ABUJA — The Central Bank of Nigeria’s Payment Vision 2028 strategy targets the opening of 50 million new bank accounts for Nigerians who are currently outside the formal financial system. Legit.ng confirmed the target on Monday. The strategy represents the most ambitious financial inclusion drive in Nigeria’s banking history.
The CBN said the 50 million target will be achieved through a combination of agent banking expansion, mobile money growth, simplified Know Your Customer requirements for low-income account holders, and partnerships with fintech platforms and telecoms operators.
Governor Olayemi Cardoso said financial inclusion is not just a policy target. It is an economic imperative. He said every Nigerian adult who joins the formal financial system can access credit, build savings, receive government benefits directly, and participate in the digital economy. The aggregate impact of 50 million new account holders on Nigeria’s GDP could be transformational.
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The Inclusion Gap Today
Nigeria currently has approximately 36 percent of its adult population outside the formal financial system. In absolute terms, this means roughly 40 to 45 million Nigerians who conduct all their transactions in cash without access to accounts, credit, insurance, or savings products.
OPay, Moniepoint, PalmPay, and other digital payment platforms have already made significant inroads into this population. The CBN’s Payment Vision 2028 seeks to formalise and accelerate what these platforms have started, while also ensuring that the accounts being opened meet minimum regulatory standards for consumer protection.
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The strategy also addresses the infrastructure gap. Reliable internet connectivity, affordable smartphones, and accessible agent banking points are all prerequisites for mass financial inclusion. The CBN said it is working with the NCC and the Universal Service Provision Fund to ensure that connectivity improvements target the same communities that the financial inclusion drive is trying to reach.
