The Central Bank of Nigeria (CBN) has intensified efforts to expand financial inclusion, stimulate economic growth, and modernise Nigeria’s payment ecosystem through the promotion of alternative payment channels.
At a sensitisation programme tagged “CBN Fair”, held on Tuesday with the theme “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development”, the apex bank engaged manufacturers, commercial and microfinance banks, fintechs, merchant banks, traders, artisans, students, members of the National Youth Service Corps (NYSC), and other stakeholders.
Speaking at the event, the Acting Director of the CBN’s Corporate Communications Department, Hakama Ali, outlined key policies introduced under the leadership of Governor Olayemi Cardoso, which she said are already boosting productivity, attracting foreign investment, and improving Nigeria’s financial inclusion rate.
Ali highlighted several landmark reforms, including:
Exchange Rate Unification – aimed at reducing arbitrage opportunities and volatility in the foreign exchange market.
Clearing of Forex Backlog – over $7 billion in verified forex forwards settled to restore investor confidence.
Launch of the Nigerian Forex Code – establishing ethical and governance standards in FX transactions.
Bank Recapitalisation – strengthening the resilience and competitiveness of Nigerian banks to support the country’s $1 trillion economic target.
Non-Resident BVN – connecting Nigerians abroad to local banking services.
Unified Complaints Tracking System – improving consumer protection and transparency in the financial sector.
She added that these initiatives are not just about modernising the banking sector but also about empowering citizens, especially small and medium-sized enterprises (SMEs), through improved access to payment solutions.
In his welcome remarks, the CBN Lagos Branch Controller, Sunday Daibo, said alternative payment platforms — including mobile money, USSD services, internet banking, contactless payments, the CBN’s digital currency (eNaira), and open banking — are breaking down barriers of distance, cost, and complexity.
“When a farmer in a remote community can receive instant payment for produce without travelling miles to the nearest bank, when small businesses can sell online and receive secure payments nationwide, when young entrepreneurs can access microloans from mobile wallets — that is financial inclusion in action,” Daibo said.
He stressed that the adoption of these payment tools will bridge economic divides, strengthen financial system resilience, and improve productivity across Nigeria’s value chains.
Director of Consumer Protection and Financial Inclusion, Dr Aisha Isa-Olatinwo, noted that the post-COVID era underscored the need to reduce reliance on physical cash and embrace digital transactions.
“After COVID, we now understand how closely connected we are, not just in Nigeria but globally. The time to accept and normalise non-cash transactions is now,” she stated.
Ali also used the platform to caution Nigerians against mutilating, counterfeiting, or otherwise defacing the naira, describing it as a critical symbol of national identity. She assured that the CBN will continue to provide clean banknotes and urged the public to protect the currency’s integrity.
Analysts say the CBN’s campaign could fast-track Nigeria’s journey towards a cash-lite economy, improve tax compliance, and reduce the cost of financial services. However, they warn that addressing infrastructure gaps, internet access disparities, and cybersecurity threats will be crucial to sustaining public trust in alternative payment systems.
The fair also featured practical demonstrations of digital payment tools, real-life testimonies from small business owners, and expert-led sessions on policy, technology, and consumer protection — signalling a stronger push by the CBN to mainstream alternative payment solutions across all sectors.