The Central Bank of Nigeria (CBN) has taken a significant step toward boosting productivity and fostering financial inclusiveness through a public engagement event in Abeokuta, Ogun State. The event, themed “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth, and Accelerated Economic Development,” aimed to sensitize critical stakeholders and the public on how the CBN’s policies can help improve livelihoods and contribute to Nigeria’s economic growth.
Mrs. Hakama Sidi-Ali, acting director of the Corporate Communications Department at the CBN, emphasized the importance of the fair as a platform for interaction between the apex bank and the public. According to her, the event focused on educating attendees about CBN policies that drive sustainable economic growth. She also noted that the theme of the fair was carefully chosen to highlight the critical role of value addition and its impact on SMEs and other economic activities in achieving price stability.
Sidi-Ali praised the leadership of Olayemi Cardoso, whose vision and commitment have driven policies aimed at increasing productivity, fostering financial inclusion, and ensuring monetary and price stability. Under his leadership, Nigeria has seen a marked improvement in foreign investment inflows, positive trade balances, and an impressive increase in the financial inclusion rate.
Reflecting on the progress made by the CBN over the last 22 months, Sidi-Ali pointed out the launch of the Unified Complaints Tracking System (UCTS) as a significant milestone in protecting bank customers and promoting transparency. She further explained that the UCTS, together with a USSD code (*959#) for verifying licensed institutions, enhances consumer protection in Nigeria’s financial sector.
“The goal of this fair is to ensure the public understands how our policies and innovations can positively impact their lives and contribute to Nigeria’s economic development,” said Sidi-Ali.
Addressing the issue of currency, she reminded attendees of the importance of respecting the Naira, Nigeria’s symbol of national identity. The CBN has continued its efforts to ensure the availability of clean currency and urges Nigerians to avoid defacing or mutilating the Naira.
Mr. Malik Ademola, Controller of the CBN Abeokuta branch, reinforced the significance of the CBN Fair as an essential public enlightenment initiative. He highlighted that the fair has become a crucial channel for building trust between the CBN and the public, encouraging open discussions and active participation. Ademola stressed the importance of public awareness about monetary policy, financial inclusion, digital payments, and consumer protection, especially as Nigeria navigates the complexities of the global and local economic landscape.
One of the stakeholders at the event, Mr. Bunmi Ogunrinde, founder of Landgold Microfinance, called on the federal government to prioritize policies that directly impact SMEs.
He emphasized that these businesses are the backbone of Nigeria’s economic growth and must be supported for sustainable development.
