The Central Bank of Nigeria has launched an ambitious strategy aimed at expanding financial inclusion, strengthening digital payments, and accelerating the country’s transition toward a cashless economy by 2028.
The News Chronicle reports that the new Nigeria Payments System Vision 2028 was unveiled in Abuja by CBN Governor Olayemi Cardoso, who described the initiative as a major step toward building a more inclusive and technology driven financial system.
The program aims to increase financial inclusion to 95 percent, therefore including some 50 million more Nigerians into the official banking sector.
Cardoso claims the vision seeks to give market traders, farmers, craftsmen, and youngsters quicker, safer, more easily available financial services. Through millions of QR-enabled payment outlets across towns, transportation hubs, and rural areas, the CBN also hopes to increase digital payment access.
Stronger security procedures, artificial intelligence solutions, and closer connection of Bank Verification Numbers will also help the central bank to significantly lower fraud losses. These initiatives, authorities hope, will help to bring back trust in digital transactions and lessen reliance on actual money.
Open banking, APIs, and new financial technologies help the roadmap to also stimulate creativity. Stakeholders claim the program can help Nigeria’s digital economy, encourage innovation, increase trade, and establish the nation as one of Africa’s top digital payment centers.
