CBN Governor Olayemi Cardoso says an efficient payment system is “one of the fastest ways” to lift millions of Nigerians out of poverty as the apex bank launched its Nigeria Payments System Vision 2028.
Speaking at the Abuja unveiling on Monday, Cardoso said payments infrastructure must move beyond transactions to drive economic growth, job creation, financial inclusion and poverty reduction.
“One of the fastest ways to take a large number of people out of poverty is through an efficient payments system. So let us not look at it lightly,” he stated.
The Vision 2028 document builds on Nigeria’s digital payments progress and sets a roadmap for a secure, resilient, inclusive and globally competitive ecosystem.
Cardoso set a 95% financial inclusion target by 2028, saying 50 million more market women, farmers and youths would get bank accounts or wallets with BVN protection.
He also outlined plans to cut cash outside banks to under 40% of money in circulation and reduce fraud losses to less than 0.001% of transactions using AI and stronger identity verification.
CBN Deputy Governor Muhammad Abdullahi said the framework rests on five pillars: infrastructure, inclusion, innovation, cross-border payments, and regulation/cybersecurity.
He added it will support AfCFTA trade and position Nigeria as a regional settlement hub.
Regulators including SEC DG Emomotimi Agama and NCC boss Aminu Maida backed the vision, with Maida linking it to the $1tn economy goal and urging more fibre/broadband rollout.
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