By Atoyebi Nike
The Central Bank of Nigeria (CBN) has reaffirmed its drive to expand financial inclusion and spur economic growth by promoting alternative payment channels as key tools for development.
Speaking at the 2025 CBN Fair in Lagos, themed Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development, the bank’s Acting Director of Corporate Communications, Hakama Ali, said the Olayemi Cardoso-led management has prioritized reforms that connect communities, enhance productivity, and strengthen price stability.
Ali highlighted recent policy measures, including the unification of exchange rates, clearance of $7 billion in foreign exchange backlogs, introduction of the Nigerian Forex Code, bank recapitalization, the launch of the Non-Resident Bank Verification Number (BVN), and the creation of a unified complaints tracking system. She also urged Nigerians to respect the naira, warning against mutilation and counterfeiting.
CBN Lagos Branch Controller Sunday Daibo noted that mobile money, agency banking, USSD services, contactless payments, digital currency, and open banking are breaking access barriers, enabling farmers, small businesses, and entrepreneurs to transact securely and efficiently.
Director of Consumer Protection and Financial Inclusion, Dr. Aisha Isa-Olatinwo, added that post-COVID realities have underscored the importance of embracing non-cash transactions, stressing that alternative payment channels are essential for sustainable economic development.
