CBN targets 95% financial inclusion by 2028, plans to cut cash outside banks to 40%

The Central Bank of Nigeria (CBN) announced its ambitious plan to achieve 95% financial inclusion by the year 2028. During a launch event in Abuja, CBN Governor Olayemi Cardoso outlined the strategy to transfer half of Nigeria's cash into the banking system and to integrate an additional 50 million individuals into formal financial services. This initiative is part of a broader effort to reduce the amount of cash held outside banks to 40%, thereby enhancing the overall efficiency of the financial sector. The CBN aims to promote digital payments and improve access to banking services across the nation.

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