Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), has reiterated the apex bank’s dedication to leveraging technology and digitalization to enhance financial access for underserved groups, particularly women, 9am news reports
Speaking at the Economic Policy Conference for Emerging Market Economies in Riyadh, Saudi Arabia—hosted by the International Monetary Fund (IMF) Regional Office and the Saudi Ministry of Finance—Cardoso stressed the importance of mobile money services and other tech-driven financial solutions in driving Nigeria’s financial inclusion goals.
In a post shared on CBN’s official X (formerly Twitter) account on Monday, he stated:
“Digitalization is key to Nigeria’s financial inclusion efforts! With mobile money services and tech-driven solutions, the CBN aims to expand financial access for underserved communities, particularly women.”
Bold Reforms and Economic Impact
Since assuming office as CBN Governor, Cardoso has implemented a series of bold economic reforms aimed at restoring trust in Nigeria’s financial system. These include banking sector recapitalization, inflation control measures, and a more market-driven foreign exchange system.
1. Financial Inclusion:
Expanding access to digital financial services can significantly improve economic participation for marginalized populations, particularly in rural areas.
2. Bank Recapitalization:
To strengthen Nigeria’s financial system, the CBN increased the capital base for commercial banks to N500 billion, ensuring greater resilience against economic shocks.
3. Economic Stability:
Macroeconomic stability and investor confidence have been key focuses, with policies aimed at addressing structural challenges and fostering sustainable economic growth.
CBN’s Approach to Digital Transformation
Addressing Nigeria’s push for digitalization, Bala Bello, Deputy Director of Corporate Services at CBN, stated in January 2025 while responding to a probe by the House of Representatives Ad-hoc Committee:
“The entire world is going through a process of digitizing its operations. And once that is done, new opportunities are created, just as redundancies also emerge. The CBN is aligning with global trends to optimize efficiency and financial accessibility.”
Cardoso remains confident that Nigeria’s tough but necessary policy decisions are yielding positive results, reinforcing the CBN’s mission to create a more inclusive and robust financial system.
Stay tuned to 9am News Nigeria for more Breaking News, Business News, Sports updates And Entertainment Gists.
