The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has said that an efficient national payment system remains one of the fastest tools for reducing poverty in the country.
He made this known on Monday in Abuja during the official unveiling of the Nigeria Payments System Vision 2028, a new policy framework aimed at reshaping how financial transactions are carried out across the economy.
Cardoso explained that modern payment infrastructure should not be viewed only as a channel for transactions, but as a major driver of economic growth, job creation, financial inclusion, and poverty reduction.
According to him, “One of the fastest ways to take a large number of people out of poverty is through an efficient payments system,” stressing that the issue should not be taken lightly.
He noted that the new vision builds on Nigeria’s progress in digital finance over the past two decades, positioning the country’s payment ecosystem to become more secure, resilient, inclusive, and globally competitive.
The CBN governor said the initiative goes beyond policy documentation, describing it as a roadmap for how Nigerians will transact, save, invest, and participate in a fast-growing digital economy.
He added that payment systems have now become critical national infrastructure, capable of reducing business costs, improving productivity, strengthening transparency, and supporting trade.
Cardoso further stated that the plan is designed to deepen ongoing economic reforms and improve Nigeria’s position in global trade and investment flows, particularly under the African Continental Free Trade Area framework.
A major target under the Vision 2028 plan is achieving 95 per cent financial inclusion by 2028, which he said could bring about 50 million additional Nigerians, including market women, farmers, and young people, into the formal financial system.
The policy also aims to reduce the volume of cash circulating outside the banking system to below 40 per cent, while expanding digital payment options such as QR codes and tap-to-phone technologies across markets and transport systems.
Cardoso also disclosed that the Central Bank is targeting a sharp reduction in fraud, aiming for losses of less than 0.001 per cent of total transactions through stronger identity verification, artificial intelligence monitoring, and improved use of the Bank Verification Number system.
He said open banking reforms have already enabled over 100 licensed application programming interfaces, creating space for innovation and fintech expansion in the financial sector.
Also speaking at the event, the Deputy Governor of Economic Policy at the Central Bank of Nigeria, Dr Muhammad Abdullahi, said the success of Nigeria’s economy increasingly depends on fast, secure, and seamless money movement across all sectors.
He described the Vision 2028 framework as a strategic blueprint built on five pillars: payment infrastructure, financial inclusion, innovation, cross-border payments, and regulation and cybersecurity.
Abdullahi explained that the plan will modernise national payment systems, ensure full interoperability among banks and fintechs, and expand real-time payment services nationwide.
He added that financial inclusion would be expanded through mobile platforms, agent banking networks, and targeted services for women, youths, rural communities, and small businesses.
According to him, “Financial inclusion is an economic growth strategy,” noting that it strengthens liquidity, expands the tax base, and connects small businesses to wider markets.
On innovation, he said the framework will leverage technologies such as artificial intelligence, blockchain, open banking, and digital identity systems to improve efficiency and create new economic opportunities.
He also said Nigeria aims to deepen integration with regional payment systems to reduce cross-border transaction costs and strengthen its role as a financial hub in Africa.
Representatives from the Securities and Exchange Commission and the Nigerian Communications Commission also supported the initiative, describing it as critical to building a stronger digital economy and achieving national economic targets.
They urged stronger collaboration among regulators, stressing that issues such as fraud and cybersecurity require coordinated responses across all sectors.
The stakeholders collectively agreed that the success of the Vision 2028 agenda will depend largely on effective implementation and measurable outcomes rather than policy announcements alone.