{"id":430574,"date":"2026-01-24T16:26:11","date_gmt":"2026-01-24T16:26:11","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/430574\/"},"modified":"2026-01-24T16:26:11","modified_gmt":"2026-01-24T16:26:11","slug":"cbn-calls-for-inclusive-cash-digital-payments-system","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/430574\/","title":{"rendered":"CBN calls for inclusive cash, digital payments system"},"content":{"rendered":"

The Central Bank of Nigeria<\/a> (CBN) says Nigeria must strike a balance between cash and digital payments to ensure rural communities, informal traders and small businesses are not left behind.<\/p>\n

CBN Governor, Olayemi Cardoso, made this known yesterday at the 2026 Committee of Heads of Bank Operations (CHBO) Conference in Lagos.<\/p>\n

He also said cash remained essential to economic inclusion in spite of the rapid growth in electronic transactions.<\/p>\n

Cardoso, who was represented by his Special Adviser on Operational Risk Management, Mr Fatai Karim, spoke at the conference with theme, \u201cReimagining the Future of Cash in a Digital-First Economy\u201d.<\/p>\n

\u201cCash remains king. It is critical that this is maintained,\u201d he said.<\/p>\n

He noted that while digital payments play a growing role in supporting economic growth, they cannot fully replace cash in everyday transactions, particularly in less urbanised areas.<\/p>\n

According to him, Nigeria\u2019s payment ecosystem has expanded significantly over the past decade, driven by policy reforms, technological advances and changing consumer behaviour.<\/p>\n

He said electronic payments recorded strong growth, with transaction volumes rising by 276 per cent and values increasing by 581 per cent over the past five years.<\/p>\n

\u201cDespite this momentum, cash remains a critical component of everyday transactions, particularly in informal markets, rural communities, and among small businesses,\u201d he added.<\/p>\n

Cardoso said CBN data showed that total currency in circulation rose by 4.6 per cent in 2025, reflecting sustained demand for physical cash alongside digital alternatives.<\/p>\n

He highlighted the complementary role of electronic channels such as ATMs, point-of-sale terminals, mobile wallets and contactless solutions in improving access to cash.<\/p>\n

\u201cElectronic and digital channels decentralise and stabilise cash distribution, reduce operational bottlenecks, and enhance client experience,\u201d he said.<\/p>\n

The CBN governor also disclosed that the apex bank is reviewing a policy on the ratio of bank-issued cards to the number of ATMs in circulation.<\/p>\n

\u201cThis year, certainly within the next few months, we hope to have clarity once engagements with stakeholders are concluded,\u201d he added.<\/p>\n

Cardoso stressed that cash availability goes beyond currency issuance, depending on logistics, infrastructure, incentives and coordination among financial institutions.<\/p>\n

Tracing the evolution of money from commodity forms to coins, paper, cards and digital currencies, he said, \u201cThe future of currency is not either digital or physical; it is both.\u201d<\/p>\n

He stressed that Nigeria\u2019s payment system must protect public confidence, sustain cash access and deepen digital adoption to build a robust and inclusive financial ecosystem.<\/p>\n

Also speaking, the President of the Chartered Institute of Bankers of Nigeria (CIBN), Prof. Pius Olanrewaju, said cash and digital payments must coexist as complementary pillars of the financial system.<\/p>\n

He noted that although electronic transactions exceeded 60 billion in 2025, adding that cash remained vital for low-value transactions in informal and rural sectors, supporting livelihoods and financial inclusion.<\/p>\n

Olanrewaju commended the CBN for expanding agent banking and strengthening digital infrastructure to promote trust, accessibility and wider adoption of electronic payments nationwide.<\/p>\n

Similarly,\u00a0 Chairman of the Committee of Heads of Bank Operations (CHBO), Mr Abraham Aziegbe, represented by his First Vice Chairman, Mr Tolulope Ogundipe, called for a balanced approach to cash and digital payments.<\/p>\n

Aziegbe said cash remained indispensable in Nigeria, particularly in rural and underserved areas, despite the rapid growth of digital channels.<\/p>\n

He noted that ATM withdrawals reached N36.34 trillion in the first half of 2025, underscoring Nigerians\u2019 continued reliance on cash for economic resilience and trust.<\/p>\n

The CHBO chairman called for stronger integration of cash and digital channels, stressing the need for collaboration, innovation and effective oversight to strengthen Nigeria\u2019s financial ecosystem.<\/p>\n","protected":false},"excerpt":{"rendered":"The Central Bank of Nigeria (CBN) says Nigeria must strike a balance between cash and digital payments to…\n","protected":false},"author":2,"featured_media":430575,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[49,48,65122,190,61],"class_list":{"0":"post-430574","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-mobile","8":"tag-ca","9":"tag-canada","10":"tag-cbn","11":"tag-mobile","12":"tag-technology"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/430574","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=430574"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/430574\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/430575"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=430574"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=430574"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=430574"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}