The Central Bank of Nigeria (CBN) published the Payments System Vision (PSV) 2020 in 2006, to provide a roadmap for the reform of the Nigerian payments system with the main goal of driving the adoption of electronic payments in different sectors of the economy and improving the resilience of the financial system. The strategy was revised in 2013 to address emerging issues and market realities related to risk management, compliance, governance and supervision.

Following the implementation of the initiatives in the PSV 2020, the Nigerian payments system has witnessed tremendous transformation underpinned by the rapid pace of digital innovation. Consequently, the system recorded significant increases in the volume and value of electronic payments as well as a proliferation of products, channels and participants.