The Central Bank of Nigeria (CBN) is rolling out comprehensive reforms aimed at strengthening the country’s financial system, deepening inclusion, and stimulating productivity across critical sectors, Governor Olayemi Cardoso said on Tuesday.
Speaking at the CBN Fair in Kano, themed “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development”, Cardoso represented by Hakama Sidi, acting director of corporate communications, highlighted the bank’s commitment to promoting macroeconomic resilience through initiatives such as banking recapitalisation and foreign exchange market reforms.
“We are focused on unifying rates, improving transparency, and attracting investment to deepen financial inclusion and sustain monetary and price stability,” the governor said.
Cardoso emphasized the critical role of small and medium-sized enterprises (SMEs) and other sectors in driving economic growth. To unlock new growth opportunities, the CBN is catalysing specialised financial institutions, developing regulatory frameworks, enhancing payment systems, and de-risking credit in housing, food, and healthcare.
The apex bank recently launched the Nigeria Payments System Vision (PSV) 2028 to accelerate digital financial transformation. This includes tools like the Unified Complaints Tracking System (UCTS) and a USSD code (*959#) enabling customers to verify licensed financial institutions.
“These measures protect customers, boost confidence, and expand access to financial services,” Cardoso added.
Cardoso also urged Nigerians to respect the naira, Nigeria’s national currency, by avoiding damaging acts such as spraying, hawking, mutilation, and counterfeiting, calling the naira a “vital national symbol.”
Aliyu Abubakar, acting divisional head of other financial institutions at CBN Kano, noted the crucial role microfinance banks play in serving those excluded from commercial banking services.
“Microfinance banks are the primary alternative for Nigerians who cannot access commercial banks,” he said.
Salihu Umar, president of the Association of Mobile Money Operators of Nigeria (AMMON), praised the CBN for the fair, highlighting its importance in showcasing alternative payment solutions and promoting financial inclusion, especially in underserved communities.
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