The Central Bank of Nigeria (CBN) has disclosed that alternative payment systems in Nigeria remain the lifeline of underserved communities and villages in Nigeria.
This was disclosed by the Governor of CBN, Dr Olayemi Cardoso on Thursday during a CBN Fair in Calabar with the theme: “driving alternative payment channels as tools for financial inclusion, growth and accelerated economic development.”
Cardoso who was represented by Mr Uche Tobias, Assistant Director, Corporate Communication Department, CBN, said the Fair was designed to promote financial inclusion especially among underserved populations.
He said by showcasing alternative payment channels such as mobile money platforms, agency banking, USSD services, internet banking among others, they portrayed the convenience of the platforms, their importance to rural communities and the “unbanked.”
Speaking further, he said since assuming office, two years ago, he has spearheaded several key policies to strengthen the financial system such as
exchange rate unification, Bank recapitulation.
“Others are, launched the non-resident Bank Verification Number (BVN) to connect Nigerians abroad with home banking facilities and the BMatch System for forex trading.
“We have also unveiled the Nigeria Payments System Vision 2028 (PSV 2028), introduced 75 per cent Cash Reserve Ratio (CRR) on non-Treasury Single Account (TSA) public sector deposits.
Cardoso added that the fair was primarily to sensitize members of the public on how the policies of CBN enhance their livelihood and contribute to the development of the Nigerian economy.
On his part, Branch Controller, CBN Calabar, Mr Jibunoh Nwanneamaka said the fair was an effective platform for public enlightenment and first-hand insights into the reforms and innovations shaping Nigeria’s financial landscape.
Nwanneamaka who was represented by Mr Jude Nwafor, Head Research CBN Calabar said In an era of rapid digital transformation and economic calibration, it was essential for Nigerians to understands CBN’s decisions.
“Through this engagement, we aim to build trust, enhance consumer protection and ensure that every Nigerian feels empowered to participate in the financial ecosystem,” he said.
Earlier, Mr Kelly Ayamba, President, Calabar Chamber of Commerce, Industry Mines and Agriculture noted that the sensitisation exercise initiated by the CBN would pave way for access to finance which would boost economic growth.
“We see this as an attempt by the CBN to ensure financial inclusion in the sense that everybody is carried along in the growth of the financial industry,” he noted.
Similarly, Prof. John Shiyam, Special Adviser to Gov. Bassey Edet on Agriculture lauded the efforts of CBN in the area of alternative banking platforms noting that many of the communities in Cross River lacked commercial banks.
He expressed the state government’s willingness to collaborate with the apex bank in the area of agriculture to boost food production.
