Nigeria aims to achieve financial inclusion of 95% by 2028

Written by: Ayman Ragab

Olayemi Cardoso, the governor Central Bank of NigeriaThe central bank aims to achieve a financial inclusion rate of 95% and fraud losses of less than 0.001% of total digital transactions by 2028.

Cardoso spoke on Monday during the launch of the Payments System (PSV) 2028 vision in Abuja.

Expanding access to financial services

According to the Governor of the Central Bank of Nigeria, the strategy seeks to expand access to financial services, accelerate digital payments, and enhance consumer confidence in the financial system.

He said: “The goal of this trip is to impact the lives of the poor. This is part of it, and a major part of it. The goal of the trip is to lift people out of poverty, and the goal of the trip is to impact the gross domestic product.”.

Cardoso stated that Nigeria’s payments infrastructure has already made significant progress, noting that the Nigerian Interbank Settlement System (NIBSS) processes millions of instant payments daily, with most transactions being settled in less than 10 seconds.

He said: “By 2028, our goal is simple…every Nigerian from Maiduguri to Brass will be able to send and receive money faster than the blink of an eye.”.

Raising the financial inclusion rate to 95%

The governor of the Central Bank of Nigeria added that the bank wants to raise the financial inclusion rate to 95% by 2028.

Cardoso said: “Inclusion, not exclusion… This means that another 50 million women in the market, farmers, and young people will have a bank account or wallet in their name, protected by their Bank VIN (Bank Voucher Number).”

Cardoso also stated that the central bank intends to reduce reliance on cash and improve confidence in digital transactions.

He said: “Cash should no longer be the dominant factor. By 2028, we must commit to reducing fraud losses to less than 0.001 percent of all transactions.”.

Bank identity verification

He added that stronger identity verification systems, banking identity verification system integration, and AI-powered fraud detection will play a key role in achieving the goal.

The Central Bank Governor added: “Vision 2028 is not a government project, but a Nigerian project. We will work together to build a fast, comprehensive, and secure payment system, and we are proud that it is Nigerian.”.

Cardoso said the goals would be achieved by expanding access to financial services, strengthening identity verification systems, detecting fraud using artificial intelligence, and continuing to innovate in the payments system.