By Ike Uchechukwu, Calabar
The Central Bank of Nigeria (CBN) has described alternative payment systems as a vital lifeline for rural populations and underserved communities across the country.
CBN Governor, Dr. Olayemi Cardoso, stated this on Thursday during the CBN Fair held in Calabar, Cross River State, with the theme: “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth, and Accelerated Economic Development.”
Represented by Mr. Uche Tobias, Assistant Director of the Corporate Communications Department, Cardoso said the fair was part of the apex bank’s efforts to promote financial inclusion and showcase digital payment options that make banking easier and more accessible to people in remote or unbanked areas.
He explained that the CBN was demonstrating the convenience and reliability of payment platforms such as mobile money, agency banking, USSD services, and internet banking — all aimed at connecting rural dwellers to the formal financial system.
Cardoso noted that since assuming office two years ago, his administration had introduced key reforms to strengthen Nigeria’s financial landscape. These, he said, include exchange rate unification, bank recapitalization, the introduction of the non-resident Bank Verification Number (BVN) to connect Nigerians abroad with local banking services, and the launch of the BMatch System for foreign exchange trading.
He also highlighted the unveiling of the Nigeria Payments System Vision 2028 (PSV 2028) and the implementation of a 75 percent Cash Reserve Ratio (CRR) on non-Treasury Single Account (TSA) public sector deposits as part of measures to stabilize the economy and promote growth.
“The fair is primarily to sensitize members of the public on how CBN policies can improve their livelihoods and contribute to Nigeria’s economic development,” Cardoso stated.
In his remarks, the Branch Controller of CBN Calabar, Mr. Jibunoh Nwanneamaka, described the fair as an effective platform for public enlightenment and for providing firsthand insights into ongoing financial reforms.
Represented by Mr. Jude Nwafor, Head of Research at CBN Calabar, Nwanneamaka stressed the importance of public understanding of CBN’s policies in an era of rapid digital transformation.
“Through this engagement, we aim to build trust, enhance consumer protection, and ensure that every Nigerian feels empowered to participate in the financial ecosystem,” he said.
Also speaking, the President of the Calabar Chamber of Commerce, Industry, Mines and Agriculture (CALCIMA), Mr. Kelly Ayamba, commended the CBN for the initiative, noting that the sensitization drive would enhance access to finance and stimulate economic growth.
“We see this as an effort by the CBN to ensure financial inclusion by carrying everyone along in the development of the financial sector,” Ayamba added.
The post Alternative payment channels, lifeline for rural, underserved communities — CBN appeared first on Vanguard News.
