By Abasi Ita CALABAR
The Central Bank of Nigeria (CBN) has reaffirmed that alternative payment systems remain a crucial lifeline for underserved and rural communities, providing inclusive access to financial services across the country.
CBN Governor, Dr. Olayemi Cardoso, stated this on Thursday during the CBN Fair held in Calabar with the theme, “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth, and Accelerated Economic Development.”
Represented by Mr. Uche Tobias, Assistant Director in the Corporate Communications Department, Cardoso said the fair was designed to promote awareness of digital payment solutions that make banking easier, faster, and more accessible, especially for those in remote or unbanked areas.
He noted that the apex bank is showcasing the efficiency of mobile money services, agency banking, USSD platforms, and internet banking as tools to deepen financial inclusion and connect rural dwellers to the national economy.
Highlighting some of his administration’s reforms since assuming office two years ago, Cardoso mentioned the unification of the exchange rate, recapitalization of banks, introduction of the non-resident Bank Verification Number (BVN) to link Nigerians abroad with local financial services, and the launch of the BMatch System to improve foreign exchange transactions.
He further explained that the unveiling of the Nigeria Payments System Vision 2028 (PSV 2028) and the introduction of a 75 percent Cash Reserve Ratio (CRR) on non-Treasury Single Account (TSA) public sector deposits were part of ongoing efforts to stabilize the economy and promote sustainable growth.
“The fair provides an avenue to sensitize the public on how CBN policies can enhance their livelihoods and contribute to the nation’s economic advancement,” Cardoso said.
Also speaking, the CBN Branch Controller in Calabar, Mr. Jibunoh Nwanneamaka, described the fair as a vital public enlightenment forum that helps citizens understand the bank’s policies and reforms.
Represented by Mr. Jude Nwafor, Head of Research at CBN Calabar, Nwanneamaka said the engagement aims to strengthen consumer confidence and ensure Nigerians actively participate in the evolving financial system.
“Through this interaction, we hope to build trust, enhance financial literacy, and protect consumers while expanding access to digital financial services,” he noted.
In his remarks, the President of the Calabar Chamber of Commerce, Industry, Mines and Agriculture (CALCIMA), Mr. Kelly Ayamba, lauded the CBN for its outreach efforts, describing the sensitization fair as a step toward bridging the financial inclusion gap.
“This initiative demonstrates the CBN’s commitment to carrying everyone along in the development of Nigeria’s financial sector,” Ayamba said.