The Central Bank of Nigeria has unveiled an ambitious plan to bring about N2.83tn currently held outside the banking system into formal financial channels and expand financial inclusion by onboarding 50 million additional Nigerians by 2028.
The targets form part of the Nigeria Payments System Vision 2028 unveiled by the Governor of the Central Bank of Nigeria, Olayemi Cardoso, on Monday in Abuja, as the apex bank seeks to deepen digital payments, strengthen trust in financial services, reduce cash dependence, and position Nigeria as a leading payments hub in Africa.
The target is coming a few months before Nigeria’s 2027 general elections, with the Independent National Electoral Commission scheduling the presidential and National Assembly polls for January 16, 2027, and governorship and state assembly elections for February 6, 2027, amid renewed concerns over cash-driven campaigns, vote-buying, and higher legal spending limits for candidates.
The launch brought together regulators, banks, fintech operators, telecommunications firms, development partners, and other stakeholders in the financial services ecosystem.
Cardoso said the initiative was not merely about technology or financial transactions but about creating economic opportunities, reducing poverty, and accelerating growth. According to him, efficient payment systems remain among the fastest ways to lift large numbers of people out of poverty.
