CBN targets 95% financial inclusion by 2028
The Central Bank of Nigeria (CBN) has launched the Nigeria Payment System Vision (PSV) 2028, a new roadmap aimed at expanding financial inclusion to 95 percent of the adult population, deepening digital payments, and positioning Nigeria as Africa’s leading payments hub.
Speaking at the launch of the initiative in Abuja, 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.
According to Cardoso, 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.
The CBN noted that the new vision builds on Nigeria’s progress in digital payments and seeks to accelerate the country’s transition toward a more inclusive and technology-driven financial 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. 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,” Cardoso said.
Cardoso added that inclusion, rather than exclusion, must define the future, noting that while a significant number of Nigerian adults gained access to financial services by 2023, the apex bank intends to expand that net significantly.
“Under Vision 2028, I would like to see this reaching 95 percent 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,” he stated.
The CBN governor further explained that payment infrastructure has become a strategic national asset capable of driving productivity, lowering transaction costs, improving transparency, and supporting trade and investment.
The Payment System Vision 2028 outlines several ambitious targets aimed at accelerating Nigeria’s digital transformation and strengthening public confidence in electronic payments. Under the roadmap, the apex bank aims to reduce cash circulating outside the banking system to below 40 percent of the total currency in circulation.
Additionally, more than 10 million QR-code and tap-to-pay acceptance points are expected to be deployed across markets, transport hubs, rural communities, and commercial centers nationwide. The CBN also targets reducing fraud losses to less than 0.001 percent of total transactions through the deployment of artificial intelligence and advanced identity verification systems.
Cardoso also disclosed that the Nigeria Inter-Bank Settlement System (NIBSS) currently processes millions of instant transactions daily, with most settlements completed in less than 10 seconds.
He emphasized that the goal is to further improve transaction speed and reliability over the next three years.
This new roadmap comes at a time when digital payments are becoming increasingly critical to economic growth, financial inclusion, and regional trade integration. The initiative aligns with Nigeria’s broader economic reform agenda aimed at improving productivity and investor confidence. It is expected to support the expansion of digital financial services for underserved communities, including women, farmers, traders, and young entrepreneurs.
The framework places significant emphasis on open banking, with more than 100 licensed APIs already available to support innovation across the financial services ecosystem.
The vision seeks to leverage opportunities under the African Continental Free Trade Area (AfCFTA) by enabling faster and more efficient cross-border transactions.
Nigeria has emerged as one of Africa’s leading digital payments markets over the past decade, driven by rapid growth in fintech, mobile money, instant payments, and digital banking services. In May 2025, the CBN, in collaboration with NIBSS, officially launched the Non-Resident Bank Verification Number (NRBVN) platform.
The platform simplifies the process for Nigerians living abroad to obtain their Bank Verification Number remotely, eliminating the need for in-person verification in Nigeria.