By Peace Udugba
The Central Bank of Nigeria (CBN) has officially launched the Nigeria Payments System Vision (PSV) 2028 in Abuja, setting a renewed agenda for the country’s digital financial infrastructure with a strong focus on inclusion, innovation, and system resilience.
At the launch, industry leaders emphasized that the next phase of growth in Nigeria’s financial ecosystem will go beyond payments, focusing instead on how transaction data can be leveraged to expand access to credit and support underserved businesses.
Tosin Eniolorunda, Founder and Group Chief Executive Officer of Moniepoint Inc, said the future of Nigeria’s payments ecosystem lies in “credit layering” built directly on top of existing payment infrastructure.
According to him, the vast amount of transaction data generated across digital payment channels can be used to assess risk and extend financing to small businesses that have traditionally been excluded from formal credit systems.
Speaking during a panel session at the PSV 2028 launch, Eniolorunda described the new framework as a reminder of how far Nigeria’s payments industry has evolved and how much further it can still go with intentional development.
“I believe the next phase of growth will come from layering services like credit onto existing payment flows, using the visibility and trust already built through financial transactions,” he said.
The Nigeria Payments System Vision 2028 is a CBN-led strategic roadmap designed to guide the development of the country’s payments ecosystem over the coming years. It prioritizes financial inclusion, innovation, and infrastructure resilience as key pillars for long-term growth.
The panel session, moderated by the Chief Executive Officer of Sterling Bank Plc, Mr. Abubakar Suleiman, also featured the Managing Director/CEO of Nigeria Inter-Bank Settlement System (NIBSS) Plc, Mr. Premier Oiwoh; Managing Director/CEO of Remita Payment Services Limited, Mr. Deremi Atanda; and Managing Director/CEO of Shared Agent Network Expansion Facilities (SANEF) Limited, Mrs. Uche Uzoebo, among other industry stakeholders.
Eniolorunda stressed that payment infrastructure is not only a channel for transactions but also a critical foundation for financial inclusion, particularly when used to generate reliable data that can support faster and more accessible lending decisions for small enterprises.
“One of the most powerful things about payment infrastructure is the data it creates. When used responsibly, it can help unlock quicker and more accessible credit for businesses that have historically been underserved. For many small businesses, access has always been the real barrier,” he noted.
He also referenced remarks by the CBN Governor during the launch, highlighting the importance of collaboration across regulators, banks, and fintechs in achieving the ambitions of PSV 2028 and avoiding the disruptions of inconsistent policy cycles.
CBN Governor Olayemi Cardoso, in his address, said the new framework builds on Nigeria’s progress in digital payments and aims to deepen financial inclusion while strengthening the country’s position as a leader in Africa’s payments ecosystem.
“Over the past two decades, Nigeria’s payments ecosystem has evolved into one of the most dynamic and innovative in the world… its impact on economic activities, financial inclusion, and system resilience is evident across our economy,” he said.
He further noted that financial inclusion remains central to Nigeria’s economic future, with a target of expanding access significantly under PSV 2028.
“Inclusion and not exclusion must define our future… I would like to see this reaching 95 per cent inclusion,” Cardoso said, adding that millions of additional Nigerians—including market women, farmers, and young people—should be brought into the formal financial system.
Nigeria’s fintech sector has expanded rapidly over the past decade, driven by mobile money adoption, agent banking, and digital innovation across financial services. The PSV 2028 framework aligns with this trajectory, emphasizing open banking, stronger infrastructure, and deeper integration between financial services and the broader economy.
Moniepoint Inc, which has grown into one of the country’s leading financial services infrastructure providers, has built its dominance through payment systems and agent banking networks serving small businesses. The company has since expanded into business banking and credit, reporting over ₦1 trillion disbursed to Nigerian MSMEs in 2025.
