CBN unveils initiative to boost financial inclusion, sustain monetary cum price stability

*Dr. Olayemi Cardoso, Governor of the Central Bank of Nigeria, explains the CBN Fair initiative is designed to boost financial inclusion among consumers of financial products and services across the country

Isola Moses | ConsumerConnect

As part of commitment to fostering productivity, and maintaining monetary cum price stability, the Central Bank of Nigeria (CBN) has unveiled an initiative to boost financial inclusion among consumers of financial products and services in the country.

ConsumerConnect reports Dr. Olayemi Cardoso, Governor of the Bank, disclosed this development at the recent CBN Fair unveiled in Calabar, Cross River State capital.

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Cardoso, who spoke on the theme, “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development”, said with financial inclusion, the Nigerian economy of Nigeria would be in a proper position to function at full capacity.

The CBN Governor, represented at the forum by Mr. Uche Tobias, Assistant Director of Corporate Communications at CBN, also noted the Bankers’ Bank has introduced several initiatives to strengthen the financial system.

He stated these include exchange rate unification, ongoing bank re-capitalisation exercise, and the launch of a Non-Resident BVN to connect millions of Nigerians overseas with home banking facilities.

Why CBN Fair?

Highlighting the objective of the CBN Fair, Cardoso said the initiative would provide the banking sector regulator with a platform to interact with the public on its policies and initiatives aimed at promoting sustainable economic growth and development.

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The event featured presentations on various CBN operations, including recent innovations in the Nigerian payments system, microfinance sub-sector activities, and developments in the Foreign Exchange (Forex) market.

The Bank further took the opportunity to sensitise the public on respecting and keeping the Naira clean, emphasising its significance as a national symbol.

Besides, the CBN resource persons at the Fair included presentations on different banking operations, ranging from recent innovations in the Nigerian payments system.

Others include microfinance sub-sector activities; developments in the foreign exchange market, protection of financial consumers, monetary policy instruments and processes, and in-depth knowledge about the Naira, the national currency.

Earlier in his welcome remarks to the event, Mr. Jobunoh Nwannemeka, Calabar Branch Controller CBN, represented by Mr. Jude Nwafor, Head of Research at CBN Calabar, stated that the Calabar Fair was designed to promote trust, transparency, financial literacy, and inclusive engagement with all stakeholders.