The Central Bank of Nigeria (CBN) has reaffirmed its commitment to broadening financial inclusion and fostering economic growth through the promotion of alternative payment systems. This move aligns with the CBN’s overarching goal of improving financial accessibility for Nigerians, especially in underserved and remote areas.
On October 9th, 2025, at the Dome Event Centre in Calabar, the CBN organized a sensitization program, aptly named the ‘CBN Fair,’ under the theme “Promoting Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development.”
The event brought together key stakeholders, including manufacturers, traders, microfinance and commercial banks, students, and artisans, alongside other members of the National Youth Service Corps (NYSC) and the general public. Their goal: to engage in dialogue and learn about the CBN’s policies that are shaping the future of Nigeria’s financial ecosystem.
Speaking at the event, Uche Tobias, Assistant Director of the CBN’s Corporate Communications Department, highlighted the bank’s ongoing efforts to empower citizens, enhance productivity, and connect Nigerians to broader economic opportunities. “Under the leadership of Governor Olayemi Cardoso, we are focused on fostering productivity, enhancing financial inclusion, and ensuring monetary stability,” Tobias stated. He pointed to the reduction in inflation and current foreign exchange market stability as early signs of the CBN’s success.
Key policies under Governor Cardoso’s administration include the unification of exchange rates, the introduction of the non-resident Bank Verification Number (BVN) to connect Nigerians abroad to home banking, and the Nigeria Payments System Vision 2028 (PSV 2028), which seeks to accelerate digital transformation and expand financial inclusion across the country.
Tobias also discussed the introduction of a 75% Cash Reserve Ratio on non-Treasury Single Account public sector deposits, which aims to improve liquidity management and combat inflationary pressures. He emphasized that these reforms are pivotal in enhancing the banking sector’s ability to respond to challenges while securing the stability of the nation’s economy.
He urged attendees to rely only on information provided through official channels of the CBN, reinforcing the importance of transparent communication in advancing Nigeria’s financial landscape.
Jibunoh Tolefe-Nwanneamaka, the Calabar Branch Controller of the CBN, addressed the audience through Jude Nwafor, Head of Research, emphasizing the importance of financial inclusion. “This fair is designed to showcase alternative payment systems and introduce key reforms that will strengthen Nigeria’s financial ecosystem,” Tolefe-Nwanneamaka explained. He stressed that the event serves as a platform for constructive feedback, helping the CBN to build trust and ensure consumer protection.
Cross River State Governor, Bassey Otu, represented by his Special Assistant on Agriculture, John Shiyam, commended the CBN for its initiative. Governor Otu highlighted the challenges faced by residents of remote areas in accessing banking services due to a lack of commercial banks in certain local government areas. “This initiative will help raise awareness of alternative payment systems, which will be a game-changer for many who find it difficult to access traditional banking services,” Shiyam said.
According to a statement from the CBN, the bank’s National Financial Inclusion Strategy (NFIS), launched in 2012, has been integral in widening access to banking services, particularly for underserved populations. However, the CBN recognizes that challenges such as low financial literacy, digital exclusion, and infrastructural gaps continue to hinder broader financial inclusion in rural and remote areas.
To address these challenges, the CBN has made significant strides with the recent introduction of the Payments System Vision 2028 (PSV 2028), a move designed to enhance Nigeria’s digital payments infrastructure and drive modern, secure financial transactions across the country.
As the event concluded, the CBN reiterated its commitment to creating a more inclusive financial system, noting that alternative payment systems, coupled with the ongoing reforms, will continue to play a crucial role in empowering individuals and transforming the Nigerian economy.
The CBN’s promotion of alternative payment systems at the ‘CBN Fair’ marks a significant step towards greater financial inclusion, particularly in remote regions where traditional banking services are often inaccessible. The initiative has the potential to create an ecosystem where every Nigerian can participate fully in the nation’s financial and economic growth.
