The Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso, has reiterated the apex bank’s commitment to leveraging digitalization and technology-driven solutions to enhance financial access for underserved communities, particularly women.
Speaking at the inaugural Economic Policy Conference for Emerging Market Economies in Riyadh, Saudi Arabia on Monday, Cardoso highlighted the importance of mobile money services and other digital financial tools in deepening financial inclusion across Nigeria.
“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,” Cardoso stated in a post shared on CBN’s official X account.
This commitment is in line with the CBN’s efforts to promote financial inclusion, which has been a cornerstone of its economic growth and development strategy.
Beyond financial inclusion, Cardoso also highlighted the ongoing recapitalization exercise within the banking sector, stressing its importance in enhancing the resilience and stability of financial institutions.
“CBN’s recapitalization mandate is strengthening Nigeria’s financial sector, ensuring banks are well-equipped to handle future shocks,” he noted.
The recapitalization directive requires banks to boost their capital base to mitigate systemic risks and enhance their ability to support economic growth.
Cardoso acknowledged that while Nigeria has implemented tough economic policies, the measures are beginning to yield positive results.
“Nigeria’s tough but necessary policy decisions are paying off,” he said.
Since taking office, the Cardoso-led CBN has pushed for a more market-driven foreign exchange system, inflation control measures, and banking sector reforms aimed at restoring confidence in Nigeria’s financial landscape.
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