The Central Bank of Nigeria has called for expanded adoption of alternative payment channels to deepen financial inclusion and accelerate economic growth. Speaking through Zubairu Salihu, Branch Controller of the Lokoja Branch, at the 2026 CBN Fair in Kogi State, Acting Director of Corporate Communications Hakama Sidi-Ali emphasized that ongoing monetary reforms under Governor Olayemi Cardoso are yielding significant progress. She pointed to economic indicators showing a drop in headline inflation from 15.91% in June to 15.43% in July 2026, alongside foreign exchange reserves climbing to a 17-year high above $52.5 billion.
Sidi-Ali highlighted key structural initiatives driving this momentum, including foreign exchange market overhauls, banking sector recapitalisation, non-resident Bank Verification Numbers, the B-MATCH FX trading platform, and the Nigeria Payments System Vision 2028. Additionally, the bank introduced the Nigerian Overnight Financing Rate in partnership with the Financial Markets Dealers Association to establish a transparent, market-driven benchmark for short-term funding.
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Digital payment solutions remain particularly vital for small business owners, farmers, artisans, and informal sector operators who often face barriers to conventional banking. Data from the Enhancing Financial Innovation and Access survey shows Kogi State leading the nation in banking penetration at 94%, illustrating the potential of digital channels. Reaffirming this stance, Kogi State Governor Ahmed Ododo represented by Special Adviser on Budget and Finance Elijah Evinemi noted that platforms like POS terminals, mobile money, USSD, agent banking, digital wallets, and QR codes play a crucial role in closing financial gaps in rural communities, provided stakeholders continue to champion financial literacy and safe adoption.
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