Abuja, June 2, 2026 -The Central Bank of Nigeria (CBN) plans to bring about N2.83 trillion currently outside the banking system into formal financial system by 2028.
The apex bank also plans to expand financial inclusion by binging 50 million additional Nigerians into the banking system by 2028.
Olayemi Cardoso, the governor of the apex bank, disclosed this in Abuja on Monday while unveiling the Nigeria Payments System Vision 2028.
He 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.
“One of the fastest ways to take a large number of people out of poverty is through an efficient payments system. It’s through an efficient payment system. So let us not look at it lightly,” Cardoso said.
The governor described the Payments System Vision 2028 as a strategic roadmap that would shape how Nigerians transact, save, invest, trade, and participate in the digital economy over the next three years.
“Today, we unveil more than a payment strategy. We unveil a vision for how Nigerians will transact, trade, save, invest, and participate in an increasingly digital economy,” he said.
Cardoso disclosed that the apex bank intends to reduce cash outside the banking system to less than 40 per cent of money in circulation by 2028.
“I would like to see a situation where we will reduce cash outside the banking system to less than 40 per cent of money in circulation,” he said.
Cardoso said financial inclusion under the vision would rise to 95 per cent by 2028, bringing an estimated 50 million additional Nigerians into the banking and digital payments ecosystem.
“Under Vision 2028, I would like to see this reaching 95 per cent inclusion. That means 50 million more market women, farmers, and young people will have a bank account or wallet in their name, with their name and BVN protecting them,
“The journey is to impact the lives of the poor. That’s part of it and a major part of it. The journey is to lift people out of poverty, and the journey is to have an impact on GDP,” he said.
Dr Muhammad Abdullahi, the CBN Deputy Governor, Economic Policy Directorate, said the Payments System Vision 2028 was built around five strategic pillars of infrastructure and interoperability, digital financial inclusion, innovation and emerging technologies, cross-border payments, and regulation and cybersecurity.
He described the modern payment systems as critical economic infrastructure that supports trade, investment, innovation, productivity, and financial inclusion.
“Every successful payment represents more than a financial transaction. It enables commerce, supports enterprise, facilitates trade, connects markets, and creates opportunities for economic participation,” he said
