From ₦946.22 million in point-of-sale transactions during the first half of 2007 to ₦10.51 trillion in just the first quarter of 2025, Nigeria's digital payments story is one of the most dramatic financial transformations on the continent. That shift did not happen by accident. It is the direct result of nearly two decades of deliberate policy by the Central Bank of Nigeria, built through a series of Payment System Vision frameworks designed to wean the country off cash and build something much bigger.
The most recent completed framework, PSV 2025, moved the needle in measurable ways. Formal financial inclusion climbed from 56% in 2020 to 64%, agent banking networks expanded to more than two million agents nationwide, and electronic payment value surged 203.51% since 2022, reaching ₦1.2 quadrillion in 2025. The Bank Verification Number system now anchors digital identity for over 66 million Nigerians, a foundational achievement the CBN points to with good reason.
Still, the gaps are hard to ignore. Around 26% of bankable adults remain financially excluded, and only 52% of adults actively use digital payments. Many Nigerians still lack the confidence and know-how to use digital tools safely. Those shortcomings shaped the thinking behind what comes next.
On June 1, the CBN launched PSV 2028, and this time the ambition stretches well beyond inclusion targets. The framework sets a 95% financial inclusion goal, but it also signals a regulator with its eyes firmly on the region. The new strategy covers cross-border payments, stablecoin deployment, artificial intelligence, central bank digital currency integration, and cyber resilience across five pillars.
The clearest message from PSV 2028 is that the CBN no longer sees itself as simply managing a national payments system. It wants Nigeria to be the infrastructure hub connecting African markets. Whether the execution matches the vision is the question worth watching.
Originally published by TechCabal.