The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has called on deposit money banks to intensify efforts to combat fraud, expand access to financial services, and support the rapid development of Nigeria’s digital economy.
Cardoso made the appeal amid growing concerns over financial crimes, cyber threats, and the need to bring millions of unbanked Nigerians into the formal financial system. He stressed that the banking industry remains a critical pillar in the country’s economic transformation agenda and must play a leading role in building trust in digital financial services.
According to the CBN governor, reducing fraud is essential to strengthening confidence in electronic payments and digital banking platforms. As financial transactions increasingly move online, banks face mounting pressure to invest in advanced cybersecurity systems, strengthen customer verification processes, and improve fraud detection capabilities.
The call comes as Nigeria continues to experience rapid growth in digital payments, mobile banking, and fintech adoption. Industry analysts note that while digital innovation has expanded access to financial services, it has also created new vulnerabilities that criminals seek to exploit. Consequently, financial institutions are being urged to strike a balance between innovation and security.
Cardoso also emphasized the importance of deepening financial inclusion, a policy objective aimed at ensuring that individuals and businesses, particularly in underserved rural communities, have access to affordable financial products and services. Expanding financial inclusion is widely viewed as a catalyst for economic growth, entrepreneurship, job creation, and poverty reduction.
The banking sector has made significant progress in recent years through agency banking networks, mobile money services, and digital payment solutions. However, substantial gaps remain, particularly among low-income households, small businesses, women, and rural populations.
Industry stakeholders say stronger collaboration between banks, fintech companies, regulators, and telecommunications providers will be crucial in extending financial services to previously excluded segments of the population. Such partnerships could also help accelerate Nigeria’s transition toward a more digitally driven economy.
Cardoso’s remarks underscore the CBN’s broader commitment to financial system stability and economic modernization. Analysts believe that sustained investment in digital infrastructure, cybersecurity, and inclusive banking initiatives will be critical to achieving long-term economic resilience and boosting investor confidence.
As Nigeria seeks to position itself as one of Africa’s leading digital economies, the banking sector’s ability to reduce fraud, enhance financial inclusion, and support innovation is expected to remain a key determinant of future growth.
