Olayemi Cardoso, the governor of the Central Bank of Nigeria (CBN) has said that an efficient payment system remains one of the quickest ways to lift millions of Nigerians out of poverty.
Cardoso made the remark on Monday in Abuja during the unveiling of the Nigeria Payments System Vision 2028, a strategic roadmap aimed at building a secure, resilient, inclusive and globally competitive payment ecosystem.
Addressing regulators, banks, fintech operators, development partners and other stakeholders, the CBN governor said payment systems should not be viewed merely as tools for processing transactions but as critical infrastructure capable of transforming lives and driving national development.
“One of the fastest ways to take a large number of people out of poverty is through an efficient payments system. It’s through an efficient payment system. So let us not look at it lightly,” Cardoso said.
He noted that Nigeria’s payment ecosystem had grown into one of the most innovative in the world over the last two decades, driven by digital adoption, fintech innovation and instant payment solutions.
“Today, we unveil more than a payment strategy. We unveil a vision for how Nigerians will transact, trade, save, invest, and participate in an increasingly digital economy,” he said.
According to Cardoso, payment infrastructure has become a strategic national asset that reduces the cost of doing business, boosts productivity, promotes transparency, supports trade and broadens participation in economic activities.
“In a modern economy, payment infrastructure is not simply a financial utility. It is a strategic national asset,” he stated.
The CBN governor explained that the Payments System Vision 2028 aligns with broader economic reforms introduced by the apex bank since 2023 and is designed to strengthen the efficiency, resilience and international connectivity of Nigeria’s payments ecosystem.
He said the initiative would facilitate trade and remittance flows, deepen investor confidence and improve Nigeria’s balance of payments position over time.
Cardoso added that the vision seeks to ensure that every Nigerian participates meaningfully in the digital economy while positioning the country to benefit from opportunities under the African Continental Free Trade Area and the expansion of digital commerce.
He disclosed that the CBN is targeting 95 per cent financial inclusion by 2028, a goal that could bring an additional 50 million market women, farmers and young people into the formal financial system.
“Under Vision 2028, I would like to see this reaching 95 per cent inclusion. That means 50 million more market women, farmers, and young people will have a bank account or wallet in their name with their name and BVN protecting them,” he said.
The apex bank governor also outlined plans to reduce the volume of cash circulating outside the banking system, expand digital payment acceptance through QR codes and tap-to-phone technology, and strengthen confidence in electronic transactions.
According to him, the CBN aims to reduce cash outside the banking system to less than 40 per cent of money in circulation while driving digital payment adoption across markets, transport hubs and rural communities.
He further revealed that the bank is targeting fraud losses of less than 0.001 per cent of total transactions by 2028 through stronger identity verification processes, artificial intelligence-driven fraud detection and deeper integration of the Bank Verification Number system.
“A payment system is only as strong as the trust people have in it,” Cardoso said.
Highlighting the broader impact of the initiative, he stressed that its success would ultimately be measured by improvements in the lives of ordinary Nigerians.
“The journey is to impact the lives of the poor. That’s part of it and a major part of it. The journey is to lift people out of poverty, and the journey is to have an impact on GDP,” he added.
Also speaking at the event, the CBN Deputy Governor for Economic Policy, Dr Muhammad Abdullahi, described the Payments System Vision 2028 as a strategic framework that would shape the future of payments, commerce and economic interactions in Nigeria.
He said the framework is built around five key pillars: payment infrastructure, financial inclusion, innovation, cross-border payments, and regulation and cybersecurity.
“Financial inclusion is an economic growth strategy. Bringing individuals and MSMEs into the formal financial net deepens national liquidity, expands the tax base, and connects small businesses to new markets,” Abdullahi said.
The deputy governor added that Nigeria plans to deepen integration with the Pan-African Payment and Settlement System and the African Continental Free Trade Area framework to reduce cross-border payment costs, facilitate trade and strengthen the country’s position as a regional settlement hub.
Earlier, the Director of Payments System Policy at the CBN, Musa Jimoh, said Nigeria’s payments transformation journey began in 2007 with the introduction of the Payment System Vision 2020, aimed at modernising a largely cash-based economy.
He noted that the apex bank had introduced initiatives such as agent banking and the cashless policy to reduce barriers to financial inclusion and improve access to financial services.
“Today, we are proud to announce that we have over two million agents spread across the country,” Jimoh said.
He added that the new vision seeks to deepen financial inclusion, strengthen trust in digital financial services and improve Nigeria’s competitiveness in the global payments landscape.
