The Central Bank of Nigeria, CBN, has urged Nigerians to adopt alternative payment channels to deepen financial inclusion and accelerate economic development across the country.
The Acting Director of Corporate Communications and Investor Relations at the CBN, Hakama Sidi-Ali, made the call during the 2026 CBN Fair held in Lokoja, Kogi State, on Thursday.
The event, themed “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development,” was organised to educate members of the public on CBN policies, financial initiatives and consumer protection measures.
Sidi-Ali, who was represented by the CBN Branch Controller in Lokoja, Mr. Zubairu Salihu, said the apex bank’s ongoing reforms under the leadership of Mr. Olayemi Cardoso were beginning to yield positive results.
She identified moderation in inflation, increased foreign reserves and improved stability in the foreign exchange market as some of the gains recorded under the reforms.
According to her, headline inflation declined from 15.91 per cent in June to 15.43 per cent in July 2026. She also disclosed that Nigeria’s foreign reserves had risen above $52.5 billion as of July 2026, describing the figure as a 17-year high and an indication of an improved external financial position.
Sidi-Ali said the CBN remained committed to reforms aimed at strengthening the financial system, improving transparency and restoring confidence in the economy.
She listed foreign exchange market reforms and the recapitalisation of the banking sector among the major initiatives introduced by the apex bank to strengthen financial institutions and support economic growth.
The CBN official also highlighted the non-resident Bank Verification Number, B-MATCH foreign exchange trading system and Nigeria Payments System Vision 2028 as part of the reforms.
She identified the Nigerian Overnight Financing Rate, NOFR, as another key initiative, explaining that it was introduced in collaboration with the Financial Markets Dealers Association to provide a transparent, market-based reference rate for short-term funding transactions.
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Sidi-Ali said the reforms were designed to strengthen the financial system while expanding access to financial services across different segments of the population.
Earlier, Salihu, who was represented by Mr. Friday Abah, stressed the importance of alternative payment channels in extending financial services to underserved communities.
He said farmers, traders, small businesses and operators in the informal sector could particularly benefit from greater access to digital and alternative payment systems.
Salihu also cited the 2023 Access to Financial Services Survey by Enhancing Financial Innovation and Access, EFInA, which identified Kogi as the state with the highest banking penetration at 94 per cent.
He urged entrepreneurs, farmers, artisans, students and business owners to take advantage of the information and engagement opportunities provided at the fair.
According to him, the event would help participants better understand financial services, payment options and other opportunities available within the financial system.
Also speaking, Gov. Ahmed Ododo of Kogi, represented by his Special Adviser on Budget and Finance, Mr Elijah Evinemi, said alternative payment channels could significantly improve financial access.
Ododo identified agent banking, mobile money, Point-of-Sale terminals, USSD, digital wallets, QR-code payments and electronic banking as important tools for expanding access to financial services.
He said wider adoption of these channels could help bridge financial access gaps, particularly in rural and underserved communities.
The governor added that increased use of digital payment platforms would make transactions easier while supporting economic activities among individuals, traders and businesses.
He urged stakeholders to promote financial literacy and encourage Nigerians, particularly those in underserved communities, to embrace secure and reliable digital payment channels.
Ododo commended the CBN for organising the fair, describing it as an important platform for public enlightenment, stakeholder engagement and the promotion of financial inclusion.
The event featured presentations and interactive sessions on payment systems, microfinance activities, foreign exchange developments, consumer protection and monetary policy.
Participants also had the opportunity to ask questions and seek clarification on financial services, payment channels and various CBN policies.
NAN
