CBN LAUNCHES PAYMENTS SYSTEM VISION 2028 — TARGETS 95% FINANCIAL INCLUSION AND CASH-LITE ECONOMY

Framework unveiled June 1; 15 million more Nigerians to gain formal banking access; AfCFTA payments integration included

 The Central Bank of Nigeria has unveiled a four-year strategic roadmap for Nigeria's digital payments infrastructure, setting a target of 95 per cent financial inclusion by 2028 and committing to build a system capable of bringing 15 million more Nigerians into the formal financial system.

CBN Governor Olayemi Cardoso launched the Nigeria Payments System Vision 2028 at an Abuja event attended by banking executives, fintech operators, regulators, and development partners. He described the initiative as a transformation of how Nigerians make payments, save, invest, and conduct business. "By 2028, cash should no longer be king," he said.

The roadmap aims to position Nigeria among Africa's leading payment ecosystems by promoting faster, safer, and more efficient digital transactions. It builds on Nigeria's two decades of rapid payments transformation driven by instant payment systems, fintech expansion, and digital adoption, the CBN said.

PSV 2028 also includes a cross-border payments integration component aligned with the African Continental Free Trade Area framework, enabling Nigerian businesses to participate more effectively in regional and global trade. The CBN said the initiative would reduce transaction costs, boost public confidence in digital payment channels, and encourage greater collaboration between banks, fintechs, and technology providers.

The framework also addresses the eNaira, Nigeria's central bank digital currency, signalling a major rethink of its role. Rather than positioning it as a standalone digital wallet competing with banks and fintechs, the CBN wants the eNaira to become part of Nigeria's payments infrastructure, the eNaira has processed approximately ₦22 billion in transactions since launch, far short of expectations.