CBN Pushes Digital Payments To Achieve 95% Inclusion Target

The Central Bank of Nigeria (CBN) has called for greater adoption of digital payment channels as part of efforts to achieve its 95 percent financial inclusion target under the Nigeria Payments System Vision 2028 (PSV 2028).

The CBN Governor, Olayemi Cardoso, made the call yesterday in Lafia, Nasarawa State, at the bank’s stakeholders’ fair on alternative payment channels.

Represented by the Acting Director, Corporate Communications and Investor Relations, Hakama Sidi-Ali, Cardoso said the expansion of digital payments was necessary to deepen access to financial services and support economic growth.

He said the reforms being implemented by the bank, including PSV 2028, were designed to create a financial system that is more efficient and accessible to Nigerians.

Cardoso noted that the growth of agent banking, Point-of-Sale (POS) terminals, mobile money, QR payments, internet banking and instant payment platforms had helped expand financial inclusion.

However, the CBN Branch Controller in Lafia, Njideka Nwabukwu, said the gains would need to be extended to rural and underserved communities through increased investment in digital payment infrastructure.

She pointed to poor digital and financial literacy, cybersecurity concerns and inadequate consumer protection as major factors restricting wider adoption of digital payment services.

Nwabukwu said the 95 percent inclusion target could only be achieved through a collective effort involving banks, payment service providers, businesses, government agencies and consumers.

She also encouraged traders and entrepreneurs to make greater use of digital payment platforms, saying this would help more individuals and businesses participate in the formal financial system.

The CBN said expanding access and encouraging wider use of digital payment channels remained critical to strengthening financial inclusion while supporting monetary, price and financial system stability.