…unveils Payments System Vision 2028
The Central Bank of Nigeria (CBN) has reaffirmed its commitment to reducing fraud-related losses in digital payment transactions to less than one per cent by 2028 through enhanced Bank Verification Number (BVN) integration and the deployment of Artificial Intelligence (AI)-driven fraud detection technologies.
CBN Governor, Mr. Olayemi Cardoso, made the commitment yesterday in Abuja during the unveiling of the Nigeria Payments System Vision (PSV) 2028. He also announced plans to increase financial inclusion among Nigerian adults from the current 64.1 per cent to 95 per cent within the next three years.
According to Cardoso, the payment ecosystem is expected to witness significant transformation by 2028, leading to greater trust in digital transactions and a substantial reduction in cash held outside the banking system.
“In 2023, a large proportion of Nigerian adults had access to financial services. Under Vision 2028, we aim to increase financial inclusion to 95 per cent and ensure that Nigerians have complete confidence in a secure and reliable payment system,” he said. “It is not enough for institutions to record growth in numbers.
The real measure of success is the impact on the lives of millions of Nigerians. We want to see less cash outside the banking system and lower transaction costs across the economy.”
Cardoso stressed that strengthening security within the digital payment space remains a top priority. “By 2028, we must significantly reduce fraud losses through stronger BVN linkage and AIpowered fraud detection systems. People’s money must be safer in the digital financial system than under their mattresses,” he said.
Cardoso noted that the future of payments extends beyond money transfers, highlighting the importance of innovation and open banking. He disclosed that more than 100 licensed Application Programming Interfaces (APIs) are already operational, creating opportunities for innovation and financial technology development.
“By 2028, Nigerian youths should be able to build the next global fintech unicorn from Lagos, Abuja, or any part of the world. Last year alone, Nigerians conducted electronic transactions worth trillions of naira. This demonstrates the immense potential of our people when provided with the right platforms,” he added.
