CBN pledges stronger consumer protection in financial sector

The Central Bank of Nigeria (CBN) has restated its commitment to protecting the interests of consumers while sustaining reforms aimed at strengthening the nation’s financial system.

Speaking at the CBN Fair held in Abeokuta, Ogun State, on Thursday, the Acting Director of Corporate Communications, Mrs. Harkama Sidi Ali, said the apex bank remains focused on initiatives that promote financial inclusion, stability, and economic growth.

Themed “Driving Alternative Payment Channels as Tools for Economic Development,” the fair brought together stakeholders from microfinance institutions, fintechs, MSMEs, regulators, and academia.

According to Sidi Ali, the fair serves as a platform for dialogue between the CBN and the public on policies designed to ensure sustainable growth.

She explained that the bank’s policies, captured under “Tools for Financial Inclusion, Growth and Accelerated Economic Development,” were tailored to support value addition, strengthen SMEs, and enhance linkages that drive productivity and price stability.

“Under the leadership of Mr. Olayemi Cardoso, the management of the bank is committed to stimulating productivity and financial inclusiveness, while delivering on its core mandate of monetary and price stability,” she said.

She added that these efforts have translated into a rise in foreign investment inflows, improved trade balances, and a significant increase in the country’s financial inclusion rate in recent times.