June 1 (THEWILL) — The Central Bank of Nigeria (CBN) has launched the Nigeria Payment System Vision (PSV) 2028, an ambitious roadmap aimed at raising financial inclusion to 95 percent of the adult population and strengthening the country’s position as Africa’s leading digital payments hub.
Speaking at the unveiling in Abuja, CBN Governor, Olayemi Cardoso, described the initiative as a strategic blueprint that will transform how Nigerians transact, save, invest and participate in the digital economy over the next three years.
According to Cardoso, PSV 2028 is expected to bring about 50 million additional Nigerians into the formal financial system by 2028, while improving payment infrastructure, reducing dependence on cash and supporting economic growth.
“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,” he said.
The CBN governor noted that Nigeria’s payments ecosystem has evolved into one of the most innovative on the continent, driven by rapid growth in instant payments, digital banking and fintech innovation.
He stressed that financial inclusion must remain at the heart of the country’s digital transformation agenda.
Under the roadmap, the apex bank aims to reduce cash circulating outside the banking system to below 40 percent of total currency in circulation.
It also 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.
The framework further targets reducing fraud losses to less than 0.001 percent of total transactions through the adoption of artificial intelligence and advanced identity verification technologies.
The vision places strong emphasis on open banking and cross-border payments, leveraging opportunities under the African Continental Free Trade Area to facilitate faster regional transactions.
The initiative aligns with Nigeria’s broader economic reform agenda and is expected to expand access to digital financial services for women, farmers, traders and young entrepreneurs.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
