The Central Bank of Nigeria (CBN) has unveiled an ambitious blueprint to transform the country's payment ecosystem with the launch of 'Nigeria Payments System Vision (PSV) 2028'. The bank, in the document presented in Abuja yesterday, has set the target of raising financial inclusion to 95 percent, drastically reducing fraud, and accelerating Nigeria's transition to a cash-lite economy as part of efforts to support the $1 trillion economy target. A similar initiative was launched in 2022, but the promoters fell short of the targets.
The governor, Yemi Cardoso, stated that the roadmap would ensure faster, safer, and more inclusive financial transactions while positioning Nigeria as Africa's leading digital payments hub. Cardoso outlined an expansive vision that will see millions of previously excluded Nigerians, particularly market women, farmers, artisans, and young people, brought into the formal financial system through accessible digital payment channels and stronger consumer protection mechanisms.
He said the apex bank aimed to increase financial inclusion from current levels to 95 percent in 2028, effectively bringing an additional 50 million Nigerians into the banking system. 'That means 50 million more market women, farmers and young people will have bank accounts with their names and Bank Verification Number (BVN) protecting them,' he said.
The governor also signaled an aggressive push to reduce cash transactions across the economy, expressing concern that many Nigerians still prefer cash despite rapid advancement in digital payments. He expressed disappointment that sellers refused cash transfers during the recent Sallah celebration, insisting on cash as a mode of payment. This, to him, buttressed the need for greater trust in digital payment systems.
Under the vision, the CBN hopes to reduce cash circulating outside the formal banking system to below 40 percent of total circulation while promoting widespread adoption of digital payment channels through technologies such as QR codes and tap-to-phone solutions. As of April, cash outside the financial system stood at N5.08 trillion or 90 percent of the total currency in circulation (N5.65 trillion). Cardoso said the objective is to deploy up to 10 million QR-enabled payment points across markets, transport hubs, and rural communities, allowing Nigerians to make secure and affordable digital payments regardless of location.
To reinforce confidence, Cardoso disclosed that the apex bank intended to cut fraud losses to less than 0.001 percent of total transaction volume, leveraging artificial intelligence, enhanced BVN integration, and advanced fraud-detection systems.
Beyond payments, Cardoso said PSV 2028 was designed to position Nigeria as a leading center for financial innovation, with open banking, application programming interfaces (APIs), artificial intelligence, and other emerging technologies expected to drive the next phase of growth. He expressed confidence that Nigerian innovators could build globally competitive fintech firms in major cities, leveraging local talent and technology to develop products that serve both domestic and international markets.
Cardoso noted that the ultimate test of PSV 2028 would not be its targets, but the ability of government, financial institutions, fintech firms, and technology providers to deliver a payment ecosystem that is trusted, inclusive, and capable of supporting economic transformation.
The Deputy Governor for Economic Policy, Dr Muhammad Sani Abdullahi, described the vision as a strategic framework to strengthen the foundations of Nigeria's digital economy and enhance the country's competitiveness in regional and global commerce. According to him, modern payment systems have evolved beyond simple transaction platforms to become critical economic infrastructure supporting trade, investment, financial inclusion, productivity, and innovation.
The PSV 2028, he said, was anchored on five strategic pillars: infrastructure development, digital financial inclusion and consumer protection, innovation and emerging technologies, cross-border payments and digital assets, and regulation, risk management, and cybersecurity. According to him, efficient infrastructure would reduce transaction costs, improve business productivity, and create the digital rails needed to support a rapidly expanding economy.
Abdullahi said the initiative is expected to reduce exclusion across gender, geography, and income groups while integrating more individuals and small businesses into the formal economy. Abdullahi stressed that trust remains the most valuable asset in any financial ecosystem and that securing payment infrastructure would be essential to attracting investment and sustaining economic growth. He described PSV 2028 as more than a policy document, calling it a national economic architecture designed to accelerate trade, improve productivity, support entrepreneurship, and expand prosperity.
The launch comes amid growing efforts by both the fiscal and monetary authorities to leverage digital technology as a driver of economic diversification, financial inclusion, and regional integration.
Also speaking at the unveiling event, Executive Vice Chairman of the Nigerian Communications Commission (NCC), Dr Aminu Maida, described the initiative as a major pillar supporting President Bola Tinubu's ambition of building a $1 trillion economy. Maida said recent reforms in the foreign exchange market and broader macroeconomic environment have helped to stabilize key sectors, including telecommunications, thereby creating a stronger foundation for digital financial services. However, he warned that rising cyber fraud and cross-border financial crimes pose significant threats to the growth of the digital economy.
