CBN’s PSV 2028: OPay backs push for 95% financial inclusion target

Nigeria’s digital payments ecosystem is entering a new phase of development as the focus shifts from expanding access to financial services to strengthening the infrastructure, security, and innovation needed to sustain long-term growth.

This is the central theme of the Central Bank of Nigeria’s (CBN) Payment System Vision (PSV) 2028, a strategic roadmap aimed at advancing financial inclusion, improving interoperability, and strengthening consumer protection across the country’s payment landscape.

Against this backdrop, OPay has highlighted how its operations and investments align with the objectives outlined in the framework.

A major target of the CBN’s PSV 2028 is to achieve approximately 95% financial inclusion by 2028 through expanded mobile money adoption, agency banking, simplified onboarding processes, and improved financial literacy.

According to OPay, millions of Nigerians, particularly in rural and underserved communities, still face barriers to accessing formal financial services due to limited banking infrastructure. Achieving this objective requires more than increasing the number of account holders.

To bridge this gap, OPay said it has continued to invest in agent banking networks and mobile-first financial services designed to bring more individuals and businesses into the formal financial system.

The CBN framework also places significant emphasis on strengthening payment infrastructure through enhanced interoperability, real-time transaction processing, improved payment switching systems, and alignment with global standards such as ISO 20022.

According to OPay, the reliability and scalability of payment systems have become increasingly important as digital transaction volumes continue to rise across the country.

The company stated that ongoing investments in technology infrastructure are aimed at ensuring seamless transaction processing while supporting the growing demand for digital financial services.

Innovation expected to drive next phase of growth

PSV 2028 identifies emerging technologies such as Open Banking, Artificial Intelligence (AI), digital identity systems, embedded finance, and blockchain as key drivers of future growth within Nigeria’s financial services sector.

OPay noted that innovation should be focused on solving real customer challenges and improving access to financial services rather than simply introducing new technologies.

The company added that advancements in financial technology must be accompanied by responsible implementation and effective governance to ensure long-term sustainability.

Another key pillar of the framework is cybersecurity, fraud prevention, data protection, regulatory compliance, and operational resilience.

The CBN aims to reduce fraud losses across the payments ecosystem to below 0.0001% of transaction volumes while strengthening public confidence in digital financial services.

According to OPay, trust remains one of the strongest factors influencing the adoption and continued use of digital financial services.

The company stated that maintaining customer confidence requires continuous investment in security systems, fraud prevention measures, customer support, and financial education.

What you should know

Nigeria has emerged as one of Africa’s leading digital payments markets over the past decade, driven by rapid growth in fintech, mobile money, instant payments, and digital banking services.

In May 2025, CBN, in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), officially launched the Non-Resident Bank Verification Number (NRBVN) platform.

The platform aims to simplify the process for Nigerians living abroad to obtain their Bank Verification Number (BVN) remotely, removing the need for in-person verification in Nigeria.