By Kehinde Akinseinde-Jayeoba

Copyright tribuneonlineng

The Central Bank of Nigeria (CBN) has reaffirmed its commitment to expanding financial inclusion while strengthening the banking system through its ongoing recapitalisation programme.

Speaking at the Lagos Business School’s inaugural lecture on Friday, CBN Governor Olayemi Cardoso said the reforms are necessary to build resilience, deepen access, and ensure banks are capable of supporting sustainable economic growth.

“Access to financial services has risen from 56 percent in 2020 to over 64 percent in 2025, largely due to mobile and agency banking. But inclusion must go hand in hand with resilience. That is why we have commenced the recapitalisation of banks,” Cardoso said.

He explained that a stronger banking system would be better positioned to withstand shocks, finance large-scale investments, and support Nigeria’s economic diversification agenda. The recapitalisation drive, he noted, is not just about meeting prudential ratios but about preparing the sector for future challenges.

Cardoso also highlighted efforts to connect the Nigerian diaspora to the domestic financial system, citing the introduction of the Non-Resident BVN platform which allows Nigerians abroad to open accounts seamlessly. “This will unlock more remittance inflows and investment channels,” he said.

He added that the CBN was prioritising the digital economy by developing regulatory frameworks for payments, credit, and savings platforms. “The leaders who will thrive are those who embrace innovation while ensuring stability, inclusion, and trust,” he told the audience.

According to Cardoso, inclusive growth remains at the centre of monetary policy. “Price stability is essential, but in a young country like Nigeria, it must also foster opportunity and expand access to finance for all,” he said.

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