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Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has set ambitious targets for Nigeria’s financial sector, calling on banks, fintech firms, and payment service providers to significantly reduce fraud, deepen financial inclusion, and accelerate the country’s transition to a fully digital economy by 2028.
Cardoso made the call in Abuja during the launch of the Payments System Vision 2028 (PSV 2028), a strategic framework designed to modernise Nigeria’s payment ecosystem, strengthen financial access, and support long-term economic growth.
At the heart of the initiative is an aggressive push to improve trust and security in digital transactions. The CBN governor directed stakeholders across the financial system to reduce fraud-related losses to less than 0.001 per cent of total transactions by 2028.
According to Cardoso, advances in digital identity infrastructure, biometric verification, and artificial intelligence-powered fraud detection should make digital payments safer than physical cash.
“By 2028, we must commit to cutting fraud losses to less than 0.001 per cent of all transactions. With NIMC, BVN linkage, and AI fraud detection, people’s money must be safer in the digital system than under their mattress,” he said.
Cardoso noted that Nigeria’s rapidly expanding electronic payments market demonstrates the country’s capacity to build a globally competitive digital finance ecosystem.
“Last year alone, Nigerians moved trillions electronically. This is the power of our people when given the right tools. Vision 2028 is not a government project. It is a Nigerian project. Together, we will build a payments system that is fast, inclusive, secure and proudly Nigerian,” he said.
Beyond technology and transaction speed, the CBN governor stressed that the broader objective of PSV 2028 is economic empowerment and poverty reduction.
“The journey is to impact the lives of the poor. The journey is to lift people out of poverty and the journey is to have an impact on GDP,” Cardoso stated.
He highlighted the achievements of the Nigerian Inter-Bank Settlement System (NIBSS), which currently processes millions of instant payments daily, with most transactions completed in under 10 seconds.
Building on this momentum, the apex bank wants near-instant payments to become universally accessible across the country.
“Every Nigerian from Maiduguri to Brass will send and receive money faster than they can blink,” Cardoso said.
Financial Inclusion Target: 95% by 2028
A major pillar of the payments vision is financial inclusion.
Cardoso disclosed that the CBN is targeting 95 per cent financial inclusion among Nigeria’s adult population by 2028, a move expected to bring millions of unbanked Nigerians into the formal financial system.
He explained that the target could potentially provide an additional 50 million Nigerians — including traders, farmers, and young people — access to bank accounts or digital wallets secured through identity-linked systems such as the Bank Verification Number (BVN).
“In 2023, a very large number of Nigerian adults had access to financial services. Under Vision 2028, I would like to see this reaching 95 per cent inclusion,” he said.
The governor also called for stronger public trust in digital finance, stressing that cash dependency must gradually decline as payment systems become more secure, reliable, and accessible.
According to him, the CBN wants the volume of cash circulating outside the banking system to fall below 40 per cent of total currency in circulation by 2028.
Expanding Digital Payments Nationwide
To accelerate adoption, Cardoso unveiled plans to deploy 10 million Quick Response (QR) codes and expand tap-to-phone payment capabilities across markets, transport hubs, and rural communities.
“With 10 million QR codes and tap-to-phone at every market, bus park, and farm gate, Nigerians will pay digitally, safely, and cheaply,” he said.
He, however, stressed that the success of the initiative would depend on measurable outcomes rather than policy declarations.
“It’s okay for us to have these lovely clichés and lovely words. But if we’re not going to measure performance, then we will lose track,” Cardoso cautioned.
Describing payment infrastructure as critical national infrastructure, Cardoso likened digital payments systems to roads, schools, and hospitals, arguing that modern economies require strong invisible infrastructure that enables the movement of money efficiently.
“As the Federal Government builds roads, schools and hospitals, we here must also build the invisible roads that move money. That is why Nigeria’s Payments System Vision 2028 is critical to our national prosperity,” he said.
He added that a stronger payments ecosystem would help formalise economic activity, expand financial access, boost trade, attract investment, and improve Nigeria’s competitiveness within regional and global markets.
Five Strategic Priorities
Earlier, the CBN’s Deputy Governor for Corporate Services, Muhammad Sani Abdullahi, described PSV 2028 as a blueprint for building an innovative, inclusive, and globally connected payments ecosystem capable of supporting Nigeria’s economic ambitions.
According to Abdullahi, the framework is anchored on five strategic priorities.
The first focuses on building modern, resilient, and interoperable payment infrastructure capable of supporting Nigeria’s expanding digital economy.
The second centres on financial inclusion, consumer protection, and financial literacy to ensure broader participation in formal financial systems.
The third seeks to accelerate innovation through technologies such as open banking, artificial intelligence, and digital assets to improve efficiency and unlock new opportunities.
The fourth aims to strengthen Nigeria’s position as a regional payments hub by leveraging initiatives such as the Pan-African Payment and Settlement System (PAPSS) and the African Continental Free Trade Area (AfCFTA).
The fifth priority focuses on trust, with stronger emphasis on cybersecurity, regulation, risk management, and consumer confidence.
Abdullahi said the successful implementation of PSV 2028 would not only improve the movement of money but also strengthen business productivity, expand opportunities for micro, small and medium enterprises, and support long-term economic growth.
“Ultimately, its success will be measured not by the speed of transactions alone, but by its contribution to investment, productivity, job creation and long-term prosperity,” he said.
He added that achieving the vision would require collaboration among regulators, financial institutions, fintech firms, technology providers, businesses, and consumers.
“If we implement this Vision with purpose and commitment, Nigeria will not only build one of Africa’s most advanced payment ecosystems, but also strengthen its position as a hub for trade, innovation and economic growth,” Abdullahi said.
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