The Central Bank of Nigeria (CBN) has unveiled an ambitious plan to reduce the volume of cash held outside the formal banking system and expand financial inclusion ahead of the 2027 general elections and beyond.
Under its newly launched Payment System Vision (PSV) 2028, the apex bank aims to bring an estimated N2.83 trillion currently held outside the banking sector into the formal financial system while onboarding an additional 50 million Nigerians by 2028.
CBN Governor, Olayemi Cardoso, announced the targets during the launch of the strategic roadmap in Abuja, describing the initiative as a key step toward building a more inclusive, secure and digitally driven economy.
According to the CBN, the plan seeks to increase financial inclusion to 95 per cent of Nigeria’s adult population by 2028. The bank said achieving the target would enable millions of Nigerians, particularly those in underserved and rural communities, to gain access to formal banking services and digital payment platforms.
Cardoso said the initiative would help integrate more market traders, farmers, small business owners and young people into the formal financial system through bank accounts, mobile wallets and digital payment channels.
As part of the strategy, the CBN also plans to reduce the proportion of cash circulating outside the banking system to below 40 per cent of total currency in circulation. Current figures indicate that a significant share of Nigeria’s cash remains outside formal financial institutions, a trend the regulator believes limits transparency, financial inclusion and economic efficiency.
The roadmap further includes the deployment of more than 10 million QR-code and tap-to-pay acceptance points across markets, transport hubs, rural communities and commercial centres nationwide. The CBN said the move is expected to accelerate the adoption of digital payments and reduce dependence on cash transactions.
In addition, the apex bank intends to strengthen payment security by deploying advanced identity verification systems and artificial intelligence tools to reduce fraud losses in electronic transactions.
The announcement comes amid growing discussions about the role of cash circulation and election-related spending ahead of the 2027 polls. Members of the CBN’s Monetary Policy Committee have previously warned that increased political spending could pose inflationary risks if not properly managed.
The Payment System Vision 2028 is expected to serve as the framework guiding Nigeria’s transition toward a more digital and inclusive financial ecosystem over the next three years, with the CBN positioning payment infrastructure as a key driver of economic growth, transparency and financial access.
