Hot SourceNume Ekeghe
The Central Bank of Nigeria (CBN) has intensified efforts to connect directly with Nigerians through its inaugural “CBN Fair” in Lagos, using the platform to promote alternative payment channels as a catalyst for financial inclusion, economic growth, and sustainable development.
The fair themed “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development,” was designed to deepen public understanding of the apex bank’s policies and reforms while engaging critical stakeholders across the financial ecosystem.
Participants reflected the diversity of Nigeria’s economy manufacturers, commercial and microfinance banks, fintech firms, merchant banks, students, traders, artisans, NYSC members, and community representatives all convened to hear how the CBN’s latest initiatives could enhance their livelihoods and expand economic opportunities.
Acting Director of the Corporate Communications Department, Hakama Sidi Ali, said the Cardoso-led management is championing technologies that empower individuals, boost productivity, and connect communities to economic opportunities.
She noted that the CBN’s reform agenda has stabilised the financial system and positioned it to support the federal government’s ambition of building a $1 trillion economy.
She said: “The management of the Central Bank of Nigeria, under the leadership of Mr. Olayemi 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 significant increases in the inflow of foreign investment, positive trade balances, and a quantum leap in the financial inclusion rate in recent times.”
She highlighted several key measures: unification of exchange rates to curb arbitrage and reduce market volatility; clearance of over $7 billion in verified forex backlogs; launch of the Nigerian Forex Code to strengthen ethics, governance, and compliance in the FX market; the ongoing bank recapitalisation programme; introduction of the Non-Resident Bank Verification Number (NRBVN) to connect Nigerians abroad with domestic financial services; and the deployment of the USSD verification code (#959#) to boost transparency and consumer protection.
Speaking on the fair, she said: “The objective of this engagement, therefore, is to sensitise the public on how the bank’s policies and innovation can enhance their lives and livelihood and contribute to the growth and development of the Nigerian economy.
“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 and keep it clean. Do not tear, mutilate, counterfeit, or hurt the naira.
“Our team will be on hand to take you through presentations on the activities of the bank in the microfinance subsector, and how the bank will check the rights of financial consumers. We will enlighten you on all you need to know about the naira.
Recent innovations in the Nigerian payment system will also be discussed, as well as developments in the foreign exchange market.
In his remarks, CBN Lagos Branch Controller Sunday Daibo emphasised that the bank’s mission is to ensure universal access to financial services. He highlighted how mobile money, agency banking, USSD services, internet banking, contactless payments, digital currency, and open banking are removing barriers of distance, cost, and complexity.
“These channels are not just tools for transactions, they are instruments of empowerment,” Daibo said, citing examples of farmers, small businesses, and entrepreneurs who benefit directly from instant, secure digital payments.
Director of Consumer Protection and Financial Inclusion, Dr. Aisha Isa-Olatinwo, stressed that alternative payment channels are more relevant than ever. “After COVID-19, we understand how interconnected the world is and we must embrace transactions beyond physical cash.”
The post CBN Intensifies Public Sensitisation in Drive for Financial Inclusion appeared first on THISDAYLIVE.
