CBN Targets ₦2.83trn Cash Outside Banks, Plans to Add 50 Million Nigerians to Formal Financial System

The Central Bank of Nigeria (CBN) has unveiled an ambitious strategy aimed at reducing the volume of cash circulating outside the banking system and significantly expanding financial inclusion across the country.

The initiative, unveiled under the Nigeria Payments System Vision (PSV) 2028 by CBN Governor, Olayemi Cardoso, seeks to bring an estimated ₦2.83 trillion currently held outside formal financial channels into the banking system by 2028. The plan also aims to onboard an additional 50 million Nigerians into the formal financial ecosystem within the same period.

Speaking at the launch in Abuja, Cardoso described the vision as a strategic roadmap designed to transform how Nigerians transact, save, invest, and participate in the digital economy. He emphasized that efficient payment systems are critical tools for poverty reduction, economic growth, and national development.

According to the apex bank, currency outside banks stood at approximately ₦5.08 trillion as of April 2026, representing over 90 percent of total currency in circulation. Under the new framework, the CBN intends to reduce that figure to less than 40 percent by 2028, thereby improving banking sector liquidity and strengthening monetary policy effectiveness.

Cardoso noted that the vision extends beyond payment technology, focusing on broader economic opportunities for individuals, entrepreneurs, and small businesses. He stressed the importance of building public trust in digital payment systems, declaring that “cash should no longer be king” in a modern economy.

The Payments System Vision 2028 is built on five strategic pillars: payment infrastructure and interoperability, digital financial inclusion, innovation and emerging technologies, cross-border payments, and cybersecurity and regulation.

CBN officials said the framework would leverage technologies such as artificial intelligence, blockchain, open banking, and real-time payment systems while supporting regional trade through the African Continental Free Trade Area.

Stakeholders from the banking, telecommunications, fintech, and regulatory sectors have expressed support for the initiative, describing it as a major step toward building a more inclusive, secure, and digitally driven Nigerian economy.