of its payment infrastructure have emerged as critical pillars of national development. At the forefront of this transformation is Musa Jimoh, Director of the Payment System Policy Department at the Central Bank of Nigeria (CBN), whose vision is helping shape the future of digital finance in Africa’s largest economy.
Speaking on the launch of the Central Bank’s Payment System Vision 2028 (PSV 2028), Jimoh described the initiative as more than just a roadmap. It is a strategic blueprint designed to modernize Nigeria’s payment ecosystem, deepen financial inclusion, strengthen cybersecurity, and position the country as a key player in Africa’s rapidly evolving digital economy.
According to him, PSV 2028 is the result of an extensive review of over two decades of payment system reforms and achievements. Drawing lessons from previous payment system visions and emerging technological developments, the CBN identified critical areas requiring expansion, refinement, and innovation.
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“The Payment System Vision 2028 is a three-year roadmap articulating what we intend to do regarding expanding the payment system and making it more resilient,” Jimoh explained.
At the heart of the strategy are five thematic pillars that will guide implementation over the next three years. The first focuses on infrastructure expansion and interoperability. As digital transactions continue to surge across Nigeria, the need for robust systems capable of handling growing volumes has become increasingly urgent.
Jimoh noted that the CBN aims to strengthen banking and payment infrastructure to ensure transactions are processed seamlessly, with minimal failures and disruptions. Beyond domestic connectivity, the vision also seeks to deepen integration with global payment systems, enabling smoother interactions between Nigeria and the international financial community.
“We want to ensure that our systems are interconnected not just within Nigeria but with other global communities,” he said.
Financial literacy and inclusion form another major pillar of the initiative. Despite significant progress in digital banking adoption, millions of Nigerians remain underserved or excluded from formal financial services. Through targeted education programs and broader access to digital financial tools, the CBN intends to empower more citizens with the knowledge and resources needed to participate safely in the financial system.
For Jimoh, education is as important as technology.
“People need to know their rights, understand the benefits of financial services, and be equipped to use payment services safely and effectively,” he emphasized.
Perhaps one of the most ambitious aspects of PSV 2028 is its focus on facilitating cross-border payments across Africa. Historically, businesses and individuals engaging in international trade have faced the challenge of sourcing foreign exchange before conducting transactions. The new vision seeks to simplify this process by enabling greater use of local currencies for regional trade.
Through collaboration with the Pan-African Payment and Settlement System (PAPSS), Nigeria is helping build a continental payments infrastructure that allows transactions to be settled using local currencies rather than relying heavily on foreign exchange.
Jimoh believes this shift could significantly reduce transaction costs and stimulate intra-African commerce.
“We want Nigerians to be able to pay for goods and services across Africa using the naira without having to source foreign exchange,” he said. “This will reduce costs, support trade, and strengthen economic integration across the continent.”
The progress is already evident. Approximately 20 Nigerian banks have been connected to the PAPSS platform, enabling businesses and individuals to transact more efficiently with counterparts across Africa. Fintech companies are also being integrated into the ecosystem, further expanding access to seamless cross-border payment services.
Beyond convenience and efficiency, Jimoh views digital payments as a fundamental driver of economic growth. The scale of transactions flowing through Nigeria’s financial system underscores the sector’s growing importance.
Only last year, Nigeria recorded an astonishing one quadrillion naira in instant payment transaction volumes, a milestone that reflects the country’s increasing embrace of digital financial services.
“The economy thrives on payments,” Jimoh noted. “Commerce happens through payments, and a reliable payment infrastructure is essential to sustaining economic activity.”
As digital transactions become more prevalent, however, concerns around cybersecurity and fraud continue to grow. Recognizing this reality, PSV 2028 places significant emphasis on protecting both payment infrastructure and consumers.
Jimoh stressed that technological safeguards alone are not enough. Public awareness and consumer education will play a crucial role in combating fraud schemes that exploit unsuspecting customers through impersonation, phishing messages, and other deceptive tactics.
“We need to educate consumers while simultaneously strengthening our technology infrastructure,” he explained. “Cybersecurity and risk management are major considerations within the Payment System Vision 2028.”
Dedicated workgroups have already been established to address cybersecurity challenges, develop risk management frameworks, and coordinate industry-wide responses to emerging threats.
The first phase of implementation will focus on translating the vision into actionable projects through collaboration among regulators, financial institutions, telecommunications providers, fintech companies, and other stakeholders. Regulatory reforms, infrastructure investments, and enhanced inter-agency cooperation are expected to play central roles.
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One key objective is ensuring that financial transactions receive the network priority required for uninterrupted service delivery. Whether through a smartphone, laptop, or digital payment terminal, users should be able to conduct financial transactions quickly and reliably.
For Jimoh, the significance of PSV 2028 extends beyond the banking sector. It is about creating the financial rails that will support Nigeria’s broader economic ambitions, strengthen Africa’s trade networks, and unlock opportunities for millions of businesses and individuals.
As the nation pursues its goal of becoming a $1 trillion economy by 2030, the success of initiatives like PSV 2028 may well determine how effectively Nigeria can harness the power of digital finance to drive growth, innovation, and prosperity.
With a clear roadmap, growing regional partnerships, and a commitment to building a secure and inclusive financial ecosystem, Musa Jimoh and the Central Bank of Nigeria are laying the foundation for a future where payments are not merely transactions, but catalysts for economic transformation.
