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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Chelsea has reportedly entered the race to sign Super Eagles striker Victor Osimhen from Galatasaray, with Turkish reports indicating the club is demanding €150m for the Nigerian forward. This development follows remarks by Super Eagles head coach Eric Chelle, who stated Osimhen was left out of Nigeria’s June friendly squad due to potential transfer discussions, suggesting a club change might occur. However, Osimhen clarified on Instagram that Chelle’s comments were taken out of context and asked for speculation to be disregarded. The Super Eagles media team also issued a clarification. Despite Osimhen's denial, interest in the striker remains high, with previous reports linking him to Manchester United. Turkish newspaper Sabah indicates Chelsea has initiated contact for a potential summer deal. Galatasaray, who acquired Osimhen from Napoli for €75m last summer, is reportedly unwilling to accept offers below €150m. Osimhen had a successful season, scoring 15 league goals and providing five assists in 22 matches for Galatasaray, helping them retain the Turkish Super Lig title, and contributed seven goals and three assists in the UEFA Champions League.
Super Eagles captain Wilfred Ndidi has arrived in Warsaw to join the squad for Wednesday's international friendly against Poland. Ndidi, along with Moses Simon and Akor Adams, was named in the squad for the June international window. The team, led by coach Eric Chelle, arrived in the Polish capital on Monday and held their first training session. According to media officer Promise Efoghe, 18 players are in camp, with 16 participating in the session. Other players include goalkeepers Maduka Okoye, Francis Uzoho, and Arthur Okonkwo, as well as Paul Onuachu, Terem Moffi, Tochukwu Nnadi, Emmanuel Fernandez, Semi Ajayi, Rafiu Durosinmi, Zaidu Sanusi, Igho Ogbu, Raphael Onyedika, Frank Onyeka, Bruno Onyemaechi, and Abdullahi Ibrahim. After the Poland match, the Super Eagles will travel to Portugal to face the Selecao in their final World Cup tune-up game. Coach Chelle expressed optimism for the upcoming game, emphasizing the team's winning culture, despite the players being in a holiday mood. He also noted the absence of Victor Osimhen, Ademola Lookman, Alhassan Yusuf, and Samuel Chukwueze for the friendlies.
Must ReadThe Office for Strategic Preparedness and Resilience OSPRE and CONCORD, a non-profit organization, have called for enhanced interfaith collaboration and collective action to combat insecurity and social division in Nigeria. This appeal was made during a strategic interfaith roundtable in Abuja, themed "Safeguarding Nigeria’s Religious Pluralism: Faith, Dialogue and National Cohesion." The event gathered faith leaders, peacebuilding experts, community organizers, policymakers, and civil society actors to discuss narratives surrounding religion and violence in Nigeria and explore ways to strengthen social cohesion. Participants emphasized the need for constructive engagement and coordinated responses to the drivers of insecurity and social fragmentation. Mr. Chris Ngwodo, Director-General of OSPRE, urged a nationwide commitment to protecting vulnerable rural communities and stressed that sustainable peace requires inclusive strategies addressing root causes like governance failures, injustice, and underdevelopment. Ms. Fatima Madaki, Director of Integrative Missions and Dialogue at CONCORD, highlighted the importance of balanced, locally driven engagement amidst international scrutiny of religious freedom issues, referencing Nigeria's designation as a "Country of Particular Concern" by the United States Government. She warned that misinformation and external narratives could exacerbate mistrust, emphasizing that Nigeria's strength lies in its diversity and ability to coexist. O
Must ReadThe Nigerian capital market has successfully transitioned to a T+1 settlement cycle, becoming the first market in Africa to implement this shortened framework. This move is designed to enhance efficiency, reduce risk, and improve global competitiveness. Emomotimi Agama, Director-General of the Securities and Exchange Commission, described it as a defining moment, noting Nigeria's rapid progress from T+2 to T+1 in six months. He stated that this reform aligns Nigeria's capital market with global best practices, improving post-trade efficiency, reducing counterparty risk, and strengthening investor confidence. Alhaji Umaru Kwairanga, Group Chairman of NGX Group, called the transition a key step in the market's transformation, reinforcing confidence in institutions and demonstrating a commitment to a more efficient market. Temi Popoola, Group Managing Director/Chief Executive Officer of NGX Group, emphasized that this is part of a broader journey to build a deeper, more liquid, and globally competitive market. Shehu Shantali, Managing Director/Chief Executive Officer of CSCS Plc, highlighted that the new cycle enhances transaction speed, improves liquidity, and reduces settlement exposure, representing a strategic upgrade to market infrastructure. The transition followed six months of coordinated preparations involving various market participants.