Lokoja, August 20 — The Central Bank of Nigeria (CBN) has intensified its push for digital payment adoption, framing it as a critical tool to broaden financial access and fuel economic growth. This message was delivered during the 2026 CBN Fair in Lokoja, Kogi State, where Acting Director of Corporate Communications and Investor Relations, Hakama Sidi-Ali, outlined the bank’s priorities under Governor Olayemi Cardoso’s reforms. Sidi-Ali, joined by Zubairu Salihu, Branch Controller of the CBN Lokoja Branch, emphasized how digital payment channels can address long-standing gaps in financial inclusion.
The event, themed “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development,” focused on educating attendees about the CBN’s evolving policies and consumer protections. The bank’s efforts are part of a broader strategy to modernize Nigeria’s economy, aligning with global trends toward digital financial systems.
A key highlight of Sidi-Ali’s remarks was the progress in inflation control. He noted that headline inflation dropped from 15.91% in June 2026 to 15.43% in July 2026, signaling a gradual stabilization of prices. This improvement, he argued, reflects the effectiveness of the CBN’s monetary policies.
Additionally, foreign exchange reserves surged to over $52.5 billion, a 17-year high, indicating a stronger external financial position for the country. These reserves are seen as a buffer against economic shocks and a step toward greater economic resilience.
Reforms Beyond Digital Payments
The CBN’s initiatives extend to the foreign exchange market and banking sector recapitalization. Sidi-Ali outlined how these reforms aim to stabilize currency valuations and strengthen banks’ capacity to serve the public. The recapitalization, in particular, is designed to ensure banks have sufficient liquidity to support lending and investment, which could indirectly boost digital payment adoption by making financial services more accessible.
The focus on digital payments is not just about technology, Sidi-Ali stressed. It’s about reaching underserved communities and enabling more people to participate in the formal economy.
By promoting tools like mobile banking and e-transfers, the CBN hopes to reduce reliance on cash, which is costly to manage and vulnerable to illicit activities. This shift, however, requires public education and trust, which the CBN is addressing through events like the Lokoja Fair. The numbers on inflation and reserves are specific, but the CBN’s broader goals remain qualitative in their impact.
Sidi-Ali did not provide exact figures on how many Nigerians currently use digital payments, but he described the adoption rate as “increasing steadily.” This phrasing underscores the bank’s recognition that progress is incremental and requires sustained effort. The fair itself, held in a regional city, aimed to bring these issues closer to home, emphasizing that financial inclusion is not just a policy issue but a community one.
The reforms under Governor Cardoso have faced challenges, including resistance from traditional banking channels and skepticism about the pace of change. Yet, the CBN remains committed to its vision. Sidi-Ali highlighted that the bank is working closely with stakeholders to ensure digital payment systems are secure, user-friendly, and accessible to all.
This includes partnerships with fintech companies and local banks to expand infrastructure in rural areas. For many Nigerians, especially in regions with limited banking access, digital payments could be transformative. They offer a way to save, invest, and transact without the need for physical bank branches.
However, the success of this shift depends on addressing technical barriers, such as internet connectivity, and building confidence in new systems. The CBN’s efforts in Lokoja are part of a nationwide campaign to make these tools a reality for ordinary citizens.
As the CBN continues to push for digital adoption, the focus remains on measurable outcomes. The decline in inflation and rise in reserves are tangible signs of progress, but the ultimate test will be how these policies translate into daily life for Nigerians. The bank’s message is clear: financial inclusion is not a distant goal but a present opportunity, one that requires collective action from governments, businesses, and individuals.
What comes next for Nigeria’s financial landscape? The CBN will likely monitor the effectiveness of its reforms through regular data collection and stakeholder feedback.
Upcoming events and policy announcements could reveal more about the bank’s strategies for scaling digital payments. For now, the Lokoja Fair serves as a reminder that economic development is not just about numbers on a screen but about creating tangible benefits for people across the country.
