CBN Governor Cardoso Unveils Payments System Vision 2028, Targets 95% Financial Inclusion

Governor of the Central Bank of Nigeria, Mr Olayemi Cardoso, has launched the Payments System Vision 2028, a sweeping reform framework targeting 95 per cent financial inclusion across the country.

Speaking at the ceremony in Abuja, Cardoso described the vision as a blueprint for how Nigerians will transact, trade, save and participate in an increasingly digital economy. He said the initiative aims to add 15 million Nigerians into the formal financial system while drastically reducing electronic fraud losses.

Cardoso described payment infrastructure as “invisible roads that move money,” stressing that efficient systems are now central to economic growth, competitiveness and poverty reduction.

He warned against Nigeria’s long-standing “start-stop” policy cycle, insisting that execution, not documentation, would define the success of the vision.

“The success of this vision will not be measured by the document, but by execution,” Cardoso said.

The Payments System Vision 2028 also strengthens identity systems, incorporates artificial intelligence-driven security measures and builds a trust architecture aimed at curbing electronic fraud. The framework is expected to foster the emergence of globally competitive Nigerian fintech unicorns.

Cardoso was joined at the event by top banking executives including the Chief Executive of Sterling Bank, Mr Abubakar Suleiman, and the Managing Director of the Nigeria Inter-Bank Settlement System.

The launch comes as Nigeria’s economy shows signs of recovery with GDP growth of 3.89 per cent in the first quarter of 2026 and external reserves standing at $49.34 billion.

Sources: ThisDay, Punch, Vanguard