The Central Bank of Nigeria (CBN) has restated its unwavering commitment to financial inclusion, pledging to strengthen reforms that will expand access to banking services, protect consumers, and support the Federal Government’s economic transformation agenda.
CBN Governor, Mr. Olayemi Cardoso, gave the assurance during the opening ceremony of the CBN Fair held at the Mineet Event Centre in Kano on Tuesday.
Represented by the Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, Cardoso explained that the apex bank is determined to boost productivity, consolidate its monetary policies, and create an enabling environment for inclusive growth.
Highlighting progress made since he assumed leadership, the governor said several initiatives have already produced tangible results, including improved foreign investment inflows, a healthier trade balance, and measurable growth in financial inclusion.
Cardoso noted that the implementation of exchange rate unification had reduced arbitrage opportunities while stabilising the foreign exchange market.
The bank has also cleared over $7 billion in verified foreign exchange backlogs, restoring confidence among investors and international partners.
Another critical policy, according to him, is the ongoing recapitalisation exercise, designed to strengthen the resilience of Nigerian banks and prepare them to support the Federal Government’s ambition of achieving a $1 trillion economy.
In furtherance of its financial inclusion agenda, the apex bank introduced the non-resident Bank Verification Number (BVN), allowing Nigerians in the diaspora to seamlessly connect with the domestic banking system.
This innovation is expected to encourage remittances, improve transparency, and integrate more Nigerians into formal banking.
Cardoso also highlighted the launch of the Nigeria Payments System Vision 2028 (PSV 2028), which seeks to accelerate digital transformation and position Nigeria as a leader in the global payments ecosystem.
According to him, PSV 2028 will serve as a key driver of financial inclusion, particularly among the youth and small businesses that depend heavily on digital solutions.
Additionally, the CBN rolled out the Unified Complaints Tracking System and a USSD verification code (*959#) for licensed financial institutions.
These tools were introduced to build trust, enhance transparency, and strengthen consumer protection, which are essential pillars of financial inclusion.
Themed “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development”, this year’s fair served as a platform for direct engagement with Nigerians.
Cardoso explained that the event was designed to raise awareness about CBN policies and highlight how they affect everyday lives.
“The fair reflects our commitment to explain policies, receive feedback, and strengthen public confidence in the financial system.
At the core of our efforts is the drive to make financial inclusion a reality for every Nigerian,” he said.
The Acting Branch Controller of the CBN in Kano, Hajia Saudatu Mohammad, also underscored the importance of the fair.
She noted that outreach programmes like this enable the apex bank to communicate directly with citizens while reinforcing its strong commitment to financial inclusion.
The fair attracted participants from across the economic spectrum, including small business owners, traders, professionals, students, and civil society representatives.
Attendees had the opportunity to interact with CBN officials on issues ranging from exchange rate management to banking reforms and consumer protection.
Stakeholders at the event praised the CBN’s reforms, noting that deepening financial inclusion is critical for poverty reduction, job creation, and the growth of small and medium-sized enterprises.
Many participants expressed optimism that ongoing digital payment initiatives and reforms would help reduce Nigeria’s large unbanked population.
Experts argue that achieving broad-based financial inclusion will require sustained collaboration between the CBN, commercial banks, fintechs, and community institutions.
They emphasised that access to affordable credit, digital wallets, and reliable payment systems must be expanded to rural areas where banking penetration remains low.
Cardoso, in his remarks, reaffirmed that the CBN would continue to design policies that balance stability with growth, while prioritising the needs of vulnerable groups.
“We will keep pushing until no Nigerian is excluded from the financial system. That is our pledge,” he stated.
The CBN’s renewed emphasis on financial inclusion signals its recognition of the role inclusive finance plays in national development.
With ongoing reforms, digital innovations, and stronger consumer protection, the apex bank is positioning Nigeria’s financial system to be more resilient, transparent, and accessible to all citizens.
By restating its pledge in Kano, the CBN has once again placed financial inclusion at the heart of its mandate, reaffirming its goal of creating a more inclusive economy that supports individuals, businesses, and the nation’s long-term growth.
