Central Bank of Nigeria (CBN) on Monday said it plans to move half of Nigeria’s cash into the banking system and bring 50 million more people into formal finance by 2028.
The plan was unveiled by CBN Governor Olayemi Cardoso on Monday in Abuja during the launch of _Payments System Vision 2028 (PSV 2028)_, a new roadmap to modernize payments, expand inclusion, and build trust in digital transactions.
According to the plan, key targets for 2028 include to cut cash outside banks; reduce it from 90% to under 40% of money in circulation.
CBN data shows N5.08tn of the N5.65tn currency in circulation in April 2026 was held outside banks — roughly N90 of every N100.
CBN’s plan is to hit 95% financial inclusion; up from 74% in 2023. That means adding about 50 million market women, farmers, and young people with BVN-protected accounts or wallets.
The plan also seeks to slash fraud losses; cap digital payment fraud at less than 0.001% of total transactions using AI tools, stronger BVN integration, and better identity systems.
Cardoso said reducing cash dependence will improve monetary policy transmission, boost transparency, and lower costs for businesses. But he admitted trust is still a problem.
Recalling Sallah celebrations, he noted many traders rejected card payments. “I don’t blame them. It’s us I blame. We need to do more work to build trust,” he said.
The CBN is banking on Nigeria’s open banking framework, over 100 licensed APIs already available plus fintechs and agent banking networks that helped push inclusion from 68% in 2020 to 74% in 2023.
“We must build the invisible roads that move money, just as government builds roads, schools and hospitals,” Cardoso stated. He called PSV 2028 “not a government project, but a Nigerian project,” urging banks, fintechs, regulators, and partners to collaborate.
CBN’s Director of Payments System Policy, Musa Jimoh, said the strategy replaces the 2007 roadmap to match faster tech changes and consumer expectations.
Cardoso reiterated that if achieved, the plan would make digital money safer and more convenient than “cash under the mattress.”
