CBN targets 95% financial inclusion, near-zero fraud losses by 2028 – Cardoso

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has unveiled ambitious targets aimed at transforming Nigeria’s financial ecosystem, including achieving 95 per cent financial inclusion and reducing fraud losses to less than 0.001 per cent of total digital transactions by 2028.

Cardoso disclosed this on Monday during the launch of the Payments System Vision (PSV) 2028 in Abuja, describing the initiative as a strategic roadmap designed to expand access to financial services, accelerate digital payments, and strengthen public confidence in the financial system.

According to him, the ultimate goal is to improve the lives of ordinary Nigerians, reduce poverty, and drive economic growth.

“The journey is to impact the lives of the poor. It is about lifting people out of poverty and making a meaningful contribution to the nation’s GDP,” he said.

The CBN governor noted that Nigeria’s payment infrastructure has recorded significant progress in recent years, with the Nigeria Inter-Bank Settlement System processing millions of instant transactions daily, most of which are completed in less than 10 seconds.

He expressed confidence that by 2028, Nigerians across the country would be able to send and receive money almost instantly.

Cardoso said the apex bank plans to increase financial inclusion to 95 per cent, bringing an estimated 50 million additional Nigerians, including market women, farmers, and youths, into the formal financial system through bank accounts and digital wallets linked to their Bank Verification Numbers (BVN).

He also stressed the need to reduce the country’s dependence on cash transactions while enhancing trust in digital payment channels.

“Cash should no longer be king. By 2028, we must reduce fraud losses to less than 0.001 per cent of all transactions,” he stated.

To achieve this objective, Cardoso said the CBN would strengthen identity verification systems, deepen BVN integration, deploy artificial intelligence-powered fraud detection tools, and encourage innovation across the payments ecosystem.

He described the Payments System Vision 2028 as a collective national project that requires collaboration among regulators, financial institutions, technology providers, and consumers.

“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,” he added.