CBN’s Payments Vision 2028: N2.83tn Cash Target, 50 Million New Users
The Central Bank of Nigeria has launched the Nigeria Payments System Vision 2028, an ambitious roadmap to pull N2.83 trillion cash currently held outside the banking system into formal channels and onboard 50 million more Nigerians by 2028.
Governor Olayemi Cardoso unveiled the plan Monday in Abuja, saying it’s about more than technology. _“One of the fastest ways to take a large number of people out of poverty is through an efficient payments system,”_ he said. The goal is to cut cash outside banks from 90% of currency in circulation to under 40% by 2028, while pushing financial inclusion from current levels to 95%.
Why the push now?
With April 2026 data showing N5.08tn of the N5.65tn currency in circulation was outside banks, CBN aims to return about N2.83tn to the formal system. That shift would boost liquidity, strengthen monetary policy, and help lenders fund more economic activity. The timing also matters with 2027 general elections approaching, as regulators worry about cash-driven campaigns and vote-buying.
50 million new accounts
Cardoso said Vision 2028 will bring _“50 million more market women, farmers, and young people”_ into the banking system with accounts or wallets protected by BVN. CBN’s Deputy Governor, Dr. Muhammad Abdullahi, outlined 5 pillars: upgraded infrastructure + interoperability, digital inclusion + literacy, innovation like AI and open banking, cross-border payments via PAPSS/AfCFTA, and stronger regulation + cybersecurity.
Stakeholder buy-in
The plan was backed by SEC, NCC, banks, fintechs, and telcos. NCC’s Aminu Maida said expanding fibre and broadband is key, while SEC’s Emomotimi Agama noted Nigeria is already a global reference for digital payments.
Cardoso stressed execution over policy: “Vision 2028 is not a government project. It is a Nigerian project. Together, we will build a payments system that is fast, inclusive, secure, and proudly Nigerian.”