CBN pushes wider adoption of digital payment channels

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The Central Bank of Nigeria has called for greater adoption of alternative payment channels to expand access to financial services and stimulate economic activity.

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Acting Director, Corporate Communications and Investor Relations Department of the CBN, Hakama Sidi-Ali, made the call at the 2026 CBN Fair in Lokoja, Kogi State.

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The event, which focused on “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.

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Represented by Zubairu Salihu, Branch Controller of the CBN Lokoja Branch, Sidi-Ali said the bank’s reforms under Governor Olayemi Cardoso were producing improvements across key areas of the economy.

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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 foreign exchange reserves to more than $52.5bn.

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Sidi-Ali described the reserve level as a 17-year high, saying it reflected an improvement in Nigeria’s external financial position.

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She said the CBN’s reforms also covered the foreign exchange market and banking sector recapitalisation, alongside initiatives such as the non-resident Bank Verification Number, B-MATCH foreign exchange trading platform and Nigeria Payments System Vision 2028.

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The CBN official also highlighted the Nigerian Overnight Financing Rate, which was introduced with the Financial Markets Dealers Association to provide a transparent, market-driven benchmark for short-term funding transactions.

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She said alternative payment channels were particularly important for farmers, traders, small businesses and informal-sector operators who may have limited access to conventional banking services.

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The official referenced the 2023 Access to Financial Services Survey by Enhancing Financial Innovation and Access, which ranked Kogi as the state with the highest banking penetration at 94 per cent.

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She urged farmers, entrepreneurs, artisans, students and business owners to use the fair to improve their knowledge of financial services and available payment options.

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Kogi State Governor Ahmed Ododo, represented by his Special Adviser on Budget and Finance, Elijah Evinemi, said digital payment channels could help close financial access gaps in rural and underserved areas.

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He listed agent banking, mobile money, POS terminals, USSD, digital wallets, QR-code payments and electronic banking among the channels capable of improving access to financial services.

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Ododo said wider use of digital payments would make transactions more convenient and support economic activities among households and businesses.

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He also called for greater financial literacy and urged stakeholders to promote the safe adoption of digital payment platforms.

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