By Ike Uchechukwu, Calabar
The Central Bank of Nigeria (CBN) has reiterated the vital importance of alternative payment systems in enhancing financial inclusion for rural and underserved populations across the country.
At the recent CBN Fair held in Calabar, Cross River State, themed “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth, and Accelerated Economic Development,” CBN Governor Dr. Olayemi Cardoso emphasized the transformative potential of these innovative financial tools.
Through Mr. Uche Tobias, Assistant Director of Corporate Communications, Cardoso conveyed that the event aimed to promote digital payment solutions that facilitate easier banking access for individuals residing in remote or marginalized areas.
The Governor elaborated on the CBN’s commitment to advancing various payment technologies, including mobile money services, agency banking, USSD-based transactions, and internet banking platforms, all designed to bring rural communities into the formal financial fold.
Since assuming office two years ago, Cardoso highlighted several key reforms implemented under his leadership to strengthen Nigeria’s financial landscape. These include harmonizing exchange rates, recapitalizing financial institutions, introducing the non-resident Bank Verification Number (BVN) to connect Nigerians abroad with local banking services, and launching the BMatch System to improve foreign exchange market operations.
He also pointed to the introduction of the Nigeria Payments System Vision 2028 (PSV 2028) and the enforcement of a 75 percent Cash Reserve Ratio (CRR) on non-Treasury Single Account (TSA) public sector deposits as strategic measures to stabilize the economy and promote sustainable growth.
“This fair provides a valuable platform to inform citizens about how CBN’s policies can enhance their everyday financial experiences and contribute to national economic advancement,” Cardoso stated.
Mr. Jibunoh Nwanneamaka, Branch Controller of CBN Calabar, described the event as a crucial avenue for educating the public and fostering direct dialogue on ongoing financial reforms.
Represented by Mr. Jude Nwafor, Head of Research at CBN Calabar, Nwanneamaka stressed the importance of raising awareness amid rapid digital transformation.
“Our objective is to build confidence, strengthen consumer protection, and empower all Nigerians to engage fully in the evolving financial ecosystem,” he explained.
Furthermore, Mr. Kelly Ayamba, President of the Calabar Chamber of Commerce, Industry, Mines and Agriculture (CALCIMA), lauded the CBN’s initiative, emphasizing that the awareness drive would enhance financial accessibility and stimulate economic growth.
“The CBN’s efforts represent a significant stride toward inclusive financial development by integrating diverse societal groups into the financial sector’s progress,” Ayamba concluded.