The Governor of the Central Bank of Nigeria, Olayemi Cardoso, said on Monday that an efficient payment system is one of the fastest tools for lifting millions of Nigerians out of poverty, as the apex bank unveiled the Nigeria Payments System Vision 2028.
Speaking at the launch of the policy document in Abuja, Cardoso said Nigeria’s payment infrastructure must move beyond simple transactions to become a driver of economic growth, job creation, financial inclusion, and poverty reduction.
“According to him, “One of the fastest ways to take a large number of people out of poverty is through an efficient payments system. It’s through an efficient payment system. So let us not look at it lightly.”
The event convened regulators, banks, fintech operators, development partners, and other key stakeholders in the financial services sector.
Cardoso said the Payments System Vision 2028 builds on Nigeria’s progress in digital payments and sets out a roadmap for a payment ecosystem that is secure, resilient, inclusive, and globally competitive.
He noted that over the past two decades, Nigeria’s payments ecosystem has grown into one of the most dynamic and innovative in the world, driven by instant payment systems, rising digital adoption, and rapid fintech innovation.
“Today, we unveil more than a payment strategy. We unveil a vision for how Nigerians will transact, trade, save, invest, and participate in an increasingly digital economy,” he said.
The CBN governor stressed that payment systems now function as critical infrastructure for economic growth, noting that they help reduce the cost of doing business, improve productivity, enhance transparency, support trade, and expand participation in economic activities.
“In a modern economy, payment infrastructure is not simply a financial utility. It is a strategic national asset,” Cardoso stated.
He said the vision is designed to support broader economic reforms introduced by the Central Bank of Nigeria since 2023 by strengthening the efficiency, resilience, and global connectivity of the country’s payments ecosystem.
According to him, the initiative is expected to facilitate trade and remittance inflows, deepen investor confidence, and gradually improve Nigeria’s balance of payments position.
Cardoso added that the vision is anchored on the understanding that a modern payments system is essential for economic growth, financial inclusion, innovation, and national competitiveness.
He explained that the framework is designed to ensure that every Nigerian can participate meaningfully in the digital economy, while also positioning the country to take advantage of opportunities under the African Continental Free Trade Area and the growth of digital commerce.
The governor added that efficient, interoperable payment systems would enable entrepreneurs, traders, and small business owners across the country to access new markets, receive payments more quickly, and engage more actively in regional and global trade.
