CBN promotes alternative payment channels to deepen financial inclusion

From Abdulrazaq Mungadi, Gombe

The Central Bank of Nigeria (CBN) has pledged to deepen financial inclusion by promoting alternative payment channels, describing digital payment systems as key drivers of economic growth, financial stability and inclusive development.

Speaking at the CBN Fair in Gombe, Gombe State, yestersday, the Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, who delivered the opening remarks on behalf of the CBN Governor, said the apex bank was intensifying efforts to encourage wider adoption of digital payment platforms across the country.

The event, themed “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development,” forms part of the CBN’s strategy to educate Nigerians on its policies, programmes and reforms while promoting greater participation in the nation’s financial system.

Ali said expanding the use of digital payment channels would improve access to financial services, stimulate economic activities and support the Bank’s mandate of maintaining monetary, price and financial system stability.

According to her, the CBN, under the leadership of Cardoso, remains committed to implementing reforms that promote inclusive growth and strengthen public confidence in Nigeria’s financial system.

She noted that recent policy measures introduced by the apex bank were beginning to deliver results, pointing to a gradual decline in inflation, sustained growth in Nigeria’s foreign reserves and improved stability in the foreign exchange market.

Ali also highlighted several initiatives aimed at modernising the country’s payment infrastructure and expanding financial access, including the Nigeria Payments System Vision 2028, the Non-Resident Bank Verification Number (NRBVN) initiative and the B-Match foreign exchange trading platform.

She urged Nigerians to obtain information only from the CBN’s verified communication channels to avoid misinformation.

The CBN spokesperson also reiterated the Bank’s appeal to Nigerians to protect the integrity of the national currency.

“Members of the public should rely only on information published through the CBN’s verified communication channels,” she said.

She further urged Nigerians to refrain from spraying, hawking, mutilating or counterfeiting the naira, stressing that preserving the integrity of the currency is a shared national responsibility.

Earlier, the Branch Controller of the CBN Gombe Branch described the CBN Fair as an annual public engagement platform designed to educate citizens on the Bank’s policies while providing an avenue for feedback.

The Branch Controller welcomed participants from government institutions, security agencies, financial institutions, civil society organisations, the organised private sector and the general public, urging them to actively participate in the interactive sessions by asking questions and offering suggestions that would strengthen the delivery of the Bank’s services and advance its financial inclusion agenda.