By Charles Pemu 
The Central Bank of Nigeria (CBN) has branded alternative payment channels—such as mobile money, USSD, and agency banking—as a “vital lifeline” for connecting rural populations and the unbanked to the formal financial system.
CBN Governor, Dr. Olayemi Cardoso, stated this on Thursday at the CBN Fair in Calabar, themed: “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth, and Accelerated Economic Development.”
Represented by Mr. Uche Tobias, Assistant Director of Corporate Communications, the Governor emphasized that the fair was part of the apex bank’s strategy to showcase digital options that offer convenience and reliability to people in remote areas.
Cardoso used the platform to outline major financial reforms introduced by his administration over the past two years to stabilise the economy and strengthen the financial landscape. Key initiatives include:
- Exchange Rate Unification: A move to foster transparency and minimise arbitrage in the foreign exchange market.
- Bank Recapitalisation: A measure designed to strengthen the resilience and global competitiveness of the banking sector.
- Non-Resident BVN (NRBVN): A system to connect Nigerians in the diaspora with local banking services.
- BMatch System: An electronic trading platform for greater transparency in the foreign exchange market.
- Nigeria Payments System Vision 2028 (PSV 2028): A roadmap for accelerating digital transformation and financial inclusion.
- 75% CRR on Non-TSA Public Sector Deposits: An effort to manage liquidity and promote economic stability.
Building Trust and Empowering Citizens
Mr. Jibunoh Nwanneamaka, the CBN Calabar Branch Controller (represented by Mr. Jude Nwafor), stressed that the fair is an effective platform for public enlightenment. “Through this engagement, we aim to build trust, enhance consumer protection, and ensure that every Nigerian feels empowered to participate in the financial ecosystem,” Nwanneamaka stated.
The President of the Calabar Chamber of Commerce, Industry, Mines and Agriculture (CALCIMA), Mr. Kelly Ayamba, commended the initiative, noting that the sensitisation drive would significantly “enhance access to finance and stimulate economic growth.”