The Central Bank of Nigeria, CBN, has reaffirmed its commitment to driving reforms that will restore confidence in the financial system, strengthen institutions, and unlock new opportunities for growth and inclusion.
Speaking at the CBN Fair in Kano on Tuesday, Governor Olayemi Cardoso said the bank was pursuing policies to ensure monetary stability, deepen financial inclusion, and stimulate productivity across critical sectors of the economy.
The fair, themed “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development,” brought together stakeholders from the financial services industry and beyond.
Cardoso, represented by Mrs. Hakama Sidi, Acting Director of Corporate Communications, noted that the resilience of Nigeria’s economy depended on reforms that address both short-term challenges and long-term structural weaknesses.
“The role of Small and Medium Enterprises and other key sectors in national growth cannot be ignored,” he said, stressing that the CBN was designing policies to empower these drivers of employment and innovation.
Among the reforms outlined were banking recapitalisation programmes to strengthen financial institutions, foreign exchange market reforms to unify exchange rates, enhance transparency, and attract foreign investment.
The governor also highlighted efforts to develop specialised financial institutions, improve regulatory frameworks, and de-risk credit to priority sectors such as housing, food production, and healthcare.
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Cardoso disclosed that the CBN had launched the Nigeria Payments System Vision 2028 (PSV 2028), a blueprint for accelerating digital transformation and expanding financial inclusion.
As part of this, the bank introduced the Unified Complaints Tracking System to protect consumers, resolve disputes efficiently, and boost confidence in financial services. A dedicated USSD code (*959#) was also unveiled to help Nigerians verify licensed financial institutions.
He urged participants to interact with official CBN communication channels—including the bank’s website and social media platforms—while also calling on Nigerians to respect the Naira by avoiding practices such as spraying, hawking, mutilation, or counterfeiting. “The Naira is a vital national symbol that must be treated with dignity,” he emphasized.
In his remarks, Aliyu Abubakar, Acting Divisional Head of Other Financial Institutions at CBN’s Kano office, said global economic realities underscored the importance of microfinance and similar institutions.
“Those who cannot obtain services from commercial banks have only one alternative, the microfinance banks,” he said, noting their vital role in reaching underserved populations.
The fair also featured contributions from industry players. Salihu Umar, President of the Association of Mobile Money Operators of Nigeria, commended the CBN for creating a platform to showcase alternative payment solutions.
He stressed that mobile money operators and other innovative channels would expand access to financial services, especially in rural and low-income communities, thereby contributing to inclusive economic growth.
The CBN Fair in Kano reflects the apex bank’s broader strategy of engaging with Nigerians, explaining policy directions, and encouraging citizens to adopt digital and inclusive financial practices.
For Cardoso and his team, these reforms represent not only a pathway to financial stability but also a foundation for long-term national prosperity.
NAN
