CBN Aims for 95% Financial Inclusion by 2028

The Central Bank of Nigeria (CBN) has launched the Payment System Vision (PSV) 2028, targeting 95% financial inclusion for the adult population by 2028. CBN Governor Olayemi Cardoso described this strategy as a blueprint designed to transform Nigerian transactions, savings, investments, and participation in the digital economy over the next three years.

The initiative is expected to integrate an estimated 50 million additional Nigerians into the formal financial system by 2028, strengthen payment infrastructure, reduce cash dependency, and support economic growth. Cardoso emphasized that the new vision aims to build Nigeria's progress in digital payments, accelerating the country's transition towards a technology-driven financial ecosystem.

The PSV 2028 outlines several ambitious targets to enhance Nigeria's digital transformation and strengthen confidence in electronic payments. Currently, the Nigeria Inter-Bank Settlement System processes millions of instant transactions daily, with settlement completed in less than 10 seconds, and aims to further improve transaction speed and reliability in the coming years.