CBN targets 95% financial inclusion by 2028 via PSV 2028; OPay backs push with agent banking, tech investments
CBN's Payment System Vision 2028 targets approximately 95% financial inclusion by 2028 through expanded mobile money adoption, agent banking networks, simplified onboarding, and improved financial literacy. OPay confirms its alignment by investing in agent banking and mobile-first services to reach rural and underserved Nigerians still excluded from formal finance due to limited banking infrastructure. The framework emphasizes strengthening payment infrastructure via enhanced interoperability, real-time transaction processing, improved payment switching systems, and alignment with global standards like ISO 20022 to handle rising digital transaction volumes reliably. Innovation drivers identified include Open Banking, AI, digital identity, embedded finance, and blockchain—focused on solving real customer challenges rather than technology for its own sake. Cybersecurity is a key pillar, with CBN aiming to reduce fraud losses below 0.0001% of transaction volumes through continuous investment in security systems, fraud prevention, customer support, and financial education, as OPay stresses trust is critical for digital service adoption. Additionally, the NRBVN platform launched in May 2025 by CBN and NIBSS enables Nigerians abroad to obtain BVN remotely, simplifying diaspora access to financial services. With PSV 2028 pushing for near-universal inclusion by 2028 through safer, more innovative payment systems, will you explore mobile money or agent banking options to access formal financial services, especially if you've faced barriers due to location or documentation?