The Central Bank of Nigeria has officially launched the Nigeria Payment System Vision 2028, a strategic roadmap designed to expand financial inclusion to 95 percent of the adult population and transform the country's digital payments landscape. CBN Governor Olayemi Cardoso unveiled the initiative at a ceremony in Abuja on Monday, emphasizing that PSV 2028 will strengthen Nigeria's digital economy over the next three years.
Key Targets of PSV 2028
Cardoso stated that the roadmap aims to bring an estimated 50 million additional Nigerians into the formal financial system by 2028. This includes market women, farmers, and young people who will gain access to bank accounts or wallets protected by their Bank Verification Numbers. The initiative builds on Nigeria's progress in digital payments and seeks to accelerate the transition toward a more inclusive, technology-driven ecosystem.
The CBN governor noted that Nigeria's payments ecosystem has evolved into one of the most dynamic and innovative in the world over the past two decades. He highlighted that instant payments, digital adoption, and fintech-led innovation have set the pace on the continent, though global narratives have not always reflected this progress.
Reducing Cash and Enhancing Infrastructure
Under PSV 2028, the CBN aims to reduce cash circulating outside the banking system to below 40 percent of total currency in circulation. The bank plans to deploy more than 10 million QR-code and tap-to-pay acceptance points across markets, transport hubs, rural communities, and commercial centers nationwide. Additionally, fraud losses are targeted to drop below 0.001 percent of total transactions through the deployment of artificial intelligence and advanced identity verification systems.
Cardoso emphasized that payment infrastructure has become a strategic national asset capable of improving productivity, reducing transaction costs, increasing transparency, and supporting trade and investment. The Nigeria Inter-Bank Settlement System currently processes millions of instant transactions daily, with most settlements completed in less than 10 seconds. The new vision aims to further improve transaction speed, reliability, and security.
Call for Zero Transfer Fees
Speaking at the launch panel, NIBSS CEO Premier Oiwoh advocated for the elimination of transfer charges on digital transactions. He argued that transaction fees and data costs discourage the use of electronic payments. Oiwoh stated that financial data and apps should be fee-free, noting that excessive charges prompt users to keep cash instead of making transfers. He called for Nigeria to lead in zero-rating fees for financial transactions, which has already been implemented in some countries.
Implementation and Collaboration
Cardoso stressed that the success of PSV 2028 will depend on execution rather than policy documentation. He called for sustained collaboration from government agencies, financial institutions, fintech companies, technical providers, development partners, academia, and payment system users. The vision also aims to modernize national payments infrastructure for intra-African trade, accelerate regional commerce, and enhance export competitiveness. According to the CBN, actualizing this vision will transform Nigeria from a passive participant in global finance into an active engine for continental economic integration.
