CBN promotes adoption of alternative payment systems in Cross River
CBN Governor, Olayemi Cardoso. Photo: CBN / X
The Central Bank of Nigeria has reaffirmed its commitment to expanding financial inclusion and driving economic growth by promoting the adoption of alternative payment systems.
The apex bank expressed this commitment at a sensitisation exercise known as the ‘CBN Fair,’ held at the Dome Event Centre in Calabar on Thursday.
The event’s theme was “Promoting Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development.”
The fair brought together manufacturers, traders, microfinance banks, commercial banks, merchant banks, students, artisans, members of the National Youth Service Corps, and other stakeholders.
Speaking at the event, an Assistant Director in the Corporate Communications Department, Uche Tobias, highlighted policies undertaken by the Olayemi Cardoso-led management since assuming office.
He noted that the Central Bank is championing technologies that empower individuals, boost productivity, and connect communities to the nation’s economic opportunities.
He said, “Under the leadership of Olayemi Cardoso, the management of the Bank remains firmly committed to fostering productivity, enhancing financial inclusion, and maintaining monetary and price stability. These efforts are already yielding positive results, as evidenced by the steady reduction in inflation and current stability in the foreign exchange market.
“Since assuming office, the Governor has spearheaded several key policies to strengthen the financial system. These include: exchange rate unification; the launch of the non-resident Bank Verification Number (BVN) to connect Nigerians abroad with home banking facilities; the BMatch System for forex trading; and the unveiling of the Nigeria Payments System Vision 2028 (PSV 2028) to accelerate digital transformation, broaden financial inclusion, and minimise downtime for faster and safer transactions,” he said.
He also noted the introduction of a 75 per cent Cash Reserve Ratio on non-Treasury Single Account public sector deposits, stressing that this policy aims to enhance liquidity management and mitigate potential inflationary pressures.
He explained that the sensitisation exercise was primarily to educate the public on how the bank’s policies enhance their lives and livelihoods and contribute to the growth and development of the Nigerian economy. He urged them to rely only on information disseminated through the verifiable official channels of the Central Bank of Nigeria.
“This engagement is primarily to sensitise members of the public on how the Bank’s policies enhance their lives and livelihoods and contribute to the growth and development of the Nigerian economy. We urge you to rely only on information disseminated through the verifiable official channels of the Central Bank of Nigeria,” he explained.
In his welcome address, the Calabar Branch Controller, Jibunoh Tolefe-Nwanneamaka, represented by the Head of Research, Jude Nwafor, stated that the fair was designed to promote financial inclusion by showcasing alternative payment channels and highlighting key reforms geared towards building a resilient and inclusive financial system.
According to him, the fair facilitates constructive dialogue between the Bank and the public, adding that it is a space where questions, concerns, and feedback are not only welcomed but valued, with the aim of building trust, enhancing consumer protection, and ensuring that every Nigerian feels empowered to participate in the financial ecosystem.
Cross River State Governor, Bassey Otu, represented by his Special Assistant on Agriculture, John Shiyam, commended the CBN for the initiative.
He noted that the Otu-led administration has prioritised agriculture as a strategy for rapid economic development to promote food security and the well-being of farmers in the state.
He concluded that the CBN Fair is beneficial for creating awareness of alternative payment systems.
“Cross River State is a very vast state with different topographical features, and most areas are remote. As I speak with you, not every local government in the state has a commercial bank.
“So it has been a very big challenge for farmers and even business people in such areas to access banking services. This initiative and this exercise are going to be very beneficial to people in such areas, to be aware of the alternative payment systems that they can leverage for their financial transactions,” he added.
The CBN, in a publication on its website, stated that it has long prioritised financial inclusion, ensuring that more Nigerians have access to banking and financial services. The CBN’s NFIS, first launched in 2012, created a framework for widening access, especially for underserved populations.
The apex bank explained that a challenge to financial inclusion in Nigeria persistently arises from low financial literacy, weak infrastructure, digital divide, and limited reach of formal banking services in rural and remote areas.
Recently, the CBN inaugurated Payments System Vision 2028 (PSV 2028) to succeed PSV 2025, signalling its commitment to expanding, modernising, and securing Nigeria’s digital payments infrastructure.
