CBN Charts Course for Nigeria to Become Global Fintech Exporter Under Payment System Vision 2028
The Central Bank of Nigeria (CBN) has articulated an ambitious strategy to transition Nigeria from a leading global adopter of financial technology to a significant exporter of fintech solutions. This strategic pivot is a cornerstone of the CBN’s Payment System Vision (PSV) 2028, aiming to leverage the nation’s burgeoning digital payments ecosystem and local talent to foster globally competitive fintech enterprises.
Speaking at the Future of Banking Summit 2026, CBN Governor Olayemi Cardoso outlined the long-term objective: to cultivate the next generation of globally competitive fintech companies within Nigeria, designed and built for international markets. This vision capitalises on Nigeria’s established position as a major digital payment market, with the PSV 2028 designed to convert this adoption success into a robust fintech production economy. As articulated by Governor Cardoso, represented by Dr. Okpanachi Usman Moses, Director of the Statistics Department at the CBN, the aspiration is clear: “Our aspiration now is that Nigeria moves from being a fintech adoption market to a fintech production economy; that the next globally competitive fintech is built in Lagos, in Abuja, in Kaduna, on Nigerian data and Nigerian infrastructure, and exported to the world.”
The PSV 2028 framework is engineered to foster deeper innovation while simultaneously reinforcing trust, inclusion, security, and collaboration across the financial ecosystem. The CBN recognises payment infrastructure as a critical national asset, directly influencing a nation’s economic competitiveness. Nigeria, according to the CBN, is well-positioned to capitalise on this, building upon two decades of dynamic growth in its payments sector, fuelled by instant payment platforms, innovative fintech solutions, and an extensive agent banking network reaching approximately two million agents nationwide. Governor Cardoso emphasised that this vision is not a reaction to shortcomings but rather the next logical step in an ongoing success story.
Central to the PSV 2028 are six strategic pillars: interoperability, security, financial inclusion, purposeful innovation, transparency, and collaboration. A key initiative will be establishing interoperability as the default standard across the financial system, ensuring frictionless fund transfers between banks, digital wallets, and various payment providers. The goal is to eliminate user friction, enabling seamless transactions regardless of the underlying financial service provider.
Furthermore, the CBN is prioritising the integration of robust cybersecurity and fraud prevention measures into payment infrastructure from its inception. This focus on security is deemed paramount to maintaining public confidence, which serves as the bedrock of digital financial services. The CBN’s ambition is to ensure that Nigeria’s digital financial system offers a superior level of security for citizens’ funds compared to any other platform. This strategic direction holds significant implications for legal practitioners, compliance officers, and corporate executives, signalling a period of enhanced regulatory focus on innovation, security, and cross-border fintech development.
