The Central Bank of Nigeria has urged Nigerians to embrace alternative payment channels to expand financial inclusion and boost economic activity.

Acting Director of the CBN’s Corporate Communications and Investor Relations Department, Hakama Sidi-Ali, made the call at the 2026 CBN Fair in Lokoja, Kogi State.

The event, themed “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development,” was organised to educate the public on the apex bank’s policies, reforms and consumer protection initiatives.

Represented by the CBN Lokoja Branch Controller, Zubairu Salihu, Sidi-Ali said reforms introduced under Governor Olayemi Cardoso were yielding positive results across key sectors of the economy.

Represented by Zubairu Salihu, Branch Controller of the CBN Lokoja Branch, Sidi-Ali said the reforms implemented under Governor Olayemi Cardoso were delivering positive results across key areas of the economy.

She pointed to the decline in headline inflation from 15.91 per cent in June to 15.43 per cent in July 2026, alongside the rise in the country’s foreign exchange reserves to more than $52.5bn.

Sidi-Ali described the reserve level as the highest in 17 years, saying it demonstrated a strengthening of Nigeria’s external financial position.

She said the CBN’s reform agenda also included measures to strengthen the foreign exchange market and recapitalise the banking sector, as well as initiatives such as the Non-Resident Bank Verification Number, B-MATCH foreign exchange trading platform and the Nigeria Payments System Vision 2028.

The CBN official also highlighted the Nigerian Overnight Financing Rate, developed in collaboration with the Financial Markets Dealers Association, as a transparent, market-driven benchmark for short-term funding transactions.

She said alternative payment channels were especially important for farmers, traders, small businesses and informal-sector operators who may have limited access to conventional banking services.

The official cited the 2023 Access to Financial Services Survey by Enhancing Financial Innovation and Access, which identified Kogi as the state with the highest banking penetration rate at 94 per cent.

She encouraged farmers, entrepreneurs, artisans, students and business owners to take advantage of the fair to deepen their understanding of financial services and available payment options.

Kogi State Governor Ahmed Ododo, represented by his Special Adviser on Budget and Finance, Elijah Evinemi, said digital payment channels could play a key role in bridging financial access gaps in rural and underserved communities.