 has unveiled the Nigeria Payment System Vision (PSV) 2028, a roadmap to achieve 95% financial inclusion.){kind=link}
CBN Launches Initiative to Achieve 95% Financial Inclusion by 2028
The Central Bank of Nigeria (CBN) has unveiled the Nigeria Payment System Vision (PSV) 2028, a roadmap aimed at achieving 95% financial inclusion by 2028, deepening digital payments, and positioning Nigeria as Africa’s leading payments hub.
Speaking at the launch in Abuja, CBN Governor Olayemi Cardoso described PSV 2028 as a blueprint to transform how Nigerians transact, save, invest, and participate in the digital economy.
Cardoso said: “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 added that the initiative could bring 50 million more Nigerians into the formal financial system.
The roadmap builds on Nigeria’s progress in fintech and instant payments, aiming to reduce cash dependency, strengthen infrastructure, and support economic growth.
Targets include cutting cash outside the banking system to below 40%, deploying over 10 million QR-code and tap-to-pay points, and reducing fraud losses to less than 0.001% of transactions using AI and advanced identity verification.
Cardoso noted that the Nigeria Inter-Bank Settlement System (NIBSS) already processes millions of instant transactions daily, most settled in under 10 seconds, with plans to further improve speed and reliability.
The PSV 2028 framework also emphasizes open banking, with over 100 licensed APIs supporting innovation, and seeks to leverage the African Continental Free Trade Area (AfCFTA) for faster cross-border transactions.
The initiative is expected to expand digital financial services for underserved groups such as women, farmers, traders, and young entrepreneurs, aligning with Nigeria’s broader reform agenda to boost productivity and investor confidence.