CBN Harps on Financial Inclusion Through SMEs

The Central Bank of Nigeria (CBN) has organised public engagement to sensitise critical stakeholders and the public on how the Bank’s policies and innovations can enhance livelihoods and contribute to the country’s economic growth.

The apex says this is in a bid to stimulate productivity, financial inclusiveness, and deliver on its core mandate of monetary and price stability.

Speaking at a one-day fair for stakeholders and the public organized in Abeokuta, tagged “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development,” acting director of the Corporate Communications Department, Central Bank of Nigeria, Mrs. Hakama Sidi-Ali, disclosed that the fair is designed as a platform to interact with members of the public and critical stakeholders on the policies of the CBN for sustainable economic growth and development of Nigeria.

She stated that the theme is apt as it was carefully chosen to address the imperative of value addition and the links that catalyse SMEs and other economic activities to attain the much-needed price stability.

She noted that the management of the apex bank, under the leadership of Olayemi Cardoso, is committed to stimulating productivity and financial inclusiveness as well as delivering on its core mandate of monetary and price stability, stressing that the development has resulted in a significant increase of inflow in foreign investments, positive trade balances, and a quantum leap in financial inclusion rate in recent times.

Sidi-Ali revealed that over the past twenty-two months, the apex bank has rolled out functional policies to strengthen the financial system and help grow the economy.

“As a means of protecting banks’ customers and ensuring that they are not short-changed, the CBN launched the Unified Complaints Tracking System (UCTS), aimed at streamlining and improving the management of consumer complaints against financial institutions. The system, alongside a USSD code (\*959#) for verifying licensed institutions, enhances transparency and consumer protection in the Nigerian financial sector.”

She added that the aim of the fair is to sensitise members of the public on how the Bank’s policies and innovations can enhance their lives and livelihoods and contribute to the growth and development of the Nigerian economy.

“I have a word on our currency, the Naira. The CBN will continue to ensure the availability of clean currency. We, however, urge you to see the Naira as our critical symbol of national identity. Respect and keep it clean. Do not spray, hawk, mutilate, or counterfeit the Naira.”

Speaking earlier at the event, Controller, Central Bank of Nigeria, Abeokuta branch, Mr. Malik Ademola, emphasized that the CBN Fair is one of the Bank’s major public enlightenment initiatives aimed at sensitizing members of the public on the Bank’s policies, programmes, and interventions, stressing that the platform serves to deepen financial literacy, promote transparency, and strengthen trust between the Bank and the Nigerian people.

He maintained that over the years, the fair has evolved into a veritable channel for fostering two-way communication between the Central Bank and the grassroots.

“It enables us not only to explain our policies but also to listen to your concerns, feedback, and expectations. This year’s event continues that tradition, and I encourage everyone here to actively participate in the discussions.” Newspaper subscription bundles

“As we navigate the evolving economic landscape—both globally and locally—the need for increased public awareness of monetary policy, financial inclusion, consumer protection, digital payments, and intervention programmes cannot be overemphasized. The CBN remains committed to ensuring a sound financial system and an inclusive economy where every Nigerian can thrive.”

One of the stakeholders, the founder of Landgold Microfinance, Mr. Bunmi Ogunrinde, urged the federal government to be intentional about the country’s economy, noting that any policies of the apex bank not affecting SMEs have been the lifeline of the economy’s growth.