The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has reiterated the apex bank’s commitment to leveraging digitalization and technology-driven solutions to expand financial access, particularly for underserved communities and women.
Speaking at the Inaugural Economic Policy Conference for Emerging Market Economies in Riyadh, Saudi Arabia, Cardoso highlighted the critical role of mobile money services and other digital financial tools in advancing financial inclusion across Nigeria.
In a post shared on the 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.”
Beyond financial inclusion, Cardoso also emphasized the importance of the ongoing recapitalization exercise in the banking sector, describing it as a crucial step towards strengthening financial institutions and ensuring economic stability.
“CBN’s recapitalization mandate is strengthening Nigeria’s financial sector, ensuring banks are well-equipped to handle future shocks,” he said.
The recapitalization directive, announced earlier this year, requires banks to increase their capital base to mitigate systemic risks and enhance their ability to support economic growth.
Cardoso further noted that while Nigeria has implemented stringent economic policies, these measures are beginning to yield positive results. “Nigeria’s tough but necessary policy decisions are paying off,” he added.
Under his leadership, the CBN has pushed for a market-driven foreign exchange system, inflation control strategies, and banking sector reforms aimed at restoring confidence in the financial ecosystem.
Meanwhile, the apex bank has continued to defend its restructuring decisions, including the disengagement of 1,000 staff earlier this year. In January 2025, the Deputy Director of Corporate Services, Mr. Bala Bello, told the House of Representatives Ad-hoc Committee investigating the layoffs that digital transformation was reshaping operations globally, creating new opportunities while also rendering some roles redundant.
“The entire world is going through a process of digitizing its operations. And then once that is done, a lot of opportunities are created, just like a lot of redundancies are also equally created,” Bello stated.
With Nigeria’s growing embrace of digital financial services, the CBN is betting on technology to drive greater economic participation, especially in rural areas. The ongoing recapitalization exercise is also expected to bolster the resilience of Nigerian banks, ensuring they can withstand economic headwinds while fostering investor confidence.