CBN Pushes Wider Adoption of Digital Payment Channels

The Central Bank of Nigeria (CBN) is actively promoting the wider use of alternative payment channels to enhance financial inclusion and stimulate economic growth.

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The bank’s reforms under Governor Olayemi Cardoso were producing improvements across key areas of the economy.

Hakama Sidi-Ali, the Acting Director of Corporate Communications and Investor Relations at the CBN, made this call during the 2026 CBN Fair in Lokoja, Kogi State. The event focused on leveraging alternative payment channels as tools for financial inclusion, growth, and accelerated economic development. Sidi-Ali, represented by Zubairu Salihu, Branch Controller of the CBN Lokoja Branch, highlighted the positive impact of Governor Olayemi Cardoso's reforms, citing a decrease in headline inflation from 15.91% in June to 15.43% in July 2026.

Furthermore, she noted a substantial increase in foreign exchange reserves, surpassing $52.5 billion, which she described as a 17-year high, reflecting an improved external financial position for Nigeria. The CBN's reform agenda also encompasses the foreign exchange market, banking sector recapitalization, and initiatives like the non-resident Bank Verification Number and the B-MATCH foreign exchange trading platform, aligning with the Nigeria Payments System Vision 2028.

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She cited the decline in headline inflation from 15.91 per cent in June to 15.43 per cent in July 2026, as well as the increase in foreign exchange reserves to more than $52.5bn.

Sidi-Ali stressed the particular importance of alternative payment channels for individuals and businesses with limited access to conventional banking services, such as farmers, traders, and small business owners. She referenced the 2023 Access to Financial Services Survey, which identified Kogi State as having the highest banking penetration at 94 percent. The fair provided an opportunity for farmers, entrepreneurs, artisans, students, and business owners to enhance their understanding of financial services and available payment options.

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The reserve level as a 17-year high, saying it reflected an improvement in Nigeria’s external financial position.

Kogi State Governor Ahmed Ododo, represented by his Special Adviser on Budget and Finance, Elijah Evinemi, echoed these sentiments, stating that digital payment channels can effectively bridge financial access gaps in rural and underserved areas. He listed various channels, including agent banking, mobile money, POS terminals, USSD, digital wallets, and QR-code payments, as key to improving access to financial services. Ododo emphasized that the broader adoption of digital payments would not only make transactions more convenient but also significantly support economic activities across households and businesses.

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Alternative payment channels were particularly important for farmers, traders, small businesses and informal-sector operators who may have limited access to conventional banking services.