CBN targets N2.83tn cash outside banking system, 50 million new users by 2028
via Punch Nigeria8 min read
The Central Bank of Nigeria CBN has launched its Nigeria Payments System Vision 2028, aiming to bring N2.83tn currently held outside the formal banking system into financial channels and onboard 50 million additional Nigerians by 2028. Unveiled by CBN Governor Olayemi Cardoso in Abuja, the initiative seeks to deepen digital payments, reduce cash dependence, and position Nigeria as a leading payments hub in Africa. The plan targets reducing cash outside banks to less than 40% of money in circulation by 2028, which, based on April 2026 figures, would mean moving approximately N2.83tn into the formal system. This move is expected to improve monetary policy transmission, increase banking sector liquidity, and enhance financial intermediation, especially ahead of the 2027 general elections, which have raised concerns about cash-driven campaigns and vote-buying. Cardoso emphasized that efficient payment systems are crucial for creating economic opportunities and reducing poverty. The vision also aims to increase financial inclusion to 95% by 2028, providing bank accounts or wallets to 50 million more Nigerians, including market women, farmers, and young people. The framework is built around five strategic pillars: payment infrastructure and interoperability, digital financial inclusion, innovation and emerging technologies, cross-border payments, and regulation and cybersecurity. The CBN's Deputy Governor, Economic Policy Directorate, Dr. Muhammad Abdullahi, detailed these pillars,
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