The Central Bank of Nigeria (CBN) is finalizing its Payment System Vision 2028, a roadmap aimed at promoting innovation, strengthening financial stability, and expanding access to banking services across the country, Governor Olayemi Cardoso has announced.
Speaking in Abuja during the Technical Group Meetings of the Intergovernmental Group of Twenty-Four (G-24), Cardoso emphasized that improving cross-border payments is central to the plan. Nigeria has already recorded measurable progress, particularly for small businesses trading within Africa.
“The simplification of Know-Your-Customer and anti-money-laundering rules for small cross-border transactions has reduced paperwork and made it easier for businesses to participate in regional trade,” Cardoso said.
He also highlighted the bank’s regulatory sandbox, which allows fintech firms to pilot cross-border payment solutions under supervision, ensuring innovation while protecting financial stability.
Nigeria launched its National Payment Stack in June 2025, a real-time platform built on ISO 20022 messaging supporting multiple currencies and cross-border transactions. Strengthened anti-money-laundering rules now enforce dual screening of international payments to reduce risks.
“Digital innovation provides the tools to lower transaction costs, speed up payments, and widen access for households and small businesses long excluded from the formal financial system,” Cardoso noted. He added that well-designed digital systems can strengthen monetary policy, improve financial inclusion, and curb informal economic activity.
Cardoso further said Nigeria is actively participating in global fintech discussions, including meetings with the International Monetary Fund, to shape emerging financial standards. Digital cross-border payments are transforming global finance by enabling local-currency trade settlements, reducing reliance on reserve currencies, and facilitating capital flows among developing nations.
He cautioned, however, that digital payment systems carry risks such as currency substitution, exchange-rate volatility, and systemic threats from non-bank payment providers. Central banks, he said, must remain central to reforms to safeguard stability while supporting job creation and real-sector growth.
Also speaking at the G-24 meeting, Finance Minister Wale Edun said Nigeria is modernizing its revenue system through technology, transparency, and efficiency. The reforms aim to increase the tax-to-GDP ratio to 18% and strengthen domestic revenue collection.
Opening the session, Iyabo Masha, G-24 Director, warned that developing countries face shrinking fiscal space due to rising debt service costs and urged policymakers to invest in infrastructure, human capital, climate projects, and regional trade partnerships.
The Payment System Vision 2028 is expected to enhance financial access, facilitate regional trade, and improve economic resilience across Nigeria and other developing countries.