CBN Targets 95% Financial Inclusion by 2028 as Cardoso Unveils Digital Payments Vision
The Central Bank of Nigeria (CBN) has unveiled an ambitious plan to achieve 95 percent financial inclusion by 2028, a move aimed at expanding access to banking services and accelerating the country’s digital economy. Speaking at the launch of the Payments System Vision (PSV) 2028 in Abuja, CBN Governor Olayemi Cardoso said the initiative is designed to ensure that more Nigerians, especially those in underserved communities, can access secure and efficient financial services.
Cardoso explained that the vision goes beyond banking and digital payments, emphasizing its potential to improve livelihoods and drive economic growth. According to him, the strategy is focused on lifting millions of Nigerians out of poverty by providing greater access to financial tools that support savings, investments, and business growth. He noted that a more inclusive financial system would contribute significantly to Nigeria’s Gross Domestic Product (GDP).
Highlighting the country’s progress in digital payments, the CBN governor said Nigeria’s payment infrastructure has become one of the most advanced in Africa. He noted that the Nigeria Inter-Bank Settlement System (NIBSS) currently processes millions of instant transactions daily, with most payments completed in less than 10 seconds. Cardoso expressed confidence that by 2028, Nigerians across every region of the country will be able to send and receive money almost instantly.
A major target of the Payments System Vision is to bring an additional 50 million Nigerians into the formal financial sector. According to Cardoso, market women, farmers, entrepreneurs, and young people are among those expected to benefit from expanded access to bank accounts and digital wallets secured by the Bank Verification Number (BVN) system. He stressed that the goal is to promote inclusion rather than exclusion, ensuring that financial services become accessible to every Nigerian.
The CBN also plans to reduce the nation’s dependence on cash while strengthening trust in digital transactions. Cardoso revealed that the apex bank is targeting fraud losses of less than 0.001 percent of total digital transactions by 2028. To achieve this, the bank will leverage stronger identity verification systems, deeper BVN integration, artificial intelligence-powered fraud detection, and continuous innovation within the payments ecosystem. He described the initiative as a collective national project that will help build a faster, safer, and more inclusive financial system for all Nigerians.
source: The cable