CBN Reaffirms Commitment to Financial Inclusion, Economic Growth — Cardoso

By Bashir Bello

The Central Bank of Nigeria (CBN) has restated its commitment to deepening financial inclusion and driving productivity as part of its broader strategy to strengthen the nation’s economy.

CBN Governor, Olayemi Cardoso, gave the assurance during a sensitisation fair in Kano, where the apex bank showcased policies designed to improve livelihoods and sustain growth. Cardoso, represented by the Acting Director of Corporate Communications, Mrs. Hakama Ali, highlighted the reforms introduced under his leadership, which she said are already yielding positive outcomes.

“Management of the Bank, under the leadership of Mr. Olayemi Cardoso, is committed to stimulating productivity and financial inclusiveness, as well as delivering on its core mandate of monetary and price stability,” she said.

Ali noted that measures such as exchange rate unification, bank recapitalisation, the Nigeria Payments System Vision 2028, and the Unified Complaints Tracking System (UCTS) have started reshaping the financial landscape.

According to her, the clearing of over $7 billion verified foreign exchange backlogs, coupled with efforts to reduce volatility in the FX market, have boosted investor confidence and supported Nigeria’s positive trade balance.

Other initiatives include the introduction of the non-resident BVN, enabling Nigerians abroad to connect with local banks, and the launch of PSV 2028, aimed at accelerating digital transformation and broadening financial access.

To safeguard consumers, the CBN has also deployed the UCTS and a USSD verification code (*959#), designed to strengthen transparency and protect customers against unlicensed operators.

Ali emphasized that these reforms position Nigeria’s banking sector to contribute significantly towards achieving the government’s vision of a $1 trillion economy.