The Governor of Central Bank of Nigeria (CBN), Dr Olayemi Cardoso, has said that alternative banking systems remain the lifeline of underserved communities in the country.

Cardoso made the statement at a CBN Fair in Calabar on Thursday with the theme: ‘Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development.’

Represented by Mr Uche Tobias, the Assistant Director, Corporate Communications, Cardoso said that the fair was designed to promote financial inclusion among underserved populations.

He also said that the fair was to sensitise the public on how CBN policies had enhanced livelihood and contributed to the development of Nigeria’s economy.

Cardoso said that alternative payment channels provided financial transaction access and convenience for underserved rural  communities.

The CBN governor listed mobile money platforms, agency banking, USSD services and internet banking as some of the alternative payment channels available to the public.

He further said that under his watch, the CBN had implemented several key policies aimed at strengthening the financial system.

“Some of the policies are the exchange rate unification, bank recapitulation, non-resident bank verification number, and the BMatch System for forex trading.

“We have also unveiled the Nigeria Payments System Vision 2028, introduced 75 per cent cash reserve ratio on non-treasury single account public sector deposits,” he stated.

The Branch Controller, CBN Calabar, Mr Jibunoh Nwanneamaka, described the fair as an effective public enlightenment platform providing first-hand insights into the reforms shaping Nigeria’s financial landscape.

Represented by Mr Jude Nwafor, the Head, Research Department, Nwanneamaka said that it was important for Nigerians to understand the reforms and innovations being implemented by the apex bank.

“It is also important for the public to understand how CBN is aligning its activities with the rapid digital transformation and economic calibration around the world.

“Through this engagement, we aim to build trust, enhance consumer protection, and ensure that every Nigerian feels empowered to participate in the financial ecosystem,” he said.

The President, Calabar Chamber of Commerce, Industry Mines and Agriculture, Mr Kelly Ayamba, stated that the sensitisation exercise would engender access to finance and economic boost.

“We see this as an attempt by the CBN to ensure financial inclusion, meaning that everybody will be carried along in the growth of the financial industry,” he noted.

In his speech, the Special Adviser to Governor Bassey Otu on Agriculture, Prof. John Shiyam, said that the CBN had achieved remarkable feats in the area of alternative banking.

Shiyam expressed the state government’s commitment to collaborating with the apex bank in boosting agriculture to ensure massive food production. (NAN)

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