The Central Bank of Nigeria (CBN) has reiterated its commitment to sustaining initiatives that strengthen the economy and protect consumers in the financial sector.
Speaking at the CBN Fair in Abeokuta, Ogun State, on Thursday, the Acting Director of Corporate Communications, Mrs Harkama Sidi Ali, said the apex bank remains dedicated to policies that drive financial inclusion, stimulate productivity, and maintain monetary and price stability under the leadership of Governor Olayemi Cardoso.
The fair, themed “Driving Alternative Payment Channels as Tools for Economic Development,” brought together stakeholders from microfinance institutions, fintechs, MSMEs, regulatory bodies, and academia.
Sidi Ali noted that the event was designed to create a platform for engagement between the CBN, the public, and other critical players in the economy.
She explained that the focus on “Tools for Financial Inclusion, Growth and Accelerated Economic Development” underscores the need to enhance value chains and empower SMEs to achieve price stability.
According to her, recent measures have boosted foreign investment inflows, improved trade balances, and significantly increased Nigeria’s financial inclusion rate.
Earlier, CBN Abeokuta Branch Controller, Mr. Malik Ademola, described the fair as a vital channel for public enlightenment, helping to bridge the gap between the bank and grassroots communities.
He commended stakeholders for their role in advancing the CBN’s mandate and stressed the importance of raising public awareness on monetary policy, consumer protection, digital payments, and intervention programmes.
Stakeholders at the event, however, urged the federal government to implement deliberate policies to revive struggling MSMEs, which they said were negatively impacted by the previous administration’s naira redesign policy.
Founder of Landgold Microfinance Bank, Mr. Bunmi Ogunrinde, highlighted MSMEs as the backbone of the Nigerian economy, stressing that no economy can thrive without them.
He noted that during the tenure of former CBN Governor Godwin Emefiele and the enforcement of the cashless policy, many microfinance banks collapsed, reducing their numbers drastically.
Ogunrinde called on the government to protect SMEs from policies that could harm their operations and to prioritise the revival of the microfinance sector, which he described as critical to expanding financial inclusion.
