CBN targets 50m new financial users by 2028 under payments vision

The Central Bank of Nigeria has unveiled an ambitious plan to bring an additional 50 million Nigerians into the formal financial system by 2028, as part of a broader strategy to deepen financial inclusion, expand digital payments, and reduce the country’s dependence on cash transactions.

The initiative forms a major pillar of the newly launched Nigeria Payments System Vision (PSV) 2028, unveiled in Abuja by the Governor of the Central Bank of Nigeria, Olayemi Cardoso.

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Under the framework, the apex bank aims to increase financial inclusion to 95 per cent by 2028, extending access to banking and digital financial services to millions of market women, farmers, artisans, youths, and small business owners currently excluded from the formal financial ecosystem.

Cardoso described financial inclusion as a critical tool for economic transformation, arguing that expanding access to financial services would help reduce poverty, stimulate economic activity, and support Nigeria’s growth ambitions.

“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 name and BVN protecting them,” he said.

According to the CBN governor, efficient payment systems remain one of the fastest ways to improve livelihoods and create economic opportunities for millions of Nigerians.

“One of the fastest ways to take a large number of people out of poverty is through an efficient payments system,” Cardoso stated.

Driving inclusion through digital payments
The new vision seeks to leverage technology to address longstanding barriers to financial inclusion, including limited access to banking infrastructure, high transaction costs, and cumbersome account-opening requirements.

As part of the strategy, the CBN plans to deploy up to 10 million QR-enabled payment acceptance points across markets, transport hubs, rural communities, and commercial centres nationwide. The initiative is expected to make digital payments more accessible to underserved populations and small businesses.

Cardoso said the apex bank would also promote technologies such as open banking, application programming interfaces (APIs), artificial intelligence, and digital wallets to expand access to financial services and encourage greater participation in the formal economy.

The governor stressed that inclusion was not merely about opening bank accounts but about creating pathways for economic empowerment.

“The journey is to impact the lives of the poor. The journey is to lift people out of poverty, and the journey is to have an impact on GDP,” he said.

Five pillars of the vision
Providing details of the framework, the CBN’s Deputy Governor for Economic Policy, Muhammad Sani Abdullahi, said PSV 2028 was built around five strategic pillars designed to strengthen Nigeria’s digital financial ecosystem.

The pillars include payment infrastructure and interoperability, digital financial inclusion and consumer protection, innovation and emerging technologies, cross-border payments, and regulation and cybersecurity.

According to Abdullahi, the financial inclusion pillar specifically seeks to reduce exclusion across gender, geography, and income groups while integrating more individuals and micro-enterprises into the formal economy.

He noted that modern payment systems have evolved into critical economic infrastructure that supports trade, investment, innovation, and productivity.

“Every successful payment represents more than a financial transaction. It enables commerce, supports enterprise, facilitates trade, connects markets, and creates opportunities for economic participation,” he said.

Abdullahi added that strengthening interoperability among banks, fintech firms, and payment providers would lower transaction costs and improve access to financial services across the country.

Building on past gains
The Director of Payments System Policy at the CBN, Musa Jimoh, said Nigeria’s financial inclusion journey began with the Payment System Vision 2020 launched in 2007.

At the time, the country’s financial system was heavily dependent on cash and had limited electronic payment infrastructure.
Jimoh explained that the CBN identified three major obstacles to inclusion: high banking costs, limited access to financial institutions, and strict account-opening requirements.

To address these challenges, the apex bank introduced initiatives such as agent banking and the cashless policy.

“Today, we are proud to announce that we have over two million agents spread across the country,” he said.

According to him, the rapid expansion of agent banking networks has significantly improved access to financial services while creating employment opportunities across urban and rural communities.

Trust remains critical
Despite the progress made, Cardoso acknowledged that trust in digital payment systems remains a major challenge.
He recalled recent experiences where traders preferred cash transactions over electronic transfers because of concerns about payment reliability.

“We need to do a lot more work to build trust and to ensure that people have no doubt that they are dealing with a strong and reliable payments system,” he said.

To address these concerns, the CBN plans to strengthen consumer protection measures and enhance cybersecurity across the payments ecosystem. The apex bank is also targeting a significant reduction in payment fraud through the deployment of artificial intelligence, improved identity verification systems, and advanced fraud-detection tools.

The Executive Vice Chairman of the Nigerian Communications Commission, Aminu Maida, said improved broadband infrastructure and greater collaboration among regulators would be crucial to achieving the inclusion targets.

He noted that expanding connectivity across underserved communities would help unlock access to digital financial services and support the federal government’s broader economic development agenda.

For the CBN, however, the ultimate measure of success will be implementation.

“The quality of this document will not measure the success of PSV 2028. It will be measured by execution,” Cardoso said.

If achieved, the vision would represent one of the largest financial inclusion expansions in Nigeria’s history, potentially bringing tens of millions of previously unbanked citizens into the formal economy while accelerating the country’s transition towards a digitally driven financial system.