The Central Bank of Nigeria has launched the Payment System Vision 2028, a comprehensive strategy to increase financial inclusion to 95 percent of Nigerian adults by 2028. The initiative aims to bring approximately 50 million more Nigerians into the formal financial system through enhanced digital payment services and infrastructure.
Key Targets of PSV 2028
Speaking at the unveiling in Abuja on Monday, June 1, 2026, CBN Governor Olayemi Cardoso described the initiative as a transformative roadmap that will reshape how Nigerians make payments, save, invest, and conduct business over the next three years. According to him, the vision seeks to ensure that 95 percent of Nigeria's adult population is integrated into the formal financial system by 2028, bringing an estimated 50 million additional Nigerians into the digital payments ecosystem.
Cardoso stated: "Today, we unveil more than a payment strategy. We unveil a vision for how Nigerians will transact, trade, save, invest, and participate in an increasingly digital economy."
Expanding Access to Banking and Digital Payments
The CBN governor stressed that financial inclusion remains critical to Nigeria's economic development, noting that millions of citizens still lack access to formal banking services. He explained that under PSV 2028, more market traders, farmers, small business owners, and young Nigerians will gain access to bank accounts and digital wallets linked to their Bank Verification Numbers, helping them participate more effectively in the economy.
The initiative is designed to create a payment system that is secure, resilient, inclusive, and globally competitive. It will also encourage faster digital transactions across the country, improve payment infrastructure, reduce dependence on cash, and support overall economic growth.
Infrastructure Upgrade, Trade Growth and Fraud Reduction
The apex bank said PSV 2028 will also modernise Nigeria's payment infrastructure to support regional and cross-border trade, particularly within Africa. According to the CBN, the strategy is expected to strengthen Nigeria's role in continental commerce, boost export competitiveness, and position the country as a key driver of African economic integration.
Cardoso described payment infrastructure as a strategic national asset capable of lowering transaction costs, improving transparency, enhancing productivity, and attracting investment. As part of its targets, the CBN plans to reduce the amount of cash circulating outside the banking system to less than 40 percent of total currency in circulation by 2028.
The bank also intends to deploy more than 10 million QR-code and tap-to-pay payment points across markets, transport terminals, rural communities, and commercial centres nationwide to encourage digital transactions. To improve security, the CBN aims to cut fraud-related losses to below 0.001 percent of total transaction value through the deployment of artificial intelligence-powered monitoring tools and advanced identity verification systems.
Cardoso noted that the success of the vision will depend largely on effective implementation, stressing that measurable action will determine whether the initiative achieves its objectives.
