CBN Pushes Alternative Payment Channels For Financial Inclusion, Growth

The Central Bank of Nigeria (CBN) has called for increased adoption of alternative payment channels to deepen financial inclusion and accelerate economic development in Nigeria.

The acting director, Corporate Communications and Investor Relations Department of the CBN, Mrs Hakama Sidi-Ali, made the call in a speech delivered by the Branch Controller, CBN Lokoja, Mr Zubairu Abdulrahman Salihu, at the 2026 CBN Fair held in Lokoja, Kogi State, yesterday.

The fair, with the theme: “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development,” was organised to engage the public on the bank’s policies, initiatives and financial consumer protection.

Sidi-Ali said the CBN’s reforms under Governor Olayemi Cardoso were yielding positive results, citing the moderation in inflation, growth in foreign reserves and improved stability in the foreign exchange market.

She said headline inflation declined from 15.91 per cent in June to 15.43 per cent in July 2026, while the country’s foreign reserves stood above $52.5 billion as of July, describing the figure as a 17-year high.

The CBN official listed foreign exchange market reforms, banking sector recapitalisation, the non-resident BVN, B-Match forex trading system, Nigeria Payments System Vision 2028 and the Nigerian Overnight Financing Rate (NOFR) among recent initiatives of the bank.

Also speaking, Kogi State governor Ahmed Usman Ododo, represented by his Special Adviser on Budget and Finance, Dr Elijah Evinemi, said alternative channels such as agent banking, mobile money, POS, USSD, digital wallets, QR-code payments and electronic banking could expand financial access, particularly in rural communities.

Ododo said financial inclusion should go beyond opening bank accounts to ensuring that farmers, traders, artisans, women and young entrepreneurs could meaningfully participate in the formal economy.

He called on banks, fintech firms and payment service providers to extend their services beyond major cities and develop simple, affordable and secure products tailored to the needs of low-income and underserved Nigerians.

The governor also stressed the need for stronger cybersecurity, consumer protection and effective mechanisms for resolving failed transactions and complaints, saying access without trust could not guarantee meaningful financial inclusion.

The CBN Lokoja Branch Controller noted that Kogi recorded a 94 per cent banking penetration rate in the 2023 Access to Financial Services Survey by Enhancing Financial Innovation and Access (EFInA), describing the development as evidence of the state’s potential for deeper digital financial adoption.

He urged residents to take advantage of the fair to improve their financial literacy and understanding of digital payment systems and other financial services.