The Central Bank of Nigeria has said it is implementing a reform targeting 95 per cent financial inclusion, and “faster-than-a-blink” digital transactions, bringing millions more market women, farmers, and young people into the formal financial system. Speaking during the launch of the Payments System Vision 2028 (PSV 2028) Monday, the CBN Governor, Olayemi Cardoso, noted that “the goal is inclusion, not exclusion.” “By 2028, cash should no longer be king.
We need to do a lot more work to build trust and ensure people have no doubt they are dealing with a strong and reliable payment system. “A payment system is only as strong as the trust people have in it,” he said, noting that by 2028, the vision is to reduce fraud losses to less than 1% of all transactions and make people’s money safer in the digital system than under their mattresses The apex bank governor, alongside other top CBN officials, explained that the document went beyond policy design, describing PSV 2028 as a blueprint for how Nigerians will transact, trade, save, and participate in an increasingly digital economy.
He described payment infrastructure as “invisible roads that move money,” stressing that efficient systems are now central to economic growth, competitiveness, and poverty reduction. Cardoso warned against the country’s long-standing “start-stop” policy cycle, insisting that execution, not documentation, will define success.
He said, “The success of this vision will not be measured by the document, but by execution.” The central bank governor said PSV 2028 was built on Nigeria’s two decades of rapid payments transformation, driven by instant payments, fintech expansion, and digital adoption.
According to him, the new framework will strengthen infrastructure, deepen inclusion, support innovation, enhance resilience, and improve the country’s integration into regional and global payment systems. Cardoso emphasised implementation discipline, warning that reforms often lose impact due to inconsistent execution.
He said Nigeria must break from the pattern of policy disruption, insisting that continuity remains essential to unlocking long-term economic gains.