CBN launches PSV 2028 to achieve 95% financial inclusion by 2028
The Central Bank of Nigeria officially launched Nigeria Payment System Vision 2028 on Monday, targeting 95% financial inclusion for adult population by 2028. CBN Governor Olayemi Cardoso revealed the strategy aims to bring 50 million additional Nigerians into formal financial system, reduce cash outside banking to below 40%, and deploy 10 million QR-code acceptance points nationwide.
The vision will transform how Nigerians transact, trade, save, and invest in digital economy, while reducing fraud to less than 0.001% of total transactions through advanced identity verification. NIBSS CEO Premier Oiwoh advocated zero transfer fees, saying excessive charges discourage electronic payments: "If you have N10,000 and I'm going to make a transfer, I'll pay N15. That's no longer N10,000. As a Nigerian, I'll keep it in my pocket."
Implementation requires collaboration from government agencies, financial institutions, and fintechs. Cardoso emphasized: "Success will be measured by execution, not by the quality of the document." Will you benefit from expanded digital services, and should financial apps be zero-rated to encourage adoption?