The Central Bank of Nigeria has said it is pursuing reforms to achieve 95 per cent financial inclusion and deliver “faster-than-a-blink” digital transactions, bringing millions more market women, farmers and young people into the formal financial system.
Speaking during the launch of the Payments System Vision 2028 (PSV 2028) Monday, the CBN Governor, Olayemi Cardoso, noted that “the goal is inclusion, not exclusion.”
He said, “By 2028, cash should no longer be king. We need to do a lot more work to build trust and ensure people have no doubt they are dealing with a strong and reliable payment system.
He said a payment system can only remain strong when people trust it, adding that by 2028 the vision aims to cut fraud losses to less than 1 percent of all transactions and keep people’s money safer in the digital system than under their mattresses.
In addition, the apex bank governor and other top CBN officials said the document goes beyond policy design and serves as a blueprint for how Nigerians will transact, trade, save, and participate in an increasingly digital economy.
He emphasised that effective systems are now essential to economic growth, competitiveness, and poverty alleviation, characterising payment infrastructure as “invisible roads that move money.”
Cardoso further insisted that implementation, not documents, will determine success and cautioned against the nation’s long-standing “start-stop” policy cycle.
He said, “The success of this vision will not be measured by the document, but by execution.”
Cardoso said financial inclusion directly drives poverty reduction and economic participation, adding that access to efficient payment systems determines whether citizens can fully engage in the economy.
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