CBN COMMITTED TO FINANCIAL INCLUSIVENESS, STIMULATING PRODUCTIVITY – CARDOSO
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By Shodayo Sunmisola Michael
The Central Bank of Nigeria (CBN) has reaffirmed its steadfast dedication to financial inclusivity and the enhancement of productivity to foster sustainable economic growth and development within Nigeria.
During an event organized in Kano to inform the public about the policies implemented by the bank aimed at improving their lives and livelihoods, CBN Governor Olayemi Cardoso conveyed this message.
Represented by the bank’s Acting Director of Corporate Communications, Mrs. Hakama Ali, Cardoso stated that the institution has enacted new policies that are already producing favorable outcomes, including increased foreign investment inflows, positive trade balances, and significant advancements in financial inclusion.
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She noted several of these policies, such as exchange rate unification, bank recapitalization, the Nigeria Payments System Vision, and the Unified Complaints Tracking System (UCTS), among others.
According to Mrs. Ali, “The Management of the Bank, under the leadership of Mr. Olayemi Cardoso, is committed to stimulating productivity and financial inclusiveness, as well as delivering on its core mandate of monetary and price stability. These efforts have already started yielding positive results, which include increases of inflows of foreign investments, positive trade balances and remarkable progress in financial inclusion.
“Since assuming office, two years ago, the Governor has spearheaded several key policies to strengthen the financial system. These include exchange rate unification. To minimize arbitrage opportunities and reduce volatility in the foreign exchange market and cleared over $7bn verified backlog of FX forwards.
“Bank Recapitalisation to strengthen the resilience and global competitiveness of the banking sector, positioning it to support the $1trillion economy.
“Similarly, the bank launched the non-resident BVN to connect Nigerians abroad with home banking and unveiled the Nigeria Payments System Vision 2028 (PSV 2028) to accelerate digital transformation, deepen financial inclusion, and position Nigeria more strongly in global payments.
“To further protect banks’ customers and strengthen consumer confidence, the CBN launched the Unified Complaints Tracking System (UCTS) to streamline the management of consumer complaints against financial institutions. Alongside this, USSD code (*959#) was also introduced for verifying licensed institutions, and enhancing transparency in the Nigerian financial sector,” she explained.
The acting Director described the theme of the fair, “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development” as particularly relevant in light of the bank’s overarching vision to attain price stability and expand financial access to millions of Nigerians.
“The theme of the Fair “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development” was carefully chosen to address the links that catalyse SMEs and other critical activities for the much-needed price stability.
“The Fair is designed as a platform to interact with members of the public on the policies of the CBN for sustainable economic growth and development of Nigeria,” Mrs. Ali concluded.
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