The Central Bank of Nigeria (CBN) has launched the Payments System Vision 2028 (PSV 2028), a strategic framework aimed at achieving 95 percent financial inclusion and creating a faster, safer, and more efficient digital payment ecosystem across the country.
Speaking at the launch of the initiative, CBN Governor, , said the vision seeks to bring an additional 15 million Nigerians—particularly market women, farmers, and young people—into the formal financial system by 2028.
Cardoso emphasized that the success of the initiative will depend on effective implementation rather than policy documentation. He noted that Nigeria must move away from the culture of inconsistent policy execution and focus on delivering measurable outcomes.
According to him, PSV 2028 is designed to strengthen payment infrastructure, deepen financial inclusion, support innovation, improve system resilience, and enhance Nigeria’s integration into regional and global payment networks. He described payment infrastructure as the “invisible roads that move money,” stressing its importance to economic growth, competitiveness, and poverty reduction.
The CBN Governor stated that by 2028, digital transactions should be completed almost instantly, building on existing real-time payment systems that already process millions of transactions daily within seconds. The framework also aims to eliminate inefficiencies, interoperability challenges, and settlement delays across financial platforms.
To boost confidence in digital payments, the apex bank has set a target of reducing fraud losses to less than 0.001 percent of total transactions by 2028. This will be achieved through stronger integration of the National Identity Number (NIN) and Bank Verification Number (BVN) systems, alongside artificial intelligence-powered fraud detection technologies.
Cardoso stressed that trust remains the foundation of any successful payment system, noting that widespread adoption of digital financial services depends on users’ confidence in the safety and reliability of the system.
The initiative also seeks to position Nigeria as a leading global fintech hub. Cardoso highlighted the opportunities created by open banking reforms, which have made more than 100 Application Programming Interfaces (APIs) available for innovation and service development. He expressed confidence that Nigerian entrepreneurs can build globally competitive fintech solutions from cities such as Lagos, Abuja, and Kano.
Furthermore, he linked efficient payment systems to economic growth, noting that modern financial infrastructure can improve productivity, lower transaction costs, stimulate trade, and strengthen investor confidence.
Cardoso called on stakeholders to work collectively to ensure the successful execution of the vision, adding that Nigeria’s payments system transformation is ultimately aimed at reducing poverty, expanding economic participation, and supporting national prosperity.
He reiterated that by 2028, Nigerians should be able to send and receive money securely, affordably, and almost instantaneously, regardless of their location, while enjoying greater access to financial services through a trusted and inclusive digital economy.
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