CBN SAYS ALTERNATIVE PAYMENT CHANNELS LIFTING RURAL, UNDERSERVERED NIGERIANS
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The Central Bank of Nigeria (CBN) has characterized alternative payment systems as an essential support mechanism for rural populations and marginalized communities throughout the nation.
CBN Governor, Dr. Olayemi Cardoso, articulated this viewpoint on Thursday during the CBN Fair conducted in Calabar, Cross River State, under the theme: “Driving Alternative Payment Channels as Instruments for Financial Inclusion, Development, and Accelerated Economic Progress. ”
Represented by Mr. Uche Tobias, Assistant Director of the Corporate Communications Department, Cardoso conveyed that the fair was part of the paramount bank’s initiatives to enhance financial inclusion and highlight digital payment alternatives that facilitate banking accessibility for individuals in remote or unbanked regions.
He elaborated that the CBN was showcasing the convenience and dependability of payment platforms such as mobile money, agency banking, USSD services, and internet banking—each designed to integrate rural inhabitants into the formal financial sector.
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Cardoso remarked that since taking office two years prior, his administration has implemented significant reforms to bolster Nigeria’s financial framework. These initiatives include exchange rate unification, bank recapitalization, the introduction of the non-resident Bank Verification Number (BVN) to link Nigerians overseas with local banking services, and the launch of the BMatch System for foreign exchange trading.
He also emphasized the introduction of the Nigeria Payments System Vision 2028 (PSV 2028) and the application of a 75 percent Cash Reserve Ratio (CRR) on non-Treasury Single Account (TSA) public sector deposits as strategies aimed at stabilizing the economy and fostering growth.
“The fair aims primarily to inform the public on how CBN policies can enhance their livelihoods and contribute to Nigeria’s economic advancement,” stated Cardoso.
In his comments, the Branch Controller of CBN Calabar, Mr. Jibunoh Nwanneamaka, characterized the fair as a valuable forum for public enlightenment and for offering direct insights into ongoing financial reforms.
Represented by Mr. Jude Nwafor, Head of Research at CBN Calabar, Nwanneamaka underscored the significance of public comprehension of CBN’s policies amid a swift digital transformation.
“Through this engagement, we aspire to foster trust, improve consumer protection, and ensure that every Nigerian feels empowered to engage in the financial ecosystem,” he remarked.
Additionally, the President of the Calabar Chamber of Commerce, Industry, Mines and Agriculture (CALCIMA), Mr. Kelly Ayamba, praised the CBN for the initiative, observing that the sensitization effort would enhance financial access and stimulate economic expansion.
“We view this as a concerted effort by the CBN to guarantee financial inclusion by involving everyone in the advancement of the financial sector,” Ayamba noted.
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