CBN targets N2.83tn outside banking system, 50 million new users by 2028
By Aboki Forex —
The Central Bank of Nigeria has unveiled an ambitious plan to bring N2.83 trillion currently held outside the banking system into formal financial channels. The apex bank also aims to onboard 50 million additional Nigerians by 2028.
The targets are part of the Nigeria Payments System Vision 2028. Governor Olayemi Cardoso unveiled the plan on Monday in Abuja. He said the goal is to deepen digital payments, strengthen trust in financial services, reduce cash dependence, and position Nigeria as a leading payments hub in Africa.
The launch comes months before Nigeria’s 2027 general elections. The Independent National Electoral Commission has scheduled presidential and National Assembly polls for January 16, 2027. Governorship and state assembly elections will hold on February 6, 2027. There are renewed concerns over cash-driven campaigns, vote-buying, and higher legal spending limits for candidates.
The event brought together regulators, banks, fintech operators, telecommunications firms, development partners, and other stakeholders in the financial services ecosystem.
Cardoso said the initiative is not just about technology or financial transactions. It is about creating economic opportunities, reducing poverty, and accelerating growth. According to him, efficient payment systems remain among the fastest ways to lift large numbers of people out of poverty.