Nigeria Aims for Regional Payments Hub Status with New Digital Strategy

The Central Bank of Nigeria (CBN) is expanding its digital payments vision beyond financial inclusion to position the country as a regional payments infrastructure hub connecting African markets.

The shift reflects in the newly launched Payment System Vision (PSV) 2028, which seeks to push financial inclusion to 95% and build on recent gains. Since 2022, electronic payment value has jumped by 203.51% to ₦1.2 quadrillion ($880.51 billion), driven by policy initiatives under previous PSV frameworks.

Key highlights of this evolution include:

• Point-of-sale transactions grew from ₦946.22 million in early 2007 to ₦10.51 trillion in Q1 2025
• Agent banking networks expanded to over two million nationwide
• The Bank Verification Number (BVN) system now covers more than 66 million unique IDs

The PSV 2028 outlines five strategic pillars:

1. Infrastructure, interconnectivity, and interoperability
2. Digital financial inclusion, consumer protection, and literacy
3. Innovation, digital assets, and emerging technologies
4. Cross-border payments and central bank digital currency integration
5. Regulation, risk management, and cybersecurity

While Nigeria has made significant strides in reducing its reliance on cash and expanding electronic payment channels, challenges remain. Approximately 26% of bankable adults are still financially excluded, and many lack the digital literacy needed to use these tools safely.