OPay Backs CBN PSV 2028 95% Financial Inclusion Goal

In Short

• Nigeria’s central bank has set a 2028 roadmap for payments, called Payment System Vision (PSV) 2028.
• The plan targets about 95% financial inclusion by 2028.
• OPay says its agent banking, infrastructure, and security focus supports the PSV 2028 goals.

What Happened

OPay has publicly backed the Central Bank of Nigeria’s Payment System Vision (PSV) 2028, a national roadmap to strengthen digital payments and push financial inclusion to around 95% by 2028. Financial inclusion means more adults can use formal services like accounts, transfers, and bill payments.

The CBN’s PSV 2028 shifts focus from just opening more accounts to building stronger rails that can carry more digital transactions safely. “Rails” here means the behind-the-scenes payment infrastructure, like switching systems that route transactions between banks, fintechs, and mobile money operators.

OPay said many Nigerians, especially in rural and underserved areas, still face barriers due to limited banking infrastructure. The company said it is investing in agent banking networks and mobile-first services, which are financial services designed for phones first, not branches.

The PSV 2028 framework also highlights interoperability, meaning different payment systems should work together smoothly. It also calls for real-time transaction processing and alignment with ISO 20022, a global standard for richer payment data that can reduce errors and improve reconciliation for businesses.

On technology, the CBN points to tools like open banking, AI, digital identity, embedded finance, and blockchain as future growth drivers. OPay’s position is that these tools should solve real customer problems, not be adopted for their own sake.

Why It Matters

PSV 2028 raises the bar for Nigeria’s fintech and banking players on reliability, fraud controls, and consumer protection. The CBN also wants fraud losses across the ecosystem reduced to below 0.0001% of transaction volumes, which increases pressure to invest in cybersecurity and operational resilience.

For users and merchants, better interoperability and stronger fraud prevention can mean fewer failed transfers, faster settlements, and more trust in digital payments. For the wider ecosystem, it can also support new products across the Fintech market, from agency banking to embedded payments in everyday apps.