CBN sensitises MFBs, traders on alternative payment channels

The Central Bank of Nigeria (CBN) yesterday expressed its commitment to stimulating productivity and financial inclusiveness as well as delivering on its core mandate of monetary and price stability.  The CBN said this on Thursday in Abeokuta, Ogun State, at a sensitisation exercise tagged “CBN Fair” under the theme, “Driving Alternative Payment Channels as Tools […]

The Central Bank of Nigeria (CBN) yesterday expressed its commitment to stimulating productivity and financial inclusiveness as well as delivering on its core mandate of monetary and price stability. 

The CBN said this on Thursday in Abeokuta, Ogun State, at a sensitisation exercise tagged “CBN Fair” under the theme, “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development.”

In attendance at the CBN Fair were commercial banks, microfinance banks, fintech/agent banks, merchant banks, academia, traders, artisans and members of the National Youth Service Corps (NYSC).

In her address, the Acting Director, Corporate Communications Department at the apex bank, Mrs Hakama Sidi Ali, stated that the Fair is designed as a platform to interact with members of the public and critical stakeholders on the policies of the Central Bank of Nigeria for sustainable economic growth and development of Nigeria.

She pointed out that the management of CBN, under the leadership of Olayemi Cardoso, is committed to stimulating productivity and financial inclusiveness as well as delivering on its core mandate of monetary and price stability. 

According to her, steps taken by the Cardoso-led management have resulted in a significant increase of inflow in foreign investments, positive trade balances and quantum leap in financial inclusion rate in recent times.

“Over the past twenty-two months, the Bank has, among others, rolled out the following functional policies to strengthen the financial system: Exchange rate unification to minimize arbitrage opportunities and reduce volatility in the foreign exchange market and cleared over 7 billion dollars of verified backlog of FX forwards; launch of Nigeria Foreign Exchange (FX) Code; Bank Recapitalisation to strengthen the resilience and global competitiveness of the banking sector; launched the non-resident BVN to connect Nigerians abroad with home, launched the Unified Complaints Tracking System (UCTS), among other policies”, she stated.

CBN Branch Controller, Abeokuta Branch, Malik Ademola, in his welcome address, stated that the CBN Fair is one of the Bank’s major public enlightenment initiatives aimed at sensitising members of the public on the Bank’s policies, programmes, and interventions.

He added that it also serves as a platform to deepen financial literacy, promote transparency, and strengthen trust between the Bank and the Nigerian people.