CBN Launches Payment System Vision 2028 for Financial Inclusion

The Central Bank of Nigeria (CBN) launched the Payment System Vision 2028 (PSV 2028) to deepen financial access and expand payment systems within the country. CBN Governor Olayemi Cardoso emphasized the need for a modern payment infrastructure to foster fintech growth and drive Nigeria's digital financial revolution.

The initiative aims to include an additional 15 million Nigerians in the formal financial system, achieving 95% financial inclusion while addressing the challenges of electronic fraud that threaten trust in the system. Cardoso outlined that the vision seeks to connect payment infrastructure directly to poverty reduction and expand access to financial services, thereby reducing reliance on cash.

PSV 2028 is designed to position Nigeria as a global fintech hub, with a focus on creating opportunities for innovative financial products and services. The framework also includes measures to drastically reduce electronic fraud losses and enhance transaction speeds, ensuring Nigeria's competitiveness in the global fintech landscape.