CBN Urges Adoption of Alternative Payment Channels for Financial Inclusion
The Central Bank of Nigeria (CBN) has called for increased adoption of alternative payment channels to deepen financial inclusion and accelerate economic development across the country.
Hakama Sidi-Ali, the Acting Director, Corporate Communications and Investor Relations Department of the CBN, made the call during the 2026 CBN Fair held in Lokoja, Kogi on Thursday.
The theme of the event was “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development.”
Sidi-Ali, represented by the Branch Controller of the CBN Lokoja Branch, Mr Zubairu Salihu, said the fair was organised to engage members of the public on the policies, initiatives and financial consumer protection measures of the apex bank.
She said the CBN’s ongoing reforms under the leadership of Mr Olayemi Cardoso were beginning to produce positive results in the Nigerian economy.
She identified moderation in inflation, growth in foreign reserves and improved stability in the foreign exchange market as some of the gains recorded from the reforms.
According to her, headline inflation declined from 15.91 per cent in June to 15.43 per cent in July 2026.
She added that the country’s foreign reserves had risen above 52.5 billion dollars as of July 2026.
Sidi-Ali described the foreign reserves figure as a 17-year high, saying it reflected improvements in the country’s external financial position.
She noted that the CBN had continued to implement reforms aimed at strengthening the financial system and improving confidence in the economy.
The CBN official listed foreign exchange market reforms among the major initiatives introduced by the apex bank in recent times.
She also mentioned the recapitalisation of the banking sector as part of measures designed to strengthen financial institutions and improve their capacity to support economic growth.
She added that other initiatives included the non-resident Bank Verification Number (BVN), the B-MATCH foreign exchange trading system and the Nigeria Payments System Vision 2028.
She also identified the Nigerian Overnight Financing Rate (NOFR) as another important reform being implemented by the CBN.
Sidi-Ali said the NOFR was introduced in collaboration with the Financial Markets Dealers Association to provide a transparent and market-based reference rate for short-term funding transactions.
She explained that the various reforms were designed to improve transparency, strengthen the financial system and promote greater access to financial services.
Earlier, Salihu, who was represented at the event by Mr Friday Abah, stressed the importance of alternative payment channels in expanding access to financial services.
He said such channels were particularly important for farmers, traders, small businesses and operators in the informal sector.
He said the 2023 Access to Financial Services Survey conducted by Enhancing Financial Innovation and Access (EFInA) identified Kogi as the leading state in banking penetration, with 94 per cent.
He urged entrepreneurs, farmers, artisans, students and business owners to take advantage of the information, exhibitions and engagements provided at the fair.
According to him, participation in the event would enable members of the public to improve their understanding of financial services and available payment options.
Also speaking, Gov. Ahmed Ododo of Kogi, represented by his Special Adviser on Budget and Finance, Mr Elijah Evinemi, said alternative payment channels could significantly expand financial access.
Ododo identified agent banking, mobile money, Point of Sale (POS), USSD, digital wallets, QR-code payments and electronic banking as important tools for increasing access to financial services.
He said the channels could particularly help bridge financial access gaps in rural and underserved communities.
The governor added that increased adoption of digital payment platforms would improve the ease of transactions and support economic activities among individuals and businesses.
He urged stakeholders to promote financial literacy and encourage Nigerians, particularly those in underserved communities, to embrace secure and reliable digital payment channels.
Ododo commended the CBN for organising the fair, describing it as an important platform for public enlightenment, stakeholder engagement and the promotion of financial inclusion.
The fair featured presentations and interactive engagements on payment systems, microfinance activities, foreign exchange market developments, consumer protection and monetary policy.
Participants also had the opportunity to ask questions and seek clarification on issues relating to financial services, payment channels and CBN policies. #CBN Urges Adoption of Alternative Payment Channels for Financial Inclusion# Why FG Won’t Disclose $5bn Abu Dhabi Loan Use – Taiwo Oyedele
