CBN Targets 95% Financial Inclusion and Faster Money Transfers by 2028

The Central Bank of Nigeria (CBN) has officially launched the Nigeria Payment System Vision (PSV) 2028, a strategic roadmap aimed at expanding financial inclusion to 95% of the adult population. Governor Olayemi Cardoso announced that the initiative seeks to bring an additional 50 million Nigerians into the formal financial system, including farmers, market women, and youth. This development is expected to accelerate digital payments and money transfers across the country while strengthening Nigeria's position in the global digital economy.

CBN Governor Olayemi Cardoso unveiled the PSV 2028 in Abuja, describing it as a transformative framework for how Nigerians will transact, save, and invest. The roadmap focuses on strengthening the digital economy over the next three years by improving payment infrastructure and reducing the nation's reliance on cash. By targeting a 95% inclusion rate, the central bank aims to integrate 50 million more citizens into the formal banking sector, ensuring they have bank accounts or digital wallets protected by Bank Verification Numbers (BVN).

The initiative builds upon Nigeria's existing progress in digital payments, which Cardoso noted has already made the country one of the most innovative fintech hubs in Africa. The PSV 2028 is designed to accelerate the transition toward a technology-driven ecosystem that is secure, resilient, and globally competitive. Key objectives include facilitating faster money transfers across all regions of Nigeria and ensuring that the payment system supports broader economic growth and system resilience.

Beyond domestic improvements, the CBN intends for the PSV 2028 to modernize national infrastructure to better support intra-African trade and enhance Nigeria's export competitiveness. By evolving from a passive participant to a leader in global commerce, the central bank expects the new vision to streamline regional trade and foster financial participation among underserved demographics. This strategic shift is intended to align Nigeria’s payment capabilities with international standards while maintaining its leadership role in the African digital payments landscape.