The Central Bank of Nigeria (CBN) has called for greater adoption of alternative payment channels to expand access to financial services, promote financial inclusion and stimulate economic activity.
The Acting Director of the CBN’s Corporate Communications and Investor Relations Department, Hakama Sidi-Ali, made the call at the 2026 CBN Fair in Lokoja, Kogi State.
The event, themed “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development,” was organised to educate the public on the apex bank’s policies, reforms and consumer protection initiatives.
Represented by the Branch Controller of the CBN Lokoja Branch, Zubairu Salihu, Sidi-Ali said reforms under Governor Olayemi Cardoso were yielding positive results across key areas of the economy.
She cited the decline in headline inflation from 15.91 per cent in June to 15.43 per cent in July 2026, alongside the increase in Nigeria’s foreign exchange reserves to more than $52.5 billion.
Sidi-Ali described the reserve level as a 17-year high, saying it reflected an improvement in the country’s external financial position.
She said the CBN’s reforms also covered the foreign exchange market and banking sector recapitalisation, as well as initiatives including the non-resident Bank Verification Number, B-MATCH foreign exchange trading platform and Nigeria Payments System Vision 2028.
The CBN official also highlighted the Nigerian Overnight Financing Rate, introduced in collaboration with the Financial Markets Dealers Association as a transparent, market-driven benchmark for short-term funding transactions.
She stressed that alternative payment channels were particularly important to farmers, traders, small businesses and informal-sector operators who may have limited access to conventional banking services.
Sidi-Ali referenced the 2023 Access to Financial Services Survey by Enhancing Financial Innovation and Access, which ranked Kogi State highest in banking penetration at 94 per cent.
She urged farmers, entrepreneurs, artisans, students and business owners to take advantage of the fair to improve their knowledge of financial services and available payment options.
