Nigeria’s central bank has launched an ambitious strategy aimed at bringing 95 percent of the country’s adult population into the formal financial system by 2028, as Africa’s largest economy seeks to accelerate digital payments, expand financial inclusion and strengthen its position as a regional fintech leader.
The new roadmap, known as the Nigeria Payment System Vision (PSV) 2028, was unveiled on Monday by Olayemi Cardoso, governor of the Central Bank of Nigeria, who described the initiative as a blueprint for transforming the country’s payment ecosystem over the next three years.
The strategy aims to increase financial inclusion from current levels to 95 percent of Nigeria’s adult population, potentially bringing an additional 50 million people into the formal financial system through bank accounts, digital wallets and other financial services.
“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,” Cardoso said during the launch ceremony in Abuja.
The central bank said the plan builds on Nigeria’s rapid growth in digital finance and seeks to create a payment ecosystem that is more inclusive, secure, resilient and globally competitive.
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Nigeria has emerged as one of Africa’s most dynamic digital payments markets, driven by strong fintech growth, rising smartphone penetration and increasing adoption of electronic transactions. The country hosts some of the continent’s largest financial technology firms and processes millions of digital transactions daily.
Under the new framework, the CBN plans to modernise payment infrastructure, reduce reliance on cash transactions and improve the speed and efficiency of money transfers across the country.
The initiative also seeks to support intra-African trade by strengthening payment systems that facilitate cross-border transactions, a key objective as African countries deepen economic integration under the African Continental Free Trade Area.
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According to the central bank, improved payment infrastructure could enhance Nigeria’s export competitiveness and position the country as a stronger participant in regional commerce.
“Payment infrastructure has become a strategic national asset,” Cardoso said, noting that efficient payment systems can boost productivity, reduce transaction costs, increase transparency and support investment.
The roadmap sets several measurable targets for 2028. Among them is a goal of reducing the amount of cash circulating outside the banking system to below 40 percent of total currency in circulation.
The CBN 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, significantly expanding access to digital payment services.
Another major objective is strengthening cybersecurity and consumer protection. The central bank aims to reduce fraud losses to less than 0.001 percent of total transaction values through the use of artificial intelligence, advanced identity verification systems and enhanced security infrastructure.
Cardoso highlighted the role of the country’s payment infrastructure provider, Nigeria Inter-Bank Settlement System, which currently processes millions of instant transactions every day, with most payments completed in less than 10 seconds.
He said the new vision would further improve transaction speed, reliability and security, ensuring that digital payments become more accessible to individuals and businesses across the country.
However, the CBN governor stressed that the success of the initiative would depend on effective implementation rather than policy design alone.
“The success of PSV 2028 will not be measured by the quality of the document. It will be measured by execution,” he said, calling for collaboration among government agencies, financial institutions, fintech firms, technology providers and development partners.
At a panel discussion following the launch, NIBSS Chief Executive Officer Premier Oiwoh argued that transaction fees remain a barrier to broader adoption of digital payments.
Oiwoh advocated reducing or eliminating transfer charges on electronic transactions and proposed that financial applications and related data services be exempt from data costs to encourage greater usage.
He said high transaction charges discourage consumers from adopting digital payments and suggested that making financial services more affordable could accelerate inclusion, accessibility and trust in Nigeria’s payment ecosystem.
The PSV 2028 initiative forms part of broader efforts by Nigerian authorities to leverage technology to drive economic growth, improve financial access and strengthen the country’s rapidly expanding digital economy. If successful, the strategy could position Nigeria as one of the world’s most inclusive and technologically advanced payment markets by the end of the decade.
