Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), has underlined the bank’s commitment to using digitalization and technology-driven solutions to improve financial access for neglected groups, particularly women. Cardoso emphasized the importance of mobile money services and other digital financial tools in deepening financial inclusion in Nigeria while speaking at the Inaugural Economic Policy Conference for Emerging Market Economies in Riyadh, Saudi Arabia, organized by the Saudi Ministry of Finance and the International Monetary Fund (IMF) Regional Office. On Monday, Cardoso wrote on CBN’s official X (previously Twitter) account:

Strengthening the Financial Sector Beyond financial inclusion, the CBN governor emphasized the ongoing recapitalization of the banking system, emphasizing its role in improving financial institutions’ resilience and stability.

Cardoso said: “CBN’s recapitalization mandate is strengthening Nigeria’s financial sector, ensuring banks are well-equipped to handle future shocks.” The recapitalization order, released earlier this year, compels banks to increase their capital base to reduce systemic risks and improve their ability to support economic growth. Policy Reforms and Economic Outlook Cardoso also agreed that, despite Nigeria’s severe economic policies, these steps are beginning to have favorable outcomes.

“Nigeria’s tough but necessary policy decisions are paying off,” according to him. Since taking office, the Cardoso-led CBN has advocated for a more market-driven foreign currency system, inflation controls, and banking sector reforms to restore trust in Nigeria’s financial landscape. Recall that in January 2025, the CBN, through its Deputy Director of Corporate Service, Mr. Bala Bello, told the House of Representatives Ad-hoc Committee investigating the disengagement of 1000 apex bank employees that “the entire world is going through a process of digitising its operations.” And then, after it is completed, a plethora of opportunities and redundancies are produced in equal measure. And you’ve encountered cases in the past where the request for staff to actually exit the bank voluntarily actually emanated on the part of the staff. And I believe the central bank is not necessarily the first organisation to have done that.”

Why this matters

Financial Inclusion: Expanding access to digital financial services can significantly improve economic participation for underserved demographics, particularly in rural areas.
Banking Sector Stability: The ongoing recapitalization exercise is crucial for ensuring Nigerian banks remain resilient against economic shocks.
Economic Growth: Policy measures aimed at addressing structural challenges are expected to enhance macroeconomic stability and investor confidence.