CBN targets 95% financial inclusion with vision 2028

The Central Bank of Nigeria (CBN) yesterday in Abuja launched the Nigeria Payment System Vision (PSV) 2028, targeting 95% financial inclusion to deepen digital payments and position Nigeria as Africa’s leading payment provider Speaking at the launch, CBN Governor Olayemi Cardoso described PSV 2028 as a strategic blueprint designed to transform how Nigerians transact, save, invest, and participate in the digital economy over the next three years. The CBN governor said, “The initiative is expected to bring an estimated 50 million additional Nigerians into the formal financial system by 2028 while strengthening payment infrastructure, reducing cash dependency, and supporting economic growth.” Speaking further, Cardoso added, “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. “Over the past two decades, Nigeria’s payments ecosystem has evolved into one of the most dynamic and innovative in the world. From instant payments and digital adoption to fintech-led innovation, our progress has often set the pace on the continent. “Inclusion and not exclusion must define our future. In 2023, a very large number of Nigerian adults have access to financial services.” “Under Vision 2028, I would like to see this reaching 95% inclusion. That means 50 million more market women, farmers, and young people will have a bank account or wallet in their name, with their name and BVN protecting them.” “The success of PSV 2028 will not be measured by the quality of the document. It will be measured by execution,” Also speaking, the deputy governor, economic policy at the CBN, Dr. Muhammad Sani Abdullahi said the Payments System Vision 2028 provides a strategic blueprint for harnessing the opportunities presented by digital transformation, regional integration, and the African Continental Free Trade Area (AfCFTA) and anchored on five mutually reinforcing priorities that will strengthen payment infrastructure, deepen inclusion, foster innovation and facilitate cross-border transactions. “Also, it embraces innovation and emerging technologies, including open banking, digital assets, artificial intelligence, and other transformative solutions that have the potential to improve efficiency, expand access, and unlock new economic opportunities. In the same vein, it aims to position Nigeria as a leading hub for cross-border payments, regional trade, and financial integration by leveraging initiatives such as PAPSS and the African Continental Free Trade Area (AfCFTA) “Finally, the Vision recognizes that innovation and growth must be underpinned by trust. Accordingly, it places strong emphasis on regulation, risk management, cybersecurity, and consumer confidence to ensure that the payment ecosystem remains secure, resilient, and fit for purpose,” he added.