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The Central Bank of Nigeria (CBN) has called for increased adoption of alternative payment channels as part of efforts to deepen financial inclusion, improve access to financial services and support economic growth.
Acting Director of the CBN’s Corporate Communications and Investor Relations Department, Hakama Sidi-Ali, made the call at the 2026 CBN Fair in Lokoja, Kogi State, which focused on “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development.”
The event was organised to educate members of the public on the CBN’s policies, financial sector reforms and consumer protection initiatives.
Represented by the Branch Controller of the CBN Lokoja Branch, Zubairu Salihu, Sidi-Ali said the reforms introduced under CBN Governor Olayemi Cardoso were delivering improvements across key areas of the Nigerian economy.
She cited the decline in headline inflation from 15.91 per cent in June to 15.43 per cent in July 2026, alongside an increase in the country’s foreign exchange reserves to more than $52.5 billion.
According to her, the level of foreign exchange reserves represented a 17-year high and indicated an improvement in Nigeria’s external financial position.
CBN highlights digital payment reforms
Sidi-Ali said the apex bank’s ongoing reforms extend beyond monetary policy to include developments in the foreign exchange market, banking sector recapitalisation and the payments ecosystem.
She highlighted initiatives such as the Non-Resident Bank Verification Number (NRBVN), the B-MATCH foreign exchange trading platform and the Nigeria Payments System Vision 2028 as part of efforts to strengthen Nigeria’s financial infrastructure.
She also referenced the Nigerian Overnight Financing Rate, developed in collaboration with the Financial Markets Dealers Association, as a market-driven benchmark designed to improve transparency in short-term funding transactions.
The CBN official said alternative payment channels could play an especially important role in expanding financial access among farmers, traders, small businesses and informal-sector operators who may face barriers to conventional banking services.
She encouraged participants, including farmers, entrepreneurs, artisans, students and business owners, to use the CBN Fair to improve their understanding of available financial products, payment channels and consumer protection mechanisms.
Digital payments can bridge rural access gaps
Kogi State Governor Ahmed Ododo, represented by his Special Adviser on Budget and Finance, Elijah Evinemi, also called for greater adoption of digital payment channels to address financial access gaps in rural and underserved communities.
He identified agent banking, mobile money, point-of-sale (POS) terminals, USSD services, digital wallets, QR-code payments and electronic banking as channels capable of bringing financial services closer to more Nigerians.
According to the governor, broader adoption of digital payments would make transactions more convenient while supporting economic activities among households, traders and businesses.
He also stressed the importance of financial literacy and responsible digital adoption, urging stakeholders to ensure that consumers understand how to use digital payment platforms safely.
The CBN Fair forms part of the apex bank’s broader public engagement efforts aimed at improving financial awareness and strengthening the connection between its policy initiatives and the everyday financial needs of Nigerians.
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