The Central Bank of Nigeria (CBN) has called for wider adoption of alternative payment channels to expand access to financial services and stimulate economic activity across the country.
The Acting Director of the CBN’s Corporate Communications and Investor Relations Department, Hakama Sidi-Ali, made the call at the 2026 CBN Fair held 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 members of the public on the apex bank’s policies, reforms and consumer protection initiatives.
Represented bDriving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development, Branch Controller of the CBN Lokoja Branch, Sidi-Ali said the reforms being implemented under the leadership of CBN Governor Olayemi Cardoso were yielding improvements 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, as well as the increase in Nigeria’s foreign exchange reserves to more than $52.5 billion.
According to her, the reserve level represented a 17-year high and reflected an improvement in the country’s external financial position.
Sidi-Ali said the CBN’s reforms also covered the foreign exchange market and banking sector recapitalisation, alongside initiatives including the non-resident Bank Verification Number (BVN), B-MATCH foreign exchange trading platform and Nigeria Payments System Vision 2028.
She also highlighted the Nigerian Overnight Financing Rate, introduced in collaboration with the Financial Markets Dealers Association to provide a transparent, market-driven benchmark for short-term funding transactions.
The CBN official stressed that alternative payment channels were particularly important for farmers, traders, small businesses and informal-sector operators who may have limited access to conventional banking services.
She referenced the 2023 Access to Financial Services Survey by Enhancing Financial Innovation and Access, which ranked Kogi State as having the highest banking penetration in the country at 94 per cent.
Sidi-Ali urged farmers, entrepreneurs, artisans, students and business owners to use the fair as an opportunity to improve their knowledge of financial services and the payment options available to them.
Also speaking, Kogi State Governor Ahmed Ododo, represented by his Special Adviser on Budget and Finance, Elijah Evinemi, said digital payment channels could help bridge financial access gaps, particularly in rural and underserved communities.
Ododo identified agent banking, mobile money, Point-of-Sale (POS) terminals, USSD, digital wallets, QR-code payments and electronic banking among the channels capable of improving access to financial services.
The governor said wider adoption of digital payments would make transactions more convenient while supporting economic activities among households and businesses.
He also called for greater financial literacy and urged stakeholders to promote the safe adoption of digital payment platforms.
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