CBN’s Payments System Vision 2028 targets full-scale adoption of eNaira for government disbursements, payroll, and financial transactions.

The Federal Government is considering a major shift in how it pays salaries, pensions, and social welfare benefits, with plans to deploy the eNaira as a central payment channel under a new roadmap by the Central Bank of Nigeria (CBN).

The proposal, captured in the Nigeria Payments System Vision 2028 (PSV2028), signals the apex bank’s intention to transform the eNaira from a largely underused pilot into a core component of Nigeria’s financial ecosystem. The plan aims to position the digital currency as a primary rail for both public and private sector transactions.

Launched in October 2021 as Africa’s first central bank digital currency (CBDC), the eNaira was designed to drive financial inclusion, lower transaction costs, and accelerate Nigeria’s transition to a cashless economy. However, adoption has remained modest despite regulatory backing.

Under the new framework, the CBN plans to overhaul the existing CBDC structure to better reflect market realities and operational demands. It identified key use cases including government-to-person payments, payroll processing, offline transactions, and support for micro-enterprises.

If implemented, public sector payments—ranging from salaries and pensions to conditional cash transfers—could be routed through the eNaira platform to boost efficiency and expand usage.

A standout feature of the digital currency is its “programmable money” capability, which allows for advanced payment controls such as spending limits, purpose-specific funds, payment splitting, and the creation of sub-wallets.

The CBN also believes the eNaira could strengthen financial market infrastructure by supporting settlement systems, banking operations, and tokenised assets like bonds and securities, while delivering faster and cheaper transactions.

CBN Governor Olayemi Cardoso, in his foreword to the PSV2028 document, said the initiative is designed to cement Nigeria’s leadership in digital payments while enhancing efficiency, resilience, and financial inclusion.

The roadmap outlines key priorities including modernising payment infrastructure, strengthening regulatory frameworks, accelerating digital financial services adoption, and fostering collaboration across the financial ecosystem.

Similarly, Deputy Governor for Economic Policy, Dr Muhammad Abdullahi, noted that the vision would deepen existing innovations such as contactless payments, open banking, and the eNaira, while enabling the adoption of emerging technologies.

Despite recording millions of wallet registrations and transactions estimated at about N22 billion, the CBN acknowledged that the eNaira still struggles with low real-world usage. Challenges include weak merchant adoption, limited integration with banking and fintech platforms, and the absence of cross-border payment corridors.

To address these gaps, the apex bank plans to reposition the eNaira for government payments, remittances, and trade settlements. It also intends to open up its system through application programming interfaces (APIs) to encourage fintech integration and innovation.

In addition, the CBN is exploring bilateral CBDC corridor pilots with key trade and remittance partners to enable seamless cross-border transactions.

The move aligns with a broader global trend, as more than 130 countries continue to explore or develop central bank digital currencies as alternatives to cash and private digital assets.