Central Bank of Nigeria (CBN) has said expanding digital payment channels is critical to achieving its target of 95 per cent financial inclusion and supporting economic growth.

CBN Governor, Olayemi Cardoso, stated this yesterday in Lafia, Nasarawa State, at the bank’s stakeholders’ fair on alternative payment channels.

Cardoso, represented by the Acting Director, Corporate Communications and Investor Relations, Hakama Sidi-Ali, said digital payments would help strengthen financial inclusion while supporting monetary, price and financial system stability.

He said the bank’s reforms, including the launch of the Nigeria Payments System Vision 2028 (PSV 2028), were aimed at building a more efficient and inclusive financial system.

The CBN said financial inclusion had expanded through agent banking, Point-of-Sale (POS) terminals, mobile money, QR payments, internet banking and instant payment platforms.

Meanwhile, the Branch Controller, CBN Lafia, Njideka Nwabukwu, said more investment was needed to extend digital payment infrastructure to rural and underserved communities.

She identified weak digital and financial literacy, cybersecurity concerns and inadequate consumer protection as some of the challenges limiting wider adoption.

Nwabukwu said achieving the 95 per cent financial inclusion target under PSV 2028 would require collaboration among banks, payment service providers, businesses, government agencies and consumers.

She urged traders and entrepreneurs to adopt digital payment solutions, saying wider usage would help bring more people and businesses into the formal financial system.