Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), has challenged banks, fintech firms and payment service providers to significantly reduce fraud, expand financial inclusion and accelerate Nigeria’s transition to a fully digital economy by 2028.
Cardoso made the call in Abuja during the launch of the Payments System Vision 2028 (PSV 2028), a strategic roadmap designed to strengthen Nigeria’s payments ecosystem, boost financial inclusion and support economic growth.
A key target of the new payments vision is a drastic reduction in financial fraud across the digital ecosystem.
Cardoso said operators must work towards reducing fraud-related losses to less than 0.001 per cent of total transactions by 2028, leveraging advances in technology, stronger identity management systems and artificial intelligence-driven monitoring tools.
“By 2028, we must commit to cutting fraud losses to less than 0.001 per cent of all transactions. With NIMC, BVN linkage and AI fraud detection, people’s money must be safer in the digital system than under their mattress,” he said.
According to the CBN governor, growing trust in digital payment channels will be critical to achieving Nigeria’s broader financial inclusion and cashless economy objectives.
Cardoso also unveiled an ambitious target to increase financial inclusion to 95 per cent of Nigeria’s adult population by 2028.
He noted that millions of Nigerians, particularly market women, farmers, artisans and young people, remain outside the formal financial system and must be brought into the digital economy.
“In 2023, a very large number of Nigerian adults had access to financial services. Under Vision 2028, I would like to see this reaching 95 per cent inclusion. That means 50 million more market women, farmers and young people will have a bank account or wallet in their name, with their BVN protecting them,” he said.
The initiative is expected to expand access to banking services, digital wallets, savings products and electronic payments, particularly in underserved and rural communities.
The CBN governor highlighted the achievements of the Nigerian Inter-Bank Settlement System (NIBSS), which currently processes millions of instant payments daily, with most transactions completed in less than 10 seconds.
Building on that progress, he said the vision is to make near-instant payments available to every Nigerian, regardless of location.
“Every Nigerian, from Maiduguri to Brass, will send and receive money faster than they can blink,” Cardoso stated.
He described PSV 2028 as a national project that requires collaboration among regulators, banks, fintech firms and other stakeholders.
“Last year alone, Nigerians moved trillions electronically. This is the power of our people when given the right tools. Vision 2028 is not a government project; it is a Nigerian project. Together, we will build a payments system that is fast, inclusive, secure and proudly Nigerian,” he said.
Cardoso emphasised the need to strengthen public confidence in digital transactions and reduce reliance on physical cash.
According to him, the CBN aims to reduce the volume of cash circulating outside the banking system to less than 40 per cent of total currency in circulation by 2028.
He argued that as payment platforms become more secure, reliable and accessible, cash should play a less dominant role in everyday economic activities.
“We need to do a lot more work to build trust and ensure that people have no doubt they are dealing with a strong and reliable payments system,” he said.
As part of efforts to deepen digital payment adoption, Cardoso disclosed plans to deploy 10 million Quick Response (QR) codes across the country and expand tap-to-phone payment technology.
The initiative will target markets, transport hubs, farming communities and small businesses, making digital payments more accessible and affordable for millions of Nigerians.
“With 10 million QR codes and tap-to-phone at every market, bus park and farm gate, Nigerians will pay digitally, safely and cheaply,” he said.
