Nigeria central bank launches 2028 vision to add 50M users

The Central Bank of Nigeria has launched a new strategic plan aimed at dramatically expanding digital financial services and reducing the economy's reliance on cash. Governor Olayemi Cardoso unveiled the Nigeria Payments System Vision 2028 on Monday in Abuja, setting targets to bring 50 million more Nigerians into the formal banking system and to draw trillions of naira currently held outside banks into regulated financial channels by 2028.

The initiative seeks to build on two decades of progress in digital payments, which officials described as having transformed Nigeria into one of Africa's most dynamic financial technology landscapes. Cardoso stated the vision is a strategic roadmap to develop a payment ecosystem that is secure, resilient, inclusive, and globally competitive. He emphasized that modern payment systems are critical national infrastructure that reduce business costs, improve productivity, and broaden economic participation.

A central goal is to achieve 95% financial inclusion within three years. Cardoso said this would mean 50 million more market women, farmers, and young people gaining access to a bank account or digital wallet, with their identities protected...