By Seun Ibiyemi
The Central Bank of Nigeria (CBN) has devalred that its extensive economic reforms are aimed at bolstering financial stability, deepening inclusion, and boosting national productivity.
This was announced by CBN Governor, Olayemi Cardoso, during the bank’s fair in Kano, which focused on “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development.”
Speaking through his representative, Acting Director of the Corporate Communications Department, Mrs. Hakama Sidi, the Governor underscored the critical role of small and medium enterprises (SMEs) in driving sustainable growth.
To achieve macroeconomic resilience, the CBN is implementing several key initiatives. These include banking recapitalization, foreign exchange market reforms to unify exchange rates, and measures to enhance transparency to attract foreign investment.
The CBN is also focused on strengthening specialized financial institutions and developing new regulatory frameworks. A significant part of this effort is the launch of the Nigeria Payments System Vision 2028 (PSV 2028), which aims to accelerate digital transformation and promote financial inclusion.
To protect consumers, the bank has introduced the Unified Complaints Tracking System (UCTS) and the USSD code, *959#, to build public confidence in the financial sector. The Governor also urged Nigerians to respect the naira as a national symbol by avoiding actions like spraying, hawking, or mutilating it.
Aliyu Abubakar, Acting Divisional Head of Other Financial Institutions at the CBN, highlighted the global importance of microfinance institutions in serving communities that lack access to traditional commercial banking.
Additionally, Salihu Umar, President of the Association of Mobile Money Operators of Nigeria, praised the CBN for organizing the fair, noting that it provided a crucial platform to showcase alternative payment solutions and broaden access to financial services, especially for underserved populations.