The Central Bank of Nigeria says ongoing reforms are aimed at strengthening the financial system, expanding inclusion, and boosting productivity across key sectors.
CBN Governor Olayemi Cardoso, represented by Hakama Sidi, acting director of corporate communications, disclosed this on Tuesday at the CBN Fair in Kano themed “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development.”
He said the apex bank is prioritizing macroeconomic stability through banking recapitalisation, foreign exchange market reforms, and measures to unify rates, enhance transparency, and attract investment.
“These measures are designed to protect customers, boost confidence in the financial sector, and expand access to services,” he added.
The governor further urged Nigerians to respect the naira by avoiding acts such as spraying, hawking, mutilation, and counterfeiting, describing the currency as “a vital national symbol”.
On his part, Aliyu Abubakar, acting divisional head of other financial institutions at the CBN in Kano, said microfinance banks play a critical role globally as alternatives for those excluded from commercial banking services.
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“Those who cannot obtain services from commercial banks have only one alternative, the microfinance banks,” Abubakar said.
Salihu Umar, president of the Association of Mobile Money Operators of Nigeria (AMMON), commended the CBN for convening the fair, saying it provides a platform to showcase alternative payment solutions and drive inclusion.
According to Umar, expanding access to financial services, especially for underserved communities, will contribute significantly to Nigeria’s overall economic growth.
“We are working hard to deepen financial inclusion and sustain monetary and price stability.
“The role of SMEs and other key sectors in economic growth cannot be ignored,” he said.
Cardoso added that the CBN is also catalyzing specialized financial institutions, developing new regulatory frameworks, strengthening payment systems, and de-risking credit in housing, food, and healthcare to unlock growth opportunities.
He noted that the bank has launched the Nigeria Payments System Vision (PSV) 2028 to drive digital transformation, alongside the Unified Complaints Tracking System (UCTS) and a USSD code (*959#) for verifying licensed institutions.
“These measures are designed to protect customers, boost confidence in the financial sector, and expand access to services,” he added.
The governor also urged Nigerians to treat the naira with respect by refraining from spraying, hawking, mutilating, or counterfeiting it, describing the currency as “a vital national symbol.”
Meanwhile, the acting divisional head of other financial institutions at the CBN in Kano, Aliyu Abubakar, highlighted the critical role of microfinance banks, noting that they serve as viable alternatives for people excluded from traditional commercial banking services.
“Those who cannot obtain services from commercial banks have only one alternative, the microfinance banks,” Abubakar said.
The president of the Association of Mobile Money Operators of Nigeria, Salihu Umar, commended the CBN for convening the fair, saying it offered a platform to showcase alternative payment solutions and advance financial inclusion.
He added that broadening access to financial services, particularly in underserved communities, would make a significant contribution to Nigeria’s economic growth.
