CBN Launches PSV 2028 to Bring 50 Million More Nigerians Into Digital Payments
By Aboki Forex —
The Central Bank of Nigeria has officially launched the Nigeria Payment System Vision 2028. The strategy aims to expand financial inclusion to 95 per cent of the adult population in Nigeria’s digital payments system.
CBN Governor Olayemi Cardoso unveiled the roadmap at a launch event in Abuja on Monday. He said PSV 2028 will strengthen Nigeria’s digital economy over the next three years. The plan will help Nigeria achieve faster digital payments and money transfers across all regions by 2028.
Cardoso said the initiative is expected to bring an estimated 50 million additional Nigerians into the formal financial system by 2028. He noted that the new framework builds on Nigeria’s progress in digital payments. It seeks to accelerate the country’s transition towards a more inclusive, technology-driven ecosystem.
“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,” Cardoso said.
He added that Nigeria’s payments ecosystem has evolved into one of the most dynamic in the world. “From instant payments and digital adoption to fintech-led innovation, our progress has often set the pace on the continent,” he said.
The roadmap will also improve payment infrastructure, reduce reliance on cash transactions, and support economic growth. Cardoso stressed that financial inclusion must remain central to Nigeria’s economic future. Millions of Nigerians are still outside the formal banking system.
“In 2023, a very large number of Nigerian adults will have access to financial services. Under Vision 2028, I would like to see this reaching 95 per cent 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,” he said.
CBN said the vision will modernise national payments infrastructure for intra-African trade. It will accelerate regional commerce and enhance export competitiveness. According to the bank, the plan will shape Nigeria from a passive participant in global finance into an active engine for continental economic integration.
Implementation is Key
Cardoso emphasised that payment infrastructure is a strategic national asset. It can improve productivity, reduce transaction costs, increase transparency, and support trade and investment. He said the success of PSV 2028 depends on execution, not just policy documentation.
“The success of PSV 2028 will not be measured by the quality of the document. It will be measured by execution. This vision calls for sustained collaboration from government agencies, financial institutions, fintech companies, technical providers, development partners, academia, and users of payment systems,” Cardoso said.
Under PSV 2028, CBN aims to reduce cash circulating outside the banking system to below 40 per cent of total currency in circulation. The bank plans to deploy more than 10 million QR-code and tap-to-pay acceptance points across markets, transport hubs, rural communities, and commercial centres nationwide.
CBN also targets reducing fraud losses to less than 0.001 per cent of total transactions. It will deploy artificial intelligence and advanced identity verification systems to achieve this.
Cardoso disclosed that the Nigeria Inter-Bank Settlement System currently processes millions of instant transactions daily. Most settlements are completed in less than 10 seconds. The apex bank plans to further improve transaction speed, reliability, and security under the new vision.
NIBSS CEO Calls for Zero Transfer Fees
Speaking at the launch panel, NIBSS CEO Premier Oiwoh advocated for controlling transfer charges on digital transactions. He said transaction fees and data costs discourage the use of electronic payments.
Oiwoh said excessive transfer charges discourage users from transacting. He noted that financial data and apps should be fee-free. “If you have N10,000 in your pocket and I’m going to make a transfer, I’ll pay N15, N100. That’s no longer N10,000. As a Nigerian, I’ll keep my N10,000 in my pocket,” he said.
He added: “I’m an advocate of zero transfer fees. I think financial data and apps should be zero-rated in terms of fees. I don’t want to make a payment anywhere and then discover I have no data to complete that payment. When it has to do with finance and payments, it should be zero-rated. It has already happened in some countries, and I think Nigeria needs to lead that.”