The Central Bank of Nigeria (CBN) has called for wider adoption of digital and alternative payment channels as part of efforts to expand financial inclusion and drive economic activity across the country. The appeal was made at the 2026 CBN Fair in Lokoja, Kogi State, where the apex bank highlighted the growing importance of accessible and convenient payment systems for Nigerians.
Speaking at the event, the Acting Director of the CBN’s Corporate Communications and Investor Relations Department, Hakama Sidi-Ali, represented by the CBN Lokoja Branch Controller, Zubairu Salihu, said alternative payment channels could help bring more people into the formal financial system. She noted that the initiative was particularly important for farmers, traders, small businesses and operators in the informal sector who may not have easy access to conventional banking services.
Sidi-Ali also pointed to recent developments in Nigeria’s financial system, including the rise in foreign exchange reserves to more than $52.5bn and the decline in headline inflation from 15.91 per cent in June to 15.43 per cent in July 2026. She said the CBN’s broader reforms covered the foreign exchange market, banking sector recapitalisation, the non-resident Bank Verification Number, the B-MATCH foreign exchange trading platform and the Nigeria Payments System Vision 2028.
The CBN official urged farmers, entrepreneurs, artisans, students and business owners to take advantage of available digital payment options and improve their financial knowledge. Kogi State Governor Ahmed Ododo, represented by his Special Adviser on Budget and Finance, Elijah Evinemi, supported the call, saying digital payments could help bridge financial access gaps, particularly in rural and underserved communities.
Among the payment channels highlighted at the event were agent banking, mobile money, Point-of-Sale terminals, USSD, digital wallets, QR-code payments and electronic banking. With more Nigerians relying on technology for everyday transactions, the CBN and Kogi State Government said expanding the safe use of these platforms could make payments easier, support small businesses and strengthen economic participation. The officials also stressed the need for greater financial literacy to ensure Nigerians can use digital payment platforms safely and confidently.
source: punch
