CBN Sets Strict Fraud Limits and Targets 95% Financial Inclusion
By Patience Ikpeme
In a major drive to revolutionize how money moves across the country, the Central Bank of Nigeria (CBN) has ordered financial system operators to drastically secure digital channels and extend banking access to millions of unbanked citizens over the next two years.
The apex bank Governor set a definitive target to reduce financial scam losses to a bare minimum, declaring that by 2028, operators must commit to cutting fraud losses to less than 0.001 percent of all transactions.
The central bank governor, Mr. Olayemi Cardoso, delivered the mandate in Abuja on Monday during the official launch of the Payments System Vision 2028 (PSV 2028).
Describing the security framework necessary for the future of domestic banking, Mr. Cardoso stated, “With NIMC, BVN linkage, and AI fraud detection, people’s money must be safer in the digital system than under their mattress.”
The ambitious policy blueprint seeks to build an invisible network of financial roads to mirror physical infrastructure developments. Pointing to the massive volumes of digital traffic recorded across the country over the previous year, the governor noted that Nigerians moved trillions electronically, showing the inherent power of the population when given the right tools to transact.
He added that “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.”
A central pillar of the newly inaugurated vision is the complete eradication of extreme poverty and the deliberate expansion of the formal financial net. The governor explained that the core path of the policy is to impact the lives of the poor, lifting people out of poverty and expanding the national Gross Domestic Product (GDP).
Praising the current capabilities of the Nigeria Inter-Bank Settlement System (NIBSS), which currently processes millions of instant payments daily with a majority settling in less than 10 seconds, the apex bank chief indicated that the new standard will be even more efficient. By 2028, the target is to ensure that every Nigerian from Maiduguri to Brass will send and receive money faster than they can blink.
To achieve this level of speed and ubiquity, the apex bank is pushing to bring 95 percent of the country’s adult population into the formal financial system. The governor observed that while a very large number of Nigerian adults had access to financial services in 2023, the new framework aims to expand this net significantly.
He noted that “Under vision 2028, I would like to see this reaching 95% inclusion. That means 50 million more market women, farmers, and young people will have a bank account or wallet in their name with their name and BVN protecting them.”
The strategy also signals a institutional shift away from physical cash dominance, with the central bank aiming to reduce cash held outside the banking system to less than 40 percent of total money in circulation. To replace physical currency notes, the apex bank plans to deploy 10 million QR codes and tap-to-phone systems at every market, bus park, and farm gate, enabling Nigerians to pay digitally, safely, and cheaply through technology.
Addressing the need for operational transparency, the governor cautioned that “It’s okay for us to have these lovely clichés, lovely words. But if we’re not going to measure performance, then we will lose track.”
he central bank Governor stated that Nigeria already occupies a position of leadership within Africa’s payments landscape, establishing itself as one of the world’s most dynamic digital payments ecosystems. He noted that this position creates opportunities to accelerate economic formalization, expand financial access, support trade, and strengthen Nigeria’s position within the regional and global economy.
Mr. Cardoso stated that the success of the initiative will not be judged by paperwork but by real-world metrics. He observed that “The success of PSV 2028 will not be measured by the quality of this document. It will be measured by execution – by our ability to expand opportunity, strengthen trust, lower barriers to participation, and build a payments ecosystem that serves every Nigerian and supports the ambitions of our economy.”
Earlier at the event, the newly reassigned Deputy Governor of Corporate Services, Muhammad Sani Abdullahi, who until Monday morning managed the Economic Policy Directorate, presented the structural layout of the initiative. Mr. Abdullahi stated that the blueprint provides a strategic guide for leveraging digital transformation, regional integration, and the African Continental Free Trade Area (AfCFTA).
The Deputy Governor outlined five core priorities guiding the blueprint, focusing first on building modern, resilient payment infrastructure capable of supporting a digital economy at scale.
The second priority focuses on financial inclusion, consumer protection, and financial literacy, while the third priority embraces emerging innovations like open banking, digital assets, and artificial intelligence to unlock new economic opportunities.
The fourth priority seeks to position Nigeria as a regional hub for cross-border payments by leveraging systems like the Pan-African Payment and Settlement System (PAPSS) to lower transaction costs and boost export competitiveness. The final priority anchors the entire system on trust, placing a heavy focus on strict regulation, risk management, cybersecurity, and consumer confidence.
Mr. Abdullahi noted that these pillars are deeply interconnected, as infrastructure enables inclusion, which drives adoption, fuels innovation, and ultimately expands opportunities for national growth. He stated that if stakeholders implement the vision with steady consistency, Nigeria will build one of Africa’s most advanced payment ecosystems and secure its position as a primary hub for continental trade.
