The Central Bank of Nigeria has reaffirmed its commitment to expanding financial inclusion and driving economic growth by promoting the adoption of alternative payment channels.
The apex bank expressed this commitment at a sensitisation exercise termed ‘CBN Fair’ on Tuesday under the theme, ‘Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development.’
Present at the CBN Fair were manufacturers, commercial banks, microfinance banks, fintech/agent banks, merchant banks, students, traders, artisans, members of the National Youth Service Corps and other stakeholders.
Speaking at the event, the Acting Director, Corporate Communications Department, Hakama Ali, highlighted some of the policies taken by the Olayemi-Cardoso-led management of the CBN since assuming office and noted the Central Bank is championing technologies that empower individuals, boost productivity, and connect communities to the nation’s economic opportunities.
She said the theme of the fair was chosen to address the imperative of value addition and the links that catalyse SMEs and other economic activities to attain the much-needed price stability.
“The management of the Central Bank of Nigeria, under the leadership of Mr Cardoso, is committed to stimulating productivity and financial inclusiveness, as well as delivering on its core mandate of monetary and price stability. This has resulted in a significant increase in the inflow of foreign investment, positive trade balances, and a quantum leap in the financial inclusion rate in recent times.
Over the past 22 months, the bank has, among others, rolled out the following functional policies to strengthen the financial system:exchange rate unification – this is to minimise arbitrage opportunities and reduce volatility in the foreign exchange market. Over $7bn of verified backlog of forex forwards has also been cleared with the launch of the Nigerian Forex Code. The code is a set of principles of good practices in the Nigerian foreign exchange market based on six pillars: ethics, governance, execution, information sharing, risk management and compliance; compliance for confirmation and settlement processes; and bank recapitalisation to strengthen the resilience and global competitiveness of the banking sector, positioning it to support the $1tn economy,” Ali explained.
She added, “The launch of the Non-Resident BVN to connect Nigerians abroad with home banking as a means of protecting bank customers. The CBN launched the unified complaints tracking system aimed at streamlining and improving the management of consumer complaints against financial institutions. The system, alongside the USSD code for verifying licensed institutions, enhances transparency and consumer protection in the Nigerian financial sector.”
She added that the objective of the engagement was to sensitise the public to how bank services and innovations can enhance their lives and livelihoods and contribute to the growth and development of the Nigerian economy.
Issuing a warning on the abuse of the naira, Ali said, “The CBN will continue to ensure availability of clean currency. We, however, urge you to see the naira as a critical symbol of our national identity, respect it, and keep it clean. Do not mutilate, counterfeit or hurt the naira.”
In his welcome address, the Branch Controller, CBN Lagos, Sunday Daibo, emphasised that the apex bank is on a mission to make financial access universal and to ensure that every Nigerian, regardless of location or status, can participate in and benefit from the nation’s economic progress.
“Over the years, we have seen how our mobile money platforms, agency banking networks, USSD services, internet banking, contactless payments, Central Bank, digital currency and, most recently, open banking have broken the barriers of distance, costs and complexity. These channels are more than just tools for transaction; they are instruments for empowerment. When a farmer in a remote community can receive payments instantly for produce without travelling miles to the nearest bank, when a small business can sell goods online and receive secure payments from customers anywhere in the country, when a young entrepreneur can access microloans directly from a mobile wallet, that is financial inclusion in action, and that inclusion, in turn, fuels growth and accelerates our journey towards sustainable economic development. At this fair, you will see practical demonstrations, innovative solutions, real-life stories and proof of the transformative power of alternative payment channels. You will also hear from industry experts who will share insights on policy, technology, cybersecurity and consumer protection, all of which are crucial to building trust and expanding adoption.
“Our task is clear: to promote these channels, not only as efficient means of payment, but also as tools for bridging economic divides, boosting productivity and strengthening the resilience of our financial system. This requires collaboration between regulators and operators, between technology providers and consumers and between the public and private sectors.”
The Director of Consumer Protection and Financial Inclusion, Dr Aisha Isa-Olatinwo, in her comments said, “The theme of the fair is apt, and why did I say that? Driving alternative payment channels as tools for financial inclusion, growth, and accelerated economic development cannot better be discussed at any time but now and always. I’m sure you will agree with me that after COVID, we now understand how very closely knitted we are, not just in Nigeria, but all over the world. And this brings us to the fact that we must begin to accept payment and transactions beyond physical cash.”
