CBN intensifies effort to improve financial system inclusion in Nigeria

The Central Bank of Nigeria (CBN) has intensified efforts to improve financial system inclusion in Nigeria as the apex bank’s reforms in recent years gain momentum.

In this regard, the Bank hosted a stakeholder engagement programme as part of its ongoing efforts to strengthen the resilience, integrity and inclusiveness of Nigeria’s financial system through sustained monetary and financial sector reforms, enhanced stakeholder collaboration and policies designed to support sustainable economic growth.

Speaking at an engagement in Ibadan, Oyo State, the Director, Stakeholder Engagement and Institutional Relations Department, Mrs Hakama Sidi Ali, described the programme as one of the Bank’s flagship stakeholder engagement platforms, designed to promote constructive dialogue, deepen public understanding of monetary and financial policies, and provide opportunities for citizens, businesses and institutions to offer feedback on issues affecting the financial system.

She said the programme, with the theme “Towards a Robust, Resilient and Inclusive Financial System for Sustainable Economic Growth,” emphasised the need to strengthen financial institutions in the country.

According to a statement by the apex bank, Ali noted that effective policy formulation and implementation required continuous engagement with stakeholders, stressing that the Bank recognised the importance of public confidence, mutual understanding and institutional collaboration in achieving its statutory mandate.

She said the CBN, under the leadership of Governor Olayemi Cardoso, has continued to implement far-reaching reforms aimed at restoring macroeconomic stability, strengthening financial markets, enhancing transparency, deepening financial inclusion and promoting confidence in the Nigerian economy.

Ali explained that the reforms were designed to strengthen the resilience and competitiveness of the financial system while establishing a sustainable foundation for inclusive economic growth, wealth creation and poverty reduction.

The statement stated further that, highlighting some of the Bank’s major policy achievements, Mrs Sidi Ali identified reforms in the foreign exchange market, including the unification of exchange rates and the introduction of the Bloomberg BMatch trading system, as significant measures undertaken to improve transparency, efficiency and confidence in foreign exchange transactions.

She also highlighted the successful conclusion of the banking sector recapitalisation programme as a major milestone in the Bank’s reform agenda, noting that the exercise had significantly strengthened the resilience, capital adequacy, capacity and competitiveness of Nigerian banks, positioning the industry to provide greater support for sustainable economic growth and development.

“Other initiatives highlighted by the Director included the introduction of the Non-Resident Bank Verification Number (NRBVN) to facilitate access to banking services for Nigerians in the diaspora, the unveiling of the Nigeria Payments System Vision 2028, and measures to strengthen liquidity management and monetary policy transmission.”

The Director cited the implementation of a 75 per cent Cash Reserve Ratio (CRR) on non-Treasury Single Account public sector deposits as part of the Bank’s efforts to improve liquidity management and mitigate inflationary pressures in the economy.

Ali also drew attention to the introduction of the Nigerian Overnight Financing Rate (NOFR), developed in collaboration with the Financial Markets Dealers Association, explaining that the benchmark provides a transparent, market-based reference rate for short-term funding transactions and aligns Nigeria’s money market infrastructure with international best practices.

“On financial inclusion, the Director maintained that sustainable economic growth must translate into expanded opportunities and improved access to financial services for all segments of society, particularly underserved and financially excluded populations.”

She observed that financial inclusion remained a critical pillar of national development because of its capacity to stimulate entrepreneurship, reduce poverty, expand economic opportunities and promote shared prosperity.

Mrs Sidi Ali stated that the Bank would continue to collaborate with financial institutions, financial technology companies, mobile money operators, development partners and state governments to extend financial services to underserved and unserved communities across the country.

Speaking on the significance of the CBN Listens Programme, she emphasised that stakeholder engagement remained central to the Bank’s approach to policy formulation, communication and implementation, particularly in an evolving economic and financial environment.

The Director explained that the forum provided an opportunity for the Bank to clarify misconceptions surrounding its policies, identify emerging challenges and obtain insights from individuals, businesses and communities whose activities were affected by developments in the financial system.

She urged participants to take advantage of the engagement to express their views frankly and constructively, assuring them that their observations and recommendations would contribute to improving the effectiveness of the Bank’s policy interventions and future stakeholder engagement initiatives.

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“The Central Bank of Nigeria values your diverse perspectives, experiences, concerns, and recommendations. Your contributions today will help shape future engagements and strengthen the effectiveness of our policy interventions,” she stated.

Ali reiterated the Bank’s determination to sustain reforms that would reinforce monetary and financial system stability, deepen inclusion, strengthen public confidence and enhance Nigeria’s competitiveness.

She expressed optimism that continued collaboration between the Bank and its stakeholders would contribute to building a stronger financial system, expanding economic opportunities and securing a more prosperous future for Nigerians.

“The programme brought together representatives of the Oyo State Government, traditional rulers, community leaders, financial institutions, market and trade associations, professional bodies, academia, civil society organisations, the media and officials of the Central Bank of Nigeria,” the statement said.