The Central Bank of Nigeria (CBN) has called for greater adoption of alternative payment channels to expand access to financial services and stimulate economic activity across the country.
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 members of the public on the apex bank’s policies, reforms and consumer protection initiatives.
Sidi-Ali, who was represented by Zubairu Salihu, Branch Controller of the CBN Lokoja Branch, said reforms introduced under Governor Olayemi Cardoso were producing improvements across key areas of the Nigerian economy.
She cited the decline in headline inflation from 15.91 per cent in June to 15.43 per cent in July 2026, alongside an increase in Nigeria’s foreign exchange reserves to more than $52.5 billion.
According to Sidi-Ali, the reserve level represents a 17-year high and reflects an improvement in Nigeria’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 to provide a transparent, market-driven benchmark for short-term funding transactions.
Sidi-Ali 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.
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 Nigeria at 94 per cent.
She urged farmers, entrepreneurs, artisans, students and business owners attending the fair to use the platform to improve their understanding of financial services and available payment options.
Kogi State Governor Ahmed Ododo, represented by his Special Adviser on Budget and Finance, Elijah Evinemi, also said digital payment channels could help close financial access gaps in rural and underserved communities.
He identified agent banking, mobile money, Point-of-Sale terminals, USSD, digital wallets, QR-code payments and electronic banking as channels capable of improving access to financial services.
Ododo said wider adoption of digital payment solutions would make transactions more convenient while supporting economic activities among households and businesses.
The governor also called for greater financial literacy, urging stakeholders to promote the safe and responsible adoption of digital payment platforms.
The CBN’s call comes as digital financial services continue to play a growing role in expanding access to banking and payment services, particularly among Nigerians operating outside the traditional banking system.
