Payment System Key to Lifting Nigerians Out of Poverty – CBN Governor Cardoso
Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has stated that an efficient and inclusive payment system remains one of the fastest ways to reduce poverty and improve the economic wellbeing of millions of Nigerians.
Cardoso made the remark during the unveiling of the Nigeria Payments System Vision 2028 in Abuja, where he highlighted the critical role of digital payment infrastructure in driving financial inclusion, supporting small businesses, and expanding economic opportunities across the country.
According to the CBN Governor, a modern payment ecosystem should go beyond facilitating transactions and serve as a major tool for economic growth, job creation, and poverty reduction. He noted that improved access to secure and efficient financial services would enable more Nigerians, particularly those in underserved communities, to participate actively in the formal economy.
Cardoso explained that the Payments System Vision 2028 is designed to build a payment framework that is innovative, resilient, secure, and globally competitive. He said the initiative would help strengthen investor confidence, promote digital commerce, facilitate trade, and improve access to financial services for millions of citizens.
The apex bank also revealed plans to expand financial inclusion to 95 percent by 2028, a move expected to bring millions of market traders, farmers, youths, and small business owners into the formal financial system.
Speaking further, Cardoso emphasized that payment infrastructure has become a strategic national asset capable of reducing business costs, increasing productivity, and enhancing transparency in economic transactions. He added that a reliable digital payment system would help entrepreneurs receive payments faster and access broader markets both within and outside Nigeria.
The CBN Governor also stressed the importance of trust and security within the financial system, noting that efforts are underway to strengthen fraud detection mechanisms, improve identity verification processes, and enhance the overall safety of electronic transactions.
Stakeholders at the event described the new vision as a major step toward modernizing Nigeria’s financial sector and positioning the country as a leading payments hub in Africa. They noted that stronger payment systems would support economic development, deepen financial inclusion, and encourage greater participation in the digital economy.
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The initiative forms part of broader reforms aimed at strengthening Nigeria’s financial architecture and creating sustainable pathways for economic growth and poverty reduction.
