CBN Pushes for Wider Use of Alternative Payment Channels to Boost Financial Inclusion
The Central Bank of Nigeria (CBN) has reaffirmed its commitment to making financial services accessible to every Nigerian by promoting alternative payment channels. This was the focus of the recent CBN Fair themed “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth, and Accelerated Economic Development.”
The event brought together manufacturers, banks, fintechs, traders, artisans, students, NYSC members, and other stakeholders to learn how technology-driven payment solutions can improve livelihoods and drive economic progress.
Policies to Strengthen the Financial System
Acting Director of Corporate Communications, Hakama Ali, highlighted key reforms under CBN Governor Olayemi Cardoso, including:
Exchange rate unification to reduce volatility in the forex market.
Clearing over $7 billion in verified forex backlog.
Launch of the Nigerian Forex Code for transparency and good practices.
Bank recapitalization to support a projected $1 trillion economy.
Introduction of Non-Resident BVN to connect Nigerians abroad with local banking.
A unified complaints tracking system for better consumer protection.
USSD verification codes for identifying licensed financial institutions.
Ali also urged Nigerians to treat the naira with respect:
“The naira is a critical symbol of our national identity. Do not mutilate, counterfeit, or abuse it.”
“Alternative payment channels are not just about convenience; they are powerful tools for breaking barriers, driving inclusion, and accelerating Nigeria’s economic growth.”
Financial Inclusion in Action
CBN Lagos Branch Controller, Sunday Daibo, explained how alternative payment channels—such as mobile money, agency banking, USSD, internet banking, contactless payments, the eNaira, and open banking—are breaking barriers of distance, cost, and complexity.
“When a farmer in a remote community can get paid instantly for produce without travelling miles to a bank, when small businesses can sell online and receive secure payments, when entrepreneurs can access microloans from a mobile wallet—that is financial inclusion in action,” he said.
Moving Beyond Cash
Director of Consumer Protection and Financial Inclusion, Dr Aisha Isa-Olatinwo, stressed the importance of moving away from cash-only transactions, especially after the COVID-19 experience showed how connected the world has become.
With the CBN’s push for alternative payment channels, Nigerians have more opportunities than ever to access safe, efficient, and innovative financial services. Adopting these solutions can open doors to business growth, job creation, and economic stability.
