Director of Payment System Policy at the Central Bank of Nigeria, Musa Itopa Jimoh, has said collaboration among financial institutions, regulators, government agencies, and technology providers will be critical to achieving the objectives of Nigeria’s Payments System Vision 2028.
Speaking during an interview on ARISE News, Jimoh said the vision is designed to create a payment ecosystem that is resilient, accessible, affordable, and trusted by consumers.
“Collaboration is key to building Nigeria’s Payment System Vision 2028,” he said.
According to Jimoh, a resilient payment system must remain available at all times and recover quickly from disruptions.
“A resilient payment system has to be available 24 by 7,” he stated.
He explained that achieving this objective will require close cooperation between the Central Bank, commercial banks, fintech companies, and other participants in the financial ecosystem.
“The banks, fintechs and the Central Bank will have to work together,” he said.
Jimoh also emphasized the importance of partnerships with government agencies such as the Nigerian Communications Commission and the National Identity Management Commission.
“We need to collaborate with the NCC and NIMC,” he stated.
According to him, telecommunications infrastructure and digital identity systems are essential foundations for a modern payment ecosystem.
“Every individual in the financial system has to be uniquely identified,” he said.
Jimoh further highlighted the role of security agencies in protecting Nigeria’s digital payment infrastructure from cyber threats.
“We need to cooperate with the security agencies,” he stated.
He explained that public trust in electronic payments depends heavily on the security and reliability of financial systems.
“The citizens must believe that they are protected,” he said.
According to Jimoh, public education will also play a major role in strengthening confidence in digital payments.
“We need a literacy campaign,” he stated.
He warned that many consumers remain vulnerable to fraud because they are unaware of common cybercrime tactics.
“Fraudsters can pretend to be your bank,” he said.
Jimoh stated that improved consumer awareness would help reduce fraud and encourage wider adoption of electronic payment channels.
“The more they are educated, the more they know their rights,” he stated.
According to him, the success of the Payments System Vision 2028 will depend not on the document itself but on effective implementation.
“It will be measured by execution,” he said while referencing remarks by CBN Governor Olayemi Cardoso.
Jimoh disclosed that working groups have already been established to drive implementation across different thematic areas of the vision.
“We have already created working groups,” he stated.
He explained that these groups would focus on infrastructure, interoperability, financial inclusion, innovation, consumer protection, and other strategic priorities.
“We have already started implementation,” he said.
Jimoh concluded that Nigeria’s Payments System Vision 2028 can only succeed through sustained collaboration among regulators, financial institutions, technology providers, security agencies, and consumers, stressing that effective execution remains the most important factor in achieving the vision’s objectives.
Ojo Triumph
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