The Central Bank of Nigeria (CBN) has restated its commitment to driving financial inclusion, stimulating productivity, and delivering on its mandate of monetary and price stability.
The CBN reiterated the commitment at the Lagos and Abeokuta Fairs with the theme “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development”.
The fair drew a wide array of stakeholders such as commercial banks, microfinance banks, fintech operators, academia, artisans, traders, regulators, and members of the National Youth Service Corps (NYSC), provided a platform for robust engagement between the apex bank and the public on its policies and programmes.
In her address, the acting director of corporate communications at the CBN, Mrs. Hakama Sidi-Ali, explained that the fair was designed to enhance interaction with members of the public and critical stakeholders on the Bank’s policies for sustainable economic growth and development.
She stressed that the theme was carefully chosen to underscore the importance of alternative payment channels in driving value addition, boosting financial inclusion, and catalysing micro, small and medium enterprises (MSMEs), which form the backbone of Nigeria’s economy. “Our aim is to sensitise Nigerians on how the Bank’s policies and innovations can enhance their lives and livelihoods and contribute to the growth and development of the Nigerian economy.”
According to her, under the leadership of the Governor, Olayemi Cardoso, the apex bank has prioritised productivity, inclusiveness, and stability as the pillars of its reforms.
“The management of the Bank, under Governor Cardoso, is committed to stimulating productivity and financial inclusiveness as well as delivering on its core mandate of monetary and price stability.
“This commitment has already yielded positive outcomes such as increased inflow of foreign investments, improved trade balances, and a quantum leap in the rate of financial inclusion in recent times,” she stated.
Sidi-Ali disclosed that in the last twenty-two months, the apex bank has rolled out key functional policies to strengthen the financial system and protect consumers. She also highlighted the introduction of the Unified Complaints Tracking System (UCTS), a mechanism that streamlines consumer complaints and ensures banks are held accountable in their dealings with customers.
