Nigeria’s central bank says millions more citizens will be brought into the formal financial system as it pushes for safer, faster and more inclusive digital transactions by 2028…..
The Central Bank of Nigeria (CBN) has launched an ambitious roadmap aimed at transforming the country’s payment ecosystem, with Governor Olayemi Cardoso declaring that the era of cash dominance must gradually give way to a more inclusive and technology-driven financial system.
Speaking at the unveiling of the Payments System Vision 2028 (PSV 2028) in Abuja on Monday, Cardoso outlined a strategy designed to expand financial access, strengthen payment infrastructure and position Nigeria as a leading fintech destination on the global stage.
At the heart of the plan is a bold target: achieving 95 per cent financial inclusion by 2028. According to the CBN governor, this would bring an estimated 15 million additional Nigerians including market traders, farmers and young people into the formal financial system.
Cardoso said access to financial services is no longer a luxury but a critical requirement for economic participation, noting that efficient payment systems can help reduce poverty, support business growth and improve overall productivity.
“Cash should no longer determine who participates in the economy,” he said, stressing that digital financial services must become accessible to every Nigerian regardless of location or income level.
The CBN chief also painted a picture of a future where financial transactions are completed almost instantly. He said the country’s payment infrastructure already handles millions of transactions daily, many of which are processed within seconds, but the new vision seeks to eliminate lingering inefficiencies and delays.
By 2028, Cardoso said, Nigerians should be able to send and receive money “faster than they can blink.”
Beyond speed, the central bank is placing significant emphasis on security and public trust. Cardoso announced a target to reduce fraud-related losses to less than 0.001 per cent of total transactions over the next two years, describing trust as the foundation of any successful payment system.
To achieve this, the regulator plans to deepen the integration of identity verification systems such as the National Identification Number (NIN) and Bank Verification Number (BVN), while deploying artificial intelligence-powered tools to detect and prevent fraudulent activities.
According to him, Nigerians must feel safer keeping money within the digital financial ecosystem than outside it.
“A payment system is only as strong as the confidence people have in it,” Cardoso stated.
The governor explained that PSV 2028 builds on more than two decades of payment system reforms that have transformed the country’s financial landscape through instant payments, fintech innovation and increasing digital adoption.
He said the latest framework is designed to strengthen resilience, encourage innovation, improve interoperability among financial institutions and enhance Nigeria’s connection to regional and global payment networks.
Cardoso also linked payment system development directly to economic growth, arguing that modern financial infrastructure has become an important driver of competitiveness, trade expansion and investor confidence.
According to him, reducing transaction costs and improving payment efficiency can unlock broader economic gains while supporting stability across the financial sector.
The CBN governor further highlighted the role of innovation in achieving the vision, noting that recent open banking reforms have already unlocked access to more than 100 application programming interfaces (APIs), creating new opportunities for financial technology companies to develop products and services.
He expressed confidence that Nigeria can evolve from being a major consumer of fintech solutions into a producer and exporter of globally competitive financial technologies.
Cardoso said Nigerian entrepreneurs should be able to build world-class fintech companies from cities such as Lagos, Abuja and Kano, using local talent and infrastructure to solve both domestic and international challenges.
While unveiling the roadmap, he cautioned that the success of the initiative would depend largely on implementation rather than policy design.
“The success of this vision will not be measured by the document, but by execution,” he said.
The event attracted key stakeholders from across the financial services industry, including executives from commercial banks, payment service providers, financial technology firms and market regulators.
For the CBN, the vision extends beyond digitising payments. It is part of a broader effort to drive economic inclusion, improve financial access and ensure that millions more Nigerians can actively participate in the country’s evolving digital economy.
