CBN Fair: Ododo, CBN Seek Wider Adoption Of Digital Payment Channels

The Central Bank of Nigeria (CBN) and the Kogi State Government have called for wider adoption of alternative payment channels to deepen financial inclusion and accelerate economic growth in the state and Nigeria.

They made the call yesterday at the 2026 CBN Fair held at K-Galaxy Event Centre, Lokoja, with the theme: “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development.”

Speaking on behalf of the Acting Director, Corporate Communications and Investor Relations Department of the CBN, Mrs Hakama Sidi Ali, the Lokoja Branch Controller, Mr Zubairu Abdulrahman Salihu, said alternative payment channels remained critical to expanding access to financial services, particularly among farmers, traders, small businesses and people in underserved communities.

She said recent economic indicators showed signs of improvement, noting that headline inflation declined from 15.91 per cent in June to 15.43 per cent in July 2026, while the nation’s foreign reserves rose above $52.5 billion.

Sidi Ali said the CBN had undertaken reforms including foreign exchange market unification, banking sector recapitalisation, the non-resident BVN, B-Match forex trading system and the Nigeria Payments System Vision 2028.

She urged Nigerians to rely on verified CBN information and protect the naira by refraining from spraying, hawking, mutilating or counterfeiting the currency.

In his remarks, Governor Ahmed Usman Ododo, represented by his Special Adviser on Budget and Finance, Dr Elijah Evinemi, said financial inclusion was central to Kogi’s economic development, particularly given the state’s agricultural, commercial and entrepreneurial potential.

Ododo said channels such as agent banking, mobile money, POS, USSD, digital wallets, QR-code payments and electronic banking could take financial services closer to rural communities and underserved populations.

He assured that the state government would support initiatives promoting digital financial literacy, rural financial access, MSME development, agricultural finance, youth entrepreneurship, digital government transactions and consumer protection.

The governor also urged banks, fintech companies and payment service providers to expand beyond major cities and develop affordable, secure and simple products suited to farmers, traders, artisans, students and small-business owners.

He stressed that access without trust could not constitute true financial inclusion, urging financial institutions to strengthen cybersecurity, transparency, accountability and mechanisms for resolving failed transactions and customer complaints.

Earlier, the CBN Lokoja Branch Controller said Kogi had recorded a 94 per cent banking penetration rate, according to the 2023 Access to Financial Services Survey by Enhancing Financial Innovation and Access (EFInA), describing the figure as an indication of the state’s potential for deeper digital financial adoption.

Participants at the fair were also exposed to presentations on payment system innovations, microfinance, foreign exchange market developments, consumer protection, monetary policy instruments and the naira.