CBN Deepens Financial Inclusion Drive With Stakeholders’ Fair

In furtherance of its mandate to maintain monetary and price stability, the Central Bank of Nigeria (CBN) has restated its commitment to stimulating productivity, deepening financial inclusion, and strengthening trust between Nigerians and the financial system.
This assurance came at the CBN Fair held recently in Lagos and Ogun State, under the theme: “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development.”
The sensitisation forum, which drew a wide array of stakeholders such as commercial banks, microfinance banks, fintech operators, academia, artisans, traders, regulators, and members of the National Youth Service Corps (NYSC), provided a platform for robust engagement between the apex bank and the public on its policies and programmes.
The CBN’s renewed push for public sensitisation comes at a time when the Nigerian economy continues to grapple with inflationary pressures, foreign exchange volatility, and sluggish productivity growth.
By creating platforms such as the fair, the Bank hopes to enhance financial literacy and foster transparency around its policies and for many of the participants, the message was clear: financial inclusion cannot be achieved without deliberate support for MSMEs and stronger enforcement of consumer protection policies.
In her address, the acting director of corporate communications at the CBN, Mrs. Hakama Sidi-Ali, explained that the fair was designed to enhance interaction with members of the public and critical stakeholders on the Bank’s policies for sustainable economic growth and development.
She stressed that the theme was carefully chosen to underscore the importance of alternative payment channels in driving value addition, boosting financial inclusion, and catalysing micro, small and medium enterprises (MSMEs), which form the backbone of Nigeria’s economy. “Our aim is to sensitise Nigerians on how the Bank’s policies and innovations can enhance their lives and livelihoods and contribute to the growth and development of the Nigerian economy.”
According to her, under the leadership of the Governor, Olayemi Cardoso, the apex bank has prioritised productivity, inclusiveness, and stability as the pillars of its reforms. “The management of the Bank, under Governor Cardoso, is committed to stimulating productivity and financial inclusiveness as well as delivering on its core mandate of monetary and price stability.
“This commitment has already yielded positive outcomes such as increased inflow of foreign investments, improved trade balances, and a quantum leap in the rate of financial inclusion in recent times,” she stated.
Sidi-Ali disclosed that in the last twenty-two months, the apex bank has rolled out key functional policies to strengthen the financial system and protect consumers. She also highlighted the introduction of the Unified Complaints Tracking System (UCTS), a mechanism that streamlines consumer complaints and ensures banks are held accountable in their dealings with customers.
The UCTS is complemented by a USSD code that allows Nigerians to verify licensed financial institutions at no cost. “These initiatives are aimed at protecting bank customers, promoting transparency, and entrenching consumer confidence in the financial sector,” she explained.
The apex bank has also implemented bold steps to unify exchange rates, thereby minimising arbitrage opportunities and reducing volatility in the foreign exchange market. In addition, the Bank recently cleared over $7 billion in verified foreing exchange backlog, launched the Nigeria Foreign Exchange (FX) Code, commenced bank recapitalisation to enhance the resilience of Nigerian banks, and introduced the non-resident Bank Verification Number (BVN) to connect Nigerians abroad with the home financial system.
“These policies are designed not only to stabilise the macroeconomic environment but also to ensure inclusiveness, resilience, and long-term growth,” she added.
The CBN spokesperson also underscored the apex bank’s renewed commitment to maintaining the integrity of the Naira, describing the currency as a critical national symbol that must be respected. “The CBN will continue to ensure the availability of clean currency. We, however, urge you to see the Naira as our critical symbol of national identity. Respect and keep it clean. Do not spray, hawk, mutilate, or counterfeit the Naira,” she cautioned.
CBN head of currency operations and branch management, Paul Onuoha, speaking at the fair, warned that any commercial bank caught aiding or abetting the trade in new notes would face a N150 million fine per branch involved, without clemency. He called on Nigerians to report any bank or official engaged in the practice, insisting that such malpractice undermines the nation’s financial system.
In Ogun State, the CBN Abeokuta Branch Controller, Malik Ademola, explained that the Fair was part of the Bank’s broader public enlightenment strategy to bridge the gap between the apex institution and the grassroots.
“Over the years, the fair has evolved into a veritable channel for fostering two-way communication between the Central Bank and the grassroots. It enables us not only to explain our policies but also to listen to your concerns, feedback, and expectations. This year’s event continues that tradition,” he said.
Ademola noted that in today’s evolving economic landscape, domestically and globally, the need for increased public awareness of monetary policy, digital payments, financial inclusion, consumer protection, and intervention programmes cannot be overemphasised. “The CBN remains committed to ensuring a sound financial system and an inclusive economy where every Nigerian can thrive,” he stressed.