By Daniel Oluwatobiloba Popoola
The Central Bank of Nigeria (CBN) has called for wider adoption of alternative payment channels to expand financial inclusion, particularly among farmers, traders, small businesses and operators in the informal sector.
The call was made at the 2026 CBN Fair in Lokoja, Kogi State, where the apex bank sought to deepen public understanding of its policies, reforms and consumer protection initiatives while promoting the use of digital payment platforms to stimulate economic activity.
The fair, themed “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development,”brought stakeholders together to examine how digital financial services could improve access to banking and payment systems, particularly in underserved communities.
The Acting Director, Corporate Communications and Investor Relations Department of the CBN, Hakama Sidi-Ali, represented by the Branch Controller of the CBN Lokoja Branch, Zubairu Salihu, said the bank’s reforms under Governor Olayemi Cardoso were yielding improvements across key areas of the economy.
Sidi-Ali cited the decline in headline inflation from 15.91 per cent in June to 15.43 per cent in July 2026, alongside the rise in the nation’s foreign exchange reserves to more than $52.5 billion.
She described the reserve level as a 17-year high, saying it reflected an improvement in Nigeria’s external financial position.
The CBN official also highlighted reforms in the foreign exchange market and banking sector recapitalisation, as well as initiatives including the Non-Resident Bank Verification Number, B-MATCH foreign exchange trading platform and Nigeria Payments System Vision 2028.
She further pointed to the Nigerian Overnight Financing Rate, introduced in collaboration with the Financial Markets Dealers Association, as a transparent, market-driven benchmark for short-term funding transactions.
Turning to financial inclusion, Sidi-Ali said alternative payment channels were particularly important to farmers, traders, small businesses and informal-sector operators who might have limited access to conventional banking services.
She referenced the 2023 Access to Financial Services Survey conducted by Enhancing Financial Innovation and Access, which ranked Kogi as the state with the highest banking penetration at 94 per cent.
The CBN official urged farmers, entrepreneurs, artisans, students and business owners to take advantage of the fair to improve their knowledge of financial services and understand the various payment options available to them.
Similarly, Kogi State Governor Ahmed Ododo, represented by his Special Adviser on Budget and Finance, Elijah Evinemi, said digital payment channels could help bridge financial access gaps in rural and underserved communities.
Ododo identified agent banking, mobile money, point-of-sale terminals, USSD, digital wallets, QR-code payments and electronic banking as channels capable of expanding access to financial services.
He maintained that increased adoption of digital payment systems would make transactions more convenient while supporting economic activities among households and businesses.
The governor also called for improved financial literacy, urging stakeholders to promote the safe and responsible adoption of digital payment platforms.
The CBN said broader use of alternative payment channels remained central to its efforts to deepen financial inclusion, strengthen economic participation and ensure that more Nigerians can access formal financial services.
