The Central Bank of Nigeria (CBN) says it is rolling out reforms to strengthen the financial system, deepen inclusion, and boost productivity across critical sectors of the economy.
Gatekeepers News reports that Olayemi Cardoso, governor of the CBN, made this known on Tuesday at the CBN Fair in Kano, themed “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development.”
Cardoso, represented by Hakama Sidi, acting director of corporate communications, said the apex bank is committed to building macroeconomic resilience through banking recapitalisation, foreign exchange (FX) market reforms, and measures to unify rates, improve transparency, and attract investment.
“We are working hard to deepen financial inclusion and sustain monetary and price stability,” Cardoso said.
“The role of SMEs and other key sectors in economic growth cannot be ignored.”
He outlined other initiatives including support for specialised financial institutions, developing new regulatory frameworks, enhancing payment systems, and de-risking credit in housing, food, and healthcare to unlock growth opportunities.
The CBN governor noted that the apex bank had also launched the Nigeria Payments System Vision (PSV) 2028 to accelerate digital transformation, alongside the Unified Complaints Tracking System (UCTS) and a USSD code (*959#) to verify licensed financial institutions.
“These measures are designed to protect customers, boost confidence in the financial sector, and expand access to services,” he said.
Cardoso further urged Nigerians to respect the naira by avoiding abuse such as spraying, hawking, mutilation, and counterfeiting, describing the currency as “a vital national symbol.”
Also speaking, Aliyu Abubakar, acting divisional head of other financial institutions at the CBN in Kano, highlighted the role of microfinance banks in providing access for those excluded from commercial banking services.
“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), praised the CBN for convening the fair, noting that it offers a platform to showcase alternative payment solutions and drive financial inclusion.
“Expanding access to financial services, especially for underserved communities, will contribute significantly to Nigeria’s overall economic growth,” Umar added.
