The Central Bank of Nigeria (CBN) has intensified its push for a digitally empowered economy through a roadmap designed to expand financial inclusion and reduce economic inequality. With over 40% of Nigerian adults still excluded from formal financial services, the apex bank is betting on alternative payment systems, technology-driven initiatives, and grassroots sensitisation campaigns to bridge the gap. Themed “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development,” the latest CBN outreach took place in Lagos and Abeokuta, signaling a renewed commitment to inclusion, innovation, and economic stability.
At the heart of the initiative is the promotion of alternative payment channels such as mobile money, USSD transfers, agent banking, and digital wallets. These tools are transforming how Nigerians interact with money, particularly in underserved rural communities. According to the Nigeria Inter-Bank Settlement System (NIBSS), mobile and online transfers have witnessed double-digit growth in both value and volume, reflecting increasing adoption among youths, SMEs, and informal sector players. CBN officials say these solutions will help reduce cash dependency, improve transparency, and align with the Federal Government’s cash-lite vision.
Small businesses and the informal economy remain central to the CBN’s agenda. Through agent banking and digital platforms, market traders, artisans, and farmers are gaining access to new markets, credit opportunities, and secure payment systems. Malik Adebola Ololade, CBN Branch Controller in Abeokuta, explained that the CBN Fair is more than policy advocacy—it fosters two-way communication with the grassroots, boosts financial literacy, and strengthens trust between the regulator and citizens. By promoting digital adoption, the Bank hopes to empower millions of Nigerians who have historically been excluded from formal finance.
Despite progress, challenges persist. Many Nigerians remain skeptical of digital banking due to fraud risks, loan scams, and high transaction costs. Network charges on USSD transfers, poor connectivity in rural areas, and cybersecurity concerns have fueled criticism of the system’s reliability. To address this, the CBN is investing in financial literacy campaigns and consumer protection policies while also calling for collaboration between telecoms, fintechs, banks, and regulators to build a safer, more inclusive ecosystem.
The CBN argues that digital finance is not just a convenience but a catalyst for economic growth. Recent reforms—including exchange rate unification, clearance of $7 billion FX backlogs, and the introduction of the Unified Complaints Tracking System—are part of broader efforts to strengthen Nigeria’s financial system. By combining digital innovation with structural reforms, the CBN believes it is laying the foundation for a more resilient, transparent, and inclusive economy—one where every Nigerian can thrive in the digital age.
Source: The sun