Payment system key to lifting Nigerians from poverty – Cardoso

The Governor of the Central Bank of Nigeria, Mr Olayemi Cardoso, on Monday said an efficient payment system remains one of the fastest ways to lift millions of Nigerians out of poverty, as the apex bank unveiled the Nigeria Payments System Vision 2028. Speaking at the launch of the vision document in Abuja, Cardoso said the country’s payment infrastructure must go beyond facilitating transactions and become a catalyst for economic growth, job creation, financial inclusion, and poverty reduction. According to him, “One of the fastest ways to take a large number of people out of poverty is through an efficient payments system. It’s through an efficient payment system. So let us not look at it lightly.” The event brought together regulators, banks, fintech operators, development partners, and other stakeholders in the financial services sector. Cardoso said the Payments System Vision 2028 builds on Nigeria’s progress in digital payments and provides a roadmap for developing a payment ecosystem that is secure, resilient, inclusive, and globally competitive. He noted that Nigeria’s payments ecosystem had evolved into one of the most dynamic and innovative in the world over the past two decades, driven by instant payments, digital adoption, and fintech innovation. “Today, we unveil more than a payment strategy. We unveil a vision for how Nigerians will transact, trade, save, invest, and participate in an increasingly digital economy,” he said. The CBN governor stressed that payment systems had become critical infrastructure for economic growth, saying they reduce the cost of doing business, improve productivity, strengthen transparency, support trade, and broaden participation in economic activities. “In a modern economy, payment infrastructure is not simply a financial utility. It is a strategic national asset,” Cardoso stated. He added that the vision was designed to support broader economic reforms being pursued by the apex bank since 2023 by strengthening the efficiency, resilience, and international connectivity of Nigeria’s payments ecosystem. According to him, the initiative will help facilitate trade and remittance flows, deepen investor confidence, and improve the country’s balance of payments position over time. Cardoso said the vision was anchored on the belief that a modern payments system was indispensable to economic growth, financial inclusion, innovation, and national competitiveness. He explained that the framework seeks to ensure that every Nigerian participates meaningfully in the digital economy while positioning the country to benefit from