The Central Bank of Nigeria (CBN) has unveiled a sweeping plan to transform the country’s financial system, declaring that digital payments will replace cash dominance by 2028.
CBN Governor Olayemi Cardoso announced the Nigeria Payments System Vision 2028 in Abuja on Monday.
The plan targets 95% financial inclusion, reduced fraud, and a major shift away from cash transactions.
“Cash should no longer be king.”
“We unveil a vision for how Nigerians will transact, trade, save, invest and participate in a digital economy.”
Current data shows ₦5.08tn of ₦5.65tn in circulation remains outside banks, reflecting heavy reliance on cash.
Driving Digital Payments And Inclusion
Cardoso said the CBN plans to reduce cash outside banks to below 40% of total circulation.
He also aims to bring 50 million more Nigerians into the formal financial system.
“That means 50 million more market women, farmers and young people will have a bank account.”
The policy builds on earlier gains, with financial inclusion rising from 68% in 2020 to 74% in 2023.
The strategy focuses on faster transactions, improved reliability, and wider access through mobile platforms.
Trust, Security And Economic Impact
Cardoso said trust remains a major barrier to digital adoption, citing failed transactions and delays.
“We need to do a lot more work to build trust… in a reliable payments system.”
The CBN plans to cut fraud losses to near zero using BVN, NIN integration, and AI-based monitoring.
“A payment system is only as strong as the trust people have in it.”
The CBN said modern payment systems now drive trade, productivity, and economic growth.
“Payment infrastructure… is a strategic national asset.”
The plan also supports Nigeria’s role in African trade under the AfCFTA framework.
Officials say better payment systems will help businesses expand, reduce costs, and access new markets.
The success of the programme will depend on execution and collaboration across banks, fintech firms, and regulators.
Rate, Like 👍, Comment 💬, Share this article, Follow us on our social media handles, and Submit your own story to get featured and earn rewards!
WhatsApp Channel
Telegram Channel
