The CBN has a big plan for payments by 2028. 13 things worth knowing

Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN), has a reputation for pushing the boundaries of innovation in the country's financial sector. As Nigeria continues to lead Africa in payments and fintech, the CBN has unveiled its latest vision, PSV 2028, which promises to revolutionize the way Nigerians make and receive payments. With a timeline of just 30 months, the CBN has set its sights on delivering a comprehensive overhaul of the country's payment systems, and the stakes are high for Emefiele and his team.

The National Payment Stack (NPS) is the crown jewel of PSV 2028, and it's already gone live with its first real transaction between PalmPay and Wema Bank in November 2025. The NPS is a complete rebuild of the national rails by NIBSS, and it replaces the NIBSS Instant Payments engine that's been carrying the country since 2011. With the NPS, Nigerians can expect richer payment data, automated reconciliation, and international compatibility, a turning point for a country that's long struggled with these limitations. If PSV 2028 ships nothing else, the NPS would earn its keep.

One of the CBN's greatest strengths is its ability to collaborate with industry stakeholders in setting national policy. Unlike other countries where the central bank often issues edicts that are met with resistance, the CBN in Nigeria has a reputation for building policy with the industry. This approach is evident in PSV 2028, which credits financial institutions, industry associations, and fintech innovators for their input. This collaboration is a key factor in the CBN's success, and it's a model that other countries would do well to emulate.

The CBN is aiming to process over a quadrillion Naira a year through electronic channels, a staggering figure that underscores the scale of the challenge ahead. With the NPS already live and rolling out to the rest of the banks, the CBN is confident that it can meet its ambitious targets. However, the timeline is tight, and the CBN will need to work closely with industry stakeholders to ensure a smooth rollout.

PSV 2028 is part of a broader trend towards digital transformation in Africa's financial sector. As more countries on the continent adopt digital payment systems, the CBN's vision is to create a seamless and efficient payment ecosystem that can compete with the best in the world. This is not just a Nigerian story, but a pan-African one, and the CBN's success will have far-reaching implications for the continent as a whole.

Given the CBN's track record of delivering on its promises, it's likely that PSV 2028 will meet its ambitious targets. However, the timeline is tight, and the CBN will need to work closely with industry stakeholders to ensure a smooth rollout. One prediction is that the NPS will become the backbone of Nigeria's payment systems, processing billions of transactions a year with ease. Another is that the CBN's collaboration with industry stakeholders will become a model for other countries to follow.

As the CBN embarks on this ambitious journey, the stakes are high for Emefiele and his team. With a timeline of just 30 months, the pressure is on to deliver a comprehensive overhaul of the country's payment systems. However, if the CBN succeeds, the implications will be far-reaching, not just for Nigeria, but for the entire African continent. The CBN's vision of a seamless and efficient payment ecosystem is a tantalizing prospect, and one that will be worth watching in the months and years ahead.