OPay Drives Financial Inclusion as Nigeria Targets 95% Access by 2028

Nigeria is setting an ambitious target to reach nearly universal financial inclusion, aiming for approximately 95 percent access by 2028. This goal is central to the Central Bank of Nigeria's (CBN) Payment System Vision (PSV) 2028, a comprehensive framework designed to enhance the nation's payment ecosystem. Under the banner "Empowering People, Connecting Markets, Growing the Economy," the vision prioritizes strengthening infrastructure, fostering innovation, ensuring interoperability, bolstering security, and broadening financial inclusion.

Fintech companies like OPay are playing a crucial role in this national drive. OPay is increasingly recognized as a key enabler, helping to build the digital infrastructure that supports Nigeria's growing economy and facilitates greater financial inclusion. The CBN acknowledges that modern payment systems are vital infrastructure, extending beyond simple transactions to support commerce, entrepreneurship, and economic participation.

Nigeria's financial sector has rapidly shifted from traditional banking to digital channels, with tens of millions now relying on digital platforms for everyday financial activities. OPay, through sustained investments in technology and service reliability, has enabled millions of Nigerians to access formal financial services. Users can conduct transfers, pay bills, purchase airtime, and access merchant services from anywhere in the country, making digital payments an essential utility akin to telecommunications and transportation.

The PSV 2028 framework specifically highlights the need for robust payment infrastructure, advocating for seamless connectivity among banks, fintechs, and payment service providers to ensure reliable, real-time transactions and improved customer experiences. Expanding financial inclusion is a major pillar of this strategy, with plans to increase digital banking access, boost mobile money adoption, and broaden agency banking networks to meet the 2028 target.