CBN Unveils Digital Finance Roadmap to Boost Financial Inclusion and Economic Growth in Nigeria

The Central Bank of Nigeria (CBN) has intensified efforts to drive financial inclusion through a comprehensive digital finance strategy aimed at empowering individuals and businesses across the country. With over 40 percent of Nigerian adults still financially excluded, the apex bank is leveraging technology-driven payment systems to close the gap and build a more inclusive economy.

At the recent CBN Fairs held in Lagos and Abeokuta, the bank emphasized its commitment to alternative payment channels as tools for growth and accelerated economic development. Speaking at the event, Hakama Sidi-Ali, Acting Director of Corporate Communications, described the naira as both a medium of exchange and a symbol of national identity, urging Nigerians to embrace digital solutions while handling currency with respect.

The push for alternative channels such as mobile money, USSD codes, digital wallets, and agent banking is already transforming how Nigerians transact. According to the Nigeria Inter-Bank Settlement System (NIBSS), digital transfers have witnessed double-digit growth in both volume and value, reflecting a surge in adoption among young people and small businesses. CBN officials noted that these innovations are bridging urban-rural divides while supporting the government’s vision of a cash-lite economy.

For small and medium enterprises (SMEs), digital finance provides access to credit, reduces cash-related risks, and connects traders and artisans to wider markets. Malik Adebola Ololade, CBN Branch Controller in Abeokuta, said the fairs serve not only as sensitization programs but also as platforms for building trust, improving financial literacy, and strengthening communication between the apex bank and citizens. He stressed that inclusive finance remains a national imperative in achieving price stability and sustainable growth.

However, challenges remain as users continue to complain about USSD charges, fraudulent loan schemes, and limited digital infrastructure in rural areas. Experts argue that the success of financial inclusion depends not only on access but also on consistent usage, safety, and value creation. To achieve this, the CBN has pledged to work with telecom operators, fintech companies, and banks to enhance connectivity, consumer protection, and trust in digital systems.

Source: The sun