CBN Launches Payment System Vision 2028 for Financial Inclusion

On [date not specified], Mr. Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), launched the Payment System Vision 2028 (PSV 2028) in Abuja. This initiative aims to achieve 95% financial inclusion in Nigeria by 2028, targeting an additional 15 million Nigerians to enter the formal financial system.

The PSV 2028 framework is designed to enhance digital transactions, reduce electronic fraud losses, and strengthen Nigeria's position in the global fintech landscape. Cardoso emphasized the importance of consistent execution of the document to ensure success, warning against the country's historical pattern of policy disruptions.

The initiative is expected to contribute to GDP growth, improve productivity, and reduce transaction costs. Key figures at the launch included Mr. Abubakar Suleiman of Sterling Bank PLC, Mr. Premier Oiwoh of NIBSS, Dr. Emomotimi Agama of SEC, and Mr. Deremi Atanda of RPSL.

The CBN aims to reduce fraud losses to below 0.001% of total transactions by 2028, leveraging advanced identification systems and artificial intelligence for fraud detection.