CBN unveils Payment System Vision 2028 to bring 50 million more Nigerians into formal banking
By Aboki Forex —
The Central Bank of Nigeria has launched the Payment System Vision 2028, a strategy to push financial inclusion to 95 per cent of Nigerian adults by 2028. The plan aims to bring about 50 million more Nigerians into the formal financial system through better digital payment services and infrastructure.
What the CBN plans to do
CBN Governor Olayemi Cardoso unveiled the initiative in Abuja on Monday, June 1, 2026. He called it a transformative roadmap that will reshape how Nigerians pay, save, invest and do business over the next three years.
Cardoso said the strategy builds on progress already made in Nigeria’s payment sector, which has become one of the most innovative in Africa. He stressed that financial inclusion is critical to Nigeria’s economic development, noting that millions still lack access to formal banking.
Under PSV 2028, more market traders, farmers, small business owners and young Nigerians will get bank accounts and digital wallets linked to their Bank Verification Numbers. The CBN also plans to deploy over 10 million QR-code and tap-to-pay payment points across markets, transport terminals, rural communities and commercial centres nationwide.
Fraud prevention and cash reduction
The CBN aims to cut fraud-related losses to below 0.001 per cent of total transaction value using artificial intelligence-powered monitoring tools and advanced identity verification systems. The bank also wants to reduce cash circulating outside the banking system to less than 40 per cent of total currency in circulation by 2028.
Cross-border trade boost
PSV 2028 will modernise Nigeria’s payment infrastructure to support regional and cross-border trade, especially within Africa. Cardoso said this will strengthen Nigeria’s role in continental commerce, boost export competitiveness and position the country as a key driver of African economic integration. He described payment infrastructure as a strategic national asset that can lower transaction costs, improve transparency and attract investment.
Cardoso noted that success depends on effective implementation, stressing that measurable action will determine whether the initiative achieves its objectives.