Nigeria: CBN Reaffirms Drive for Financial Inclusion and Productivity — Cardoso

The Central Bank of Nigeria (CBN) has restated its strong commitment to advancing financial inclusion and stimulating productivity as part of broader efforts to achieve sustainable economic growth and development.

CBN Governor, Mr. Olayemi Cardoso, made this known at a sensitisation fair in Kano, organised to engage the public on policies introduced by the apex bank to improve livelihoods and strengthen the Nigerian economy.

Represented by the Acting Director of Corporate Communications, Mrs. Hakama Ali, Cardoso noted that recent reforms are already delivering positive outcomes, including increased foreign investment inflows, improved trade balances, and remarkable progress in financial inclusion.

She highlighted key initiatives introduced under Cardoso’s leadership over the past two years. These include:

• Exchange rate unification, aimed at minimising arbitrage opportunities, reducing foreign exchange volatility, and clearing a verified backlog of over $7 billion in FX forwards.

• Bank recapitalisation, designed to strengthen the resilience and global competitiveness of Nigerian banks while positioning them to support the country’s $1 trillion economy ambition.

• Nigeria Payments System Vision 2028 (PSV 2028), which seeks to accelerate digital transformation, deepen financial inclusion, and enhance Nigeria’s standing in global payments.

• Non-resident Bank Verification Number (BVN) initiative, enabling Nigerians in the diaspora to connect seamlessly with the local banking system.

• Unified Complaints Tracking System (UCTS) and the dedicated USSD code (*959#), developed to streamline customer complaint management, protect bank customers, and improve transparency in the financial sector.

According to Ali, these measures reflect the CBN’s resolve to uphold its core mandate of monetary and price stability, while laying a foundation for inclusive prosperity.

“The management of the Bank, under the leadership of Mr. Olayemi Cardoso, remains committed to stimulating productivity and expanding financial inclusiveness. These reforms are already yielding results, with significant inflows of foreign investment, positive trade balances, and notable strides in financial inclusion,” she added.