Central Bank of Nigeria promotes alternative payment channels

The Central Bank of Nigeria (CBN) is promoting the adoption of alternative payment channels to enhance financial inclusion and drive economic development. During the 2026 CBN Fair in Lokoja, officials highlighted the importance of mobile banking, USSD transactions, agency banking, digital wallets, and contactless systems to reach underserved and rural communities.

CBN officials noted that while progress has been made, millions of Nigerians still lack access to formal banking due to technological and geographical barriers. The initiative aims to simplify transactions and reduce cash dependency. The fair also focused on educating the public on savings, investment, insurance, and fraud prevention.

Regarding broader economic reforms, the CBN reported positive indicators under the leadership of Olayemi Cardoso. These include a decline in headline inflation from 15.91% in June to 15.43% in July 2026, and foreign reserves reaching a 17-year high of over $52.5 billion as of July 2026. Other ongoing measures include banking sector recapitalization and foreign exchange market reforms.