Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has said cash should gradually lose its dominance in the country’s financial system as the apex bank intensifies efforts to build trust in digital payments.

Speaking at the unveiling of the Payment System Vision (PSV) 2028, Cardoso stressed that greater confidence in electronic transactions is critical to the success of Nigeria’s digital economy.

According to him, a payment system is only as strong as the trust people place in it. He disclosed that the CBN aims to reduce fraud-related losses to less than one per cent of all transactions by 2028, making funds stored within the digital financial system safer than cash kept at home.

Cardoso, alongside other senior CBN officials, described PSV 2028 as more than a policy framework, saying it serves as a roadmap for how Nigerians will transact, trade, save, and participate in an increasingly digital economy.

He likened payment infrastructure to “invisible roads that move money,” noting that efficient payment systems have become essential for economic growth, competitiveness, financial inclusion, and poverty reduction.

The CBN governor also cautioned against Nigeria’s long-standing culture of policy inconsistency, emphasizing that implementation, rather than documentation, would determine the success of the initiative.

“The success of this vision will not be measured by the document, but by execution,” he said.

Cardoso explained that PSV 2028 builds on over two decades of transformation in Nigeria’s payment ecosystem, driven by the growth of instant payments, fintech innovation, and increased digital adoption.

He added that the framework is designed to strengthen payment infrastructure, deepen financial inclusion, promote innovation, improve system resilience, and enhance Nigeria’s integration into regional and global payment networks.